Government Loan: The central government led by Narendra Modi has various initiatives that support entrepreneurship by offering financial assistance. For instance, through the Mudra scheme, individuals can kickstart their businesses by borrowing up to 20 lakh rupees. Another program, the Pradhan Mantri Vishwakarma Yojana, not only offers loans but also interest subsidies without requiring collateral.
Details of the Pradhan Mantri Vishwakarma Yojana
– Beneficiaries are granted a loan without the need for collateral, with a maximum loan amount of Rs 3 lakh.
– The initial installment is Rs 1 lakh with an 18-month repayment period, followed by a second installment of Rs 2 lakh to be repaid over 30 months. The second installment is only provided after the first one is received.
– A regular loan account is mandatory, and all transactions are digital.
– Beneficiaries are charged a reduced interest rate of 5%, with the Indian government contributing up to 8% of the interest, leading to a competitive interest rate.
Eligibility criteria for the PM Vishwakarma Yojana
– Applicants must be skilled in manual work and one of the 18 traditional occupations.
– They should belong to the unorganized sector or be self-employed.
– The minimum age for registration is 18 years.
– No previous participation in similar government loan schemes for self-employment/business expansion in the past 5 years.
– Only one family member can avail of the benefits, defined as the spouse and unmarried children.
– The applicant or family member should not be employed in government service.
Registration for the program is facilitated by Common Service Center agents who enroll artisans and craftspeople through the online portal, ensuring registration with biometric and Aadhaar verification.
Opportunities during training
– Artisans receive training in modern technologies.
– During the training, they receive a daily stipend of Rs 500.
– An e-voucher worth Rs 15,000 is provided for the purchase of improved tools.
Many facilities are available under the scheme
Under the Pradhan Mantri Vishwakarma Yojana, artisans are provided with various types of assistance, including skill development training, financial assistance for purchasing tools, affordable loans, and help with marketing their products. Under this scheme, beneficiaries are provided loans of up to ₹1 lakh in the first phase and ₹2 lakh in the second phase. They are also provided a daily allowance during the training period. Many people including coordinator Bhimsen, Aspirational Block Fellow Piyush Pandey were present in the program.