PM Vishwakarma Yojana: Features, Eligibility, Interest Rate and Benefits

The PM Vishwakarma Kaushal Samman Yojana is an excellent central government initiative led by Prime Minister Narendra Modi to help Indian artisans elevate their businesses. Under this scheme, eligible beneficiaries can avail government loans at concessional rates, repayable in easy installments.

The government also provides artisans and craftsmen with training, modern tool kits, and low-interest loans to enhance their skills and grow their enterprises.

PM Vishwakarma Yojana Introduction 

PM Vishwakarma, launched on September 17, 2023, by Prime Minister Narendra Modi, is a Central Sector Scheme under the Ministry of Micro, Small & Medium Enterprises.

It provides comprehensive support to artisans and craftspeople who use their hands and tools, aiming to financially assist them while preserving traditional crafts and India’s rich heritage through local products, art and crafts.

The PM Vishwakarma scheme supports artisans and craftspeople in 18 trades: carpenter, boat maker, armourer, blacksmith, hammer and tool kit maker, locksmith, goldsmith, potter, sculptor/stone carver, stone breaker, cobbler/shoe smith/footwear artisan, mason, basket/mat/broom maker/coir weaver, doll and toy maker (traditional), barber, garland maker, washerman, tailor and fishing net maker.

Registration process for PM Vishwakarma Yojana

Registration Process:
The PM Vishwakarma Yojana registration is simple and can be done online or offline. Eligible applicants can register through the official portal www.pmvishwakarma.gov.in, fill out the form, submit documents, and track their application status. The portal is user-friendly with step-by-step guidance. Alternatively, applicants can register in person at their nearest Community Service Centres (CSCs). Registration requires personal details (name, address, Aadhaar number), business information, and financial documents. After registration, applicants are informed about loan procedures and training opportunities.

Advertisment

Fees and Charges:
There is no registration fee for the scheme. It is designed to provide financial support without extra costs. Minor administrative or service charges may apply during loan processing, depending on the bank or financial institution, but these are minimal. Applicants should confirm any additional charges with their bank before applying. The scheme ensures financial assistance is accessible and affordable for all eligible artisans.

Documents Required:
To apply, beneficiaries must submit the following documents:

• Aadhaar Card: Mandatory for identity verification

• Proof of Income: Salary slip, income certificate, or equivalent documents

• Bank Account Details: Bank account information and a 3-month bank statement

• Caste Certificate: For applicants from reserved categories

• Proof of Business Registration: If applicable, to verify the business

• Photograph: Recent passport-sized photo

Providing accurate documents ensures eligibility verification and smooth processing, leading to quicker approval and disbursement of financial aid under the scheme.

Read Also- Saathi Svatantra Microfin Login, Loan Status and Details

Features of PM Vishwakarma Yojana

The PM Vishwakarma Yojana is a comprehensive scheme supporting artisans and traditional workers with financial aid, skill development, and modern tools to help them thrive in today’s competitive market. Key features include:

Advertisment

Benefits to artisans and craftsperson

The PM Vishwakarma Yojana offers comprehensive support to artisans and craftspeople through the following components

• Recognition: Artisans receive a PM Vishwakarma certificate and ID card for formal recognition.
• Skill Upgrade: Includes 5-7 days of basic training and 15+ days of advanced training, with a daily stipend of US$5.9 (Rs. 500).
• Toolkit Incentive: Up to US$179.7 (Rs. 15,000) in e-vouchers provided at the start of basic skill training for toolkits.
• Credit Support: Collateral-free loans up to US$3,593 (Rs. 3 lakh) in two tranches—US$1,197 (Rs. 1 lakh) for 18 months and US$2,395 (Rs. 2 lakh) for 30 months—at a 5% concessional interest rate, with an 8% subsidy from the Government of India. The first tranche is available after basic training, and the second requires repayment of the first, adoption of digital transactions, or completion of advanced training.
• Incentive for Digital Transactions: Re. 1 per digital transaction, up to 100 transactions monthly, credited to the beneficiary’s account.
• Marketing Support: Includes quality certification, branding, onboarding on e-commerce platforms like GeM, and support for advertising, publicity and value chain integration to enhance market reach.

