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PM VISHWAKARMA SCHEME

1. ELIGIBILITY An artisan or craftsperson working with hands and tools and engaged in one of the family-based traditional trades, in the unorganized sector on self-employment basis shall be eligible for registration under PM Vishwakarma.
The beneficiary should be engaged in the trades concerned on the date of registration and should not have availed loans under similar credit-based schemes of Central Government or State Government for self-employment/business development, e.g. PMEGP, PM SVANidhi, Mudra, in the past 5 years. However, the beneficiaries of MUDRA and SVANidhi who have repaid their loan, will be eligible under PM Vishwakarma. This period of 5 years will be calculated from the date of sanction of the loan.
2. PURPOSE
  1. To provide credit support to the artisans or craftsperson engaged in the activities permitted under the schemes.
  2. To provide support for better and modern tools to enhance their capability, productivity, and quality of products.
  3. To provide the beneficiaries an easy access to collateral free credit and reduce the cost of credit by providing interest subvention.
3. EXTENT OF LIMIT/ LOAN Working Capital Demand loan (WCDL):
  • 1st Tranche – Maximum loan amounts up to ₹1.00 lac with tenure of 18 months.
  • 2nd Tranche – Maximum loan amounts up to ₹2.00 lac with tenure of 30 Months.
4. SECURITY
  • Primary – No hypothecation is stipulated under the scheme. An undertaking from the borrower to be obtained that “Bank will have first charge on the assets created out of Bank finance”
  • Collateral – Nil
  • The limit will be secured by CGTMSE coverage, the cost of the guarantee fee will be borne by the Government.
5. MARGIN NIL
6. RATE OF INTEREST* Fixed ROI @ 13.00% p.a. However, for the standard account ROI @ 5.00% will be charged to the beneficiary and remaining 8% will be claimed for Interest Subvention.

*Subject to change from time to time

For more information or any query related to the scheme, kindly visit your nearest PGB branch.

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