Insurance Company

Scheme Objectives

Eligibility Criteria

1. An artisan or craftsperson working with hands and tools and engaged in one of the 18 family-based traditional trades mentioned in the scheme, in unorganized sector on self-employment basis, shall be eligible for registration under PM Vishwakarma.
2. The minimum age of the beneficiary should be 18 years on the date of registration.
3. The beneficiary should be engaged in the concerned trade on the date of registration and should not have availed loans under similar credit-based schemes of Central Government or State Government for self-employment/ business development, e.g. PMEGP, PM SVANidhi, Mudra, in the past 5 years.
4. The registration and benefits under the Scheme shall be restricted to one member of the family. For availing benefits under the Scheme, a ‘family’ is defined as consisting of the husband, wife and unmarried children.
5. A person in government service and their family members shall not be eligible under the Scheme.

Scheme Benefits

1. Recognition:
Recognition as Vishwakarma through Certificate and ID Card
2. Skilling:
a. Skill Verification followed by 5-7 days (40 hours) Basic Training
b. Interested candidates can also enroll for 15 days (120 hours) Advanced Training
c. Training Stipend: Rs 500 per day
3. Toolkit Incentive: Rs 15,000 grant
4. Credit Support:
a. Collateral free Enterprise Development Loans: Rs 1 lakh (First Tranche for 18 months repayment) & Rs 2 lakh (Second Tranche for 30 months repayment)
b. Concessional Rate of Interest: 5% to be charged from the beneficiary with Interest Subvention cap of 8% to be paid by MoMSME
c. Credit Guarantee fees to be borne by GoI
5. Incentive for Digital Transaction: Re 1 per transaction for maximum upto100 transactions (monthly)
6. Marketing Support: National Committee for Marketing (NCM) will provide services such as Quality Certification, Branding & Promotion, E-commerce linkage, Trade Fairs advertising, publicity and other marketing activities.