Read Also- Top Microfinance Companies in India 2025

Eligibility criteria for PM Vishwakarma Yojana

To be eligible for the PM Vishwakarma Yojana, an artisan or craftsperson must meet the following criteria:

• Occupation: Engaged in one of the 18 specified family-based traditional trades in the unorganized sector on a self-employment basis.
• Age: At least 18 years old on the date of registration.
• Trade Engagement: Actively involved in the relevant trade at the time of registration.
• Loan History: Must not have availed loans under similar central or state government credit-based schemes for self-employment or business development (e.g., PMEGP, MUDRA, PM SVANidhi) in the past five years. However, those who have fully repaid MUDRA or PM SVANidhi loans are eligible.
• Family Restriction: Benefits are limited to one member per family, defined as husband, wife and unmarried children.
• Exclusions: Individuals in government service and their family members are not eligible.

Eligible artisans can register to access the scheme’s benefits, such as skill training, toolkits, loans and marketing support.

Interest rate of PM Vishwakarma Yojana

One of the main benefits of the PM Vishwakarma Yojana is its low-interest loans. The rates are much lower than market rates, making it affordable for small artisans and business owners in the unorganised sector. This helps reduce their financial burden and makes loan repayment easier. The low rates allow artisans to invest in better tools and grow their businesses without high costs.

Government subsidies may lower the effective rate further for eligible applicants, especially from weaker economic backgrounds. The scheme also offers flexible repayment options to ensure beneficiaries are not overburdened with debt.

Read also- The 10 Best AI Image Generators in 2025

Loan Amount and Repayment Period of PM Vishwakarma Yojana

The PM Vishwakarma Yojana provides financial support to artisans and traditional workers to help them improve their skills and grow their businesses. The scheme offers flexible loans with favorable terms:

• Loan Amount: Up to ₹1 lakh

• Repayment Period: Flexible, up to 5 years to allow artisans sufficient time to repay

• Moratorium Period: Up to 6 months before repayment starts, giving time to stabilise business operations

• Interest Rate: Competitive and lower than market rates, making it affordable for small-scale artisans

• Subsidy: Certain applicants may receive government subsidies to reduce the effective loan amount or interest rate, depending on their category

This structure ensures that artisans can access funds easily and use them effectively to upgrade their tools, expand their businesses and enhance their skills.

Vishwakarma Yojana: Bridging tradition and innovation in Indian artistry

Blending Tradition with Modernity

The PM Vishwakarma Yojana helps revive traditional art forms by upgrading skills and introducing modern tools.

It provides artisans a collateral free development loan of up to ₹3 lakh (₹1 lakh in the first tranche, ₹2 lakh in the second) to make their work more efficient and tech-friendly. Training and financial support help bridge the gap between traditional arts and modern technology.

Celebrating Diverse Art Forms

The scheme brings together a wide range of arts and crafts, reflecting India’s unity in diversity. A recent three-day exhibition showcased skills like filigree, clay modelling, toy making, sculpting, Chettinad jewellery, and hairdressing. Around 54 artisans from across India, following the ‘guru-shishya parampara’, shared techniques and learned from each other, creating a fusion of arts and culture.

One Skill, One Platform

The Yojana connects people both culturally and regionally. Artisans from different states work together, exchanging knowledge and techniques. For example, clay modellers from Haryana, Uttar Pradesh, Karnataka and Kerala collaborated, while hairdressers from Uttar Pradesh, Madhya Pradesh and Jharkhand shared skills.

By linking artisans across crafts and regions, the Vishwakarma Yojana empowers them, nurtures their art, and helps them achieve national recognition and growth.

Financial Outlay of PM Vishwakarma Yojana

The scheme has a total budget of ₹13,000 crore (US$ 1.56 billion) for 2023-24 to 2027-28. The year wise allocation is-

• 2023-24: ₹1860 crore
• 2024-25: ₹4824 crore
• 2025-26: ₹3009 crore
• 2026-27: ₹1619 crore
• 2027-28: ₹1224 crore
• 2028-29: ₹342 crore + ₹103 crore + ₹19 crore

Total: ₹13000 crore

Read also- Top 10 Daily ₹100 Earning Apps Without Investment

Key Achievements of PM Vishwakarma Yojana

• Applications Registered: Over 2.7 crore applications have been submitted on the PM Vishwakarma portal.
• Traders Involved: As of December 2023, 18 traders are part of the scheme.
• Skill Development: By December 2023, 177 candidates completed basic training, and 133 were assessed and certified. Stipend payments for certified artisans are being processed through the Public Finance Management System (PFMS).

Conclusion

The PM Vishwakarma Kaushal Samman Yojana is a well-planned and ambitious central government initiative aimed at artisans, craftsmen, and the working-class community. Through this scheme, the government provides specialized training, equips them with modern tools, and offers low-interest loans from banks. This support helps them expand their businesses and contribute effectively to the nation’s development.