If you own a small business, are a traditional artisan, or work in handicrafts, the central government's "Pradhan Mantri Vishwakarma Yojana" can prove extremely helpful in growing your business. The primary objective of this scheme is to increase the income of traditional artisans in the unorganized sector by providing them financial assistance and modern training.

Who can avail the scheme benefits? (Eligibility)
Age Limit: Candidate must be at least 18 years of age at the time of application.

Traditional workers: Self-employed artisans who work with hands and tools are eligible.

Prior loan requirement: The applicant must not have availed of any similar credit scheme from the central or state government in the last five years. However, if you have fully repaid your PM MUDRA or PM SVANidhi loan, you will also be eligible.

One Family, One Benefit: This scheme benefits only one family member (husband, wife, and unmarried children). Government employees and their family members are not eligible.

A loan of ₹3 lakh will be available in two installments.
The most significant feature of this scheme is that no collateral is required for the loan. Loans up to ₹3 lakh are provided in two installments at a discounted interest rate of just 5%:

First installment (₹1 lakh): For this, artisans must complete skill verification and five days of basic skills training. They will then be issued a digital ID, PM Vishwakarma certificate, and identity card. The loan repayment period is 18 months.

2nd Installment (Rs 2 lakh): After successful payment of the first installment, an additional loan of Rs 2 lakh can be availed in the second phase for a period of 30 months.

How to apply?
Artisans can register by visiting their nearest Common Service Center (CSC). Biometric authentication (Aadhaar verification) is mandatory during registration. After preliminary scrutiny of applications, government agencies send loan recommendations to banks through the SIDBI portal.

PC: Money9live