PM Vishwakarma Yojana: ₹15,000 toolkit and loans up to ₹3 lakh for artisans; find out who is eligible

On the occasion of Vishwakarma Puja, the Central Government launched the PM Vishwakarma Yojana for artisans. Under this scheme, benefits such as loans up to ₹3 lakh, a toolkit worth ₹15,000, and training facilities are provided. Learn about eligibility and how to apply.

Vishwakarma Puja is being celebrated across the country on September 17. Lord Vishwakarma is revered as the deity of craftsmanship, construction, and artistry. In this context, the Central Government's PM Vishwakarma Yojana is a significant initiative for artisans who earn their livelihood through their skills.

Under this scheme, eligible artisans receive an identity card and certificate, training, a toolkit incentive of up to ₹15,000 to purchase modern tools, and collateral-free loans of up to ₹3 lakh. Launched on September 17, 2023, the scheme covers 18 traditional trades.

Who can avail the benefits of the scheme?

The benefits of the PM Vishwakarma Yojana are available to artisans and craftspeople who work with their hands and tools and are engaged in any of the 18 designated traditional trades. Applicants must be at least 18 years old and self-employed in the unorganized sector within the relevant trade.

The scheme covers artisans such as carpenters, boat makers, blacksmiths, hammer and toolkit makers, locksmiths, goldsmiths, potters, sculptors/stone carvers, cobblers/shoemakers, masons, basket/mat/broom makers, traditional toy makers, barbers, garland makers, washermen, tailors, and fishing net makers.

However, there are certain conditions. Only one member per family can avail the benefits of the scheme. Individuals holding government jobs and their family members are not eligible for this scheme. Additionally, eligibility criteria also apply to those who have availed loans under similar government credit schemes for self-employment or business purposes in the last five years.

How can one avail the ₹15,000 toolkit and the ₹3 lakh loan?

Under the scheme, eligible artisans receive a toolkit incentive of up to ₹15,000 in the form of an e-voucher to purchase modern tools for their work. Furthermore, a collateral-free Enterprise Development Loan of up to ₹3 lakh is available in two tranches: up to ₹1 lakh in the first tranche and up to ₹2 lakh in the second. The loan carries a concessional interest rate of 5%, with a repayment tenure of 18 months for the first tranche and 30 months for the second.

Completing basic training is mandatory to avail the first loan. Eligibility for the second loan tranche is linked to conditions such as the successful repayment of the first loan and the adoption of digital transactions or the completion of advanced training. In other words, the ₹3 lakh is not a lump-sum amount credited to the account at once; rather, it is a business loan provided to the eligible beneficiary in two stages.

A daily stipend of ₹500 is also provided during training.

The PM Vishwakarma scheme offers not only financial assistance but also skill-enhancement training. Basic training lasts for 5 to 7 days, while advanced training can extend to 15 days or more. Beneficiaries receive a stipend of ₹500 per day during the training period.

The scheme also incentivizes the adoption of digital transactions. Eligible beneficiaries can receive an incentive of ₹1 per qualifying digital transaction, subject to a maximum limit of 100 transactions per month. Additionally, the government provides support for market linkage through trade fairs, exhibitions, branding initiatives, and e-commerce platforms.

How does one apply for PM Vishwakarma?

Artisans are registered under the scheme through Common Service Centres (CSCs). An Aadhaar-based biometric process is used during the registration. According to government information, registration for the scheme is free of cost.