Grow Your Business with a Government Scheme Offering Loans up to ₹3 Lakh

To strengthen India’s traditional workforce, the central government launched the Pradhan Mantri Vishwakarma Kaushal Samman Yojana in 2023. The scheme is designed to give artisans and skilled workers a fresh identity, better skills, and easy financial support so they can grow their businesses with confidence.

Today, thousands of artisans and small entrepreneurs are already benefiting through skill training, modern tools, and low-interest loans. If you’re planning to start a small venture or expand your existing work, this scheme can be a game changer, offering loans of up to ₹3 lakh at very affordable interest rates .

What makes this scheme special?

The Vishwakarma Yojana goes beyond just financial help. Beneficiaries receive advanced skill training related to their trade, helping them improve both efficiency and product quality. To ensure no loss of income during training, the government also provides a daily stipend of ₹500.

Additionally, artisans are given toolkits worth up to ₹15,000 to buy essential equipment. On the financial front, the scheme offers loans in two stages, ₹1 lakh in the first phase (repayable within 18 months), and after timely repayment, an additional ₹2 lakh in the second phase for up to 30 months. In total, eligible beneficiaries can access ₹3 lakh in support.

Who can apply?

This scheme is meant for people engaged in 18 traditional trades who wish to start or scale up their work. These include fishermen, blacksmiths, masons, tailors, barbers, cobblers, basket and broom makers, locksmiths, stone carvers, sculptors, washermen, toy and doll makers, boat builders, garland makers, and more.

The loan is offered at an interest rate of around 5%, making it one of the most affordable options available. If you belong to any of these professions and meet the eligibility criteria, the Pradhan Mantri Vishwakarma Yojana can help you upgrade skills, improve tools, and grow your business with steady financial backing.

Disclaimer: This article is for informational purposes only. NewsPoint does not encourage anyone to take a loan. Readers should verify details from official sources and assess their financial needs before applying. NewsPoint is not responsible for any decisions or outcomes based on this information.