PM-Vishwakarma Scheme

• The PM-Vishwakarma Scheme is a transformative initiative fully funded by the Government of India, aimed at empowering traditional artisans and craftspeople through comprehensive support for their growth and development.
• This Central Sector scheme seeks to enhance the quality and reach of artisans' products and services while integrating them into both domestic and global value chains.
• It provides financial support, skill training, and various benefits directly from the central government to help artisans thrive.
• At Bank of Baroda, we are dedicated to supporting the Government of India's initiatives aimed at empowering artisans/ craftsmen through the PM-Vishwakarma Scheme. The Bank stands firm in its commitment to fostering entrepreneurship and contributing to the overall growth of the MSME sector in India.
• For more information, please visit the nearest Bank of Baroda branch or contact our Customer Support team.

As per PM Vishwakarma guidelines, the scheme is designed to offer end-to-end support to artisans and craftspeople through the following components:

• Recognition and Certification: Artisans receive official recognition from the Government of India for their craftsmanship through the PM Vishwakarma Certificate and ID Card, which enhances their credibility and marketability within the industry.
• Skill Upgradation: Benefit from skill training provided by government-nominated training centers to enhance your craft.
• Toolkit Incentive: Receive up to ₹15,000 for modern tools through e-vouchers provided by the government.
• Credit Support: To strengthen and support the skills of traditional artisans and craftspeople, this scheme facilitates access to affordable credit. Beneficiaries to complete skill assessment and necessary training from Government of India before they qualify for the credit support.

• Incentive for Digital Transactions: Earn ₹1 per transaction incentive for up to 100 transactions monthly, with direct transfers to your bank account.

• Marketing Support: Gain government support in quality certification, branding, e-commerce platform listing, trade fair participation, and market linkages to promote your products.

The scheme includes several key features as under:

• Collateral-Free Loans: Access collateral-free Enterprise Development Loans of up to ₹3 lakh in two tranches: the first tranche allows for a loan of up to ₹1 lakh with a maximum tenure of 18 months, while the second tranche offers up to ₹2 lakh with a maximum tenure of 30 months.
• Support for Women Artisans and Marginalized Groups: The scheme empowers women artisans, fostering gender equality, and encouraging their participation in the workforce. Additionally, it aims to uplift individuals from marginalized or underserved communities, including Scheduled Castes, Scheduled Tribes, Other Backward Classes (OBCs), persons with disabilities, transgender individuals, as well as residents of Northeastern states, island territories, and hilly regions of India.
• Insurance Coverage: The scheme provides access to insurance schemes that provide financial security against unforeseen events, ensuring livelihoods of artisans are protected.

To qualify for the PM-Vishwakarma Scheme, applicants must meet the following criteria:

• Must be an Indian resident and self-employed in a traditional craft or trade.
• Minimum age of 18 years at the time of registration.
• Should not have availed loans under similar credit-based schemes of the Central or State Government for self-employment/business development in the past 5 years. However, fully repaid loans under MUDRA or SVANidhi, are eligible.
• Only one member per family (spouse or unmarried children) can apply.
• Government employees and their family members are not eligible.
• Must have Standard Accounts as indicated in the Credit Bureau Report at the time of application.
• Applicants must be KYC compliant with our bank.
• Only applications submitted through the PM Vishwakarma portal shall be considered.
• The scheme covers the following 18 traditional trades:

  1. Carpenter (Suthar/Badhai)

  2. Blacksmith (Lohar)

  3. Boat Maker

  4. Armourer

  5. Hammer & Tool Kit Maker

  6. Locksmith

  7. Goldsmith (Sonar)

  8. Sculptor (Stone Carver)

  9. Potter (Kumhaar)

  10. Cobbler/Shoesmith

  11. Basket/Mat/Broom Maker/Coir Weaver

  12. Mason (Rajmistri)

  13. Barber (Naai)

  14. Garland Maker (Malakaar)

  15. Washerman (Dhobi)

  16. Tailor (Darzi)

  17. Fishing Net Maker

  18. Traditional Doll & