PM Vishwakarma Yojana: Are Loans Available For Beneficiaries?

The Indian government has introduced numerous schemes designed to provide financial assistance, subsidies, and other benefits to citizens. These programs span across various sectors, from banks to post offices, and are continuously updated with new initiatives. One such recent initiative is the Pradhan Mantri Vishwakarma Yojana ( PMVY ), which was launched in September of last year. This scheme is aimed at supporting 18 traditional businesses in India. If you become a beneficiary of this program, you can access various financial benefits. But one common question arises: Can the beneficiaries of PM Vishwakarma Yojana get loans? Let’s explore the answer in more detail below.

Is a Loan Available Under PM Vishwakarma Yojana ?

Yes, the PM Vishwakarma Yojana does offer loans to its beneficiaries. If you are eligible for the scheme, you can access loans, along with several other benefits. Here's how the loan system works under this scheme:

• Initially, you are eligible for a loan of ₹1 lakh.
• Once you have successfully repaid the initial loan, you can apply for a second loan of ₹2 lakhs.

Loan Features:

One of the most attractive features of the loans offered under PM Vishwakarma Yojana is that they are collateral-free, meaning you don’t need to provide any guarantee or security. Moreover, the loans come with low-interest rates, making them accessible and affordable for the beneficiaries.

Additional Benefits of PM Vishwakarma Yojana

Apart from the loan facility, there are several other benefits available to the beneficiaries of PM Vishwakarma Yojana. These include:

• Advance Training: Beneficiaries receive several days of specialized training to enhance their skills. During the training period, participants are provided with ₹500 per day as financial support.
• Incentives: To encourage participation and skill enhancement, the scheme offers various incentives to the beneficiaries.
• Toolkit Assistance: Since many traditional businesses require specific tools, the scheme provides a financial grant of ₹15,000 to help beneficiaries purchase the necessary toolkits for their work.

If you are eligible for the PM Vishwakarma Yojana, you not only gain access to loans but also benefit from skill development, daily financial support during training, and assistance in purchasing essential tools for your trade. This makes PMVY a comprehensive scheme aimed at promoting and sustaining traditional Indian businesses.