If you want to start a small business but don’t have enough money, the PM Vishwakarma Yojana can help. This scheme by the Government of India offers loans of up to ₹3 lakh at just 5% interest, without the need for any collateral (mortgage). The main aim of the scheme is to make artisans and craftsmen self-reliant.
Loan Provided in Two Phases
Under this scheme, the total loan of ₹3 lakh is given in two stages:
First Phase: ₹1 lakh, which has to be repaid in 18 months.
Second Phase: ₹2 lakh, repayable in 30 months.
Training, Stipend, and Toolkit Support
Before getting the loan, beneficiaries are given training for a few days. During the training period, they receive a daily stipend of ₹500.
In addition, they are provided ₹15,000 to help purchase a toolkit required for their trade.
The scheme is being run by the Ministry of Micro, Small and Medium Enterprises (MSME).
Who Can Apply?
The scheme is open to people involved in 18 traditional trades that require hand skills and tools. Some of the eligible trades include:
Carpenters, boat builders, blacksmiths
Hammer and tool makers, goldsmiths, potters
Stone carvers, cobblers, masons
Carpet weavers, broom and basket makers
Washermen, tailors, fishing net makers, and more
How to Apply
To apply for the PM Vishwakarma Yojana:
Visit the official website: https://pmvishwakarma.gov.in
Click on “Applicant Login” to create your ID.
Fill in the application form and submit your details.
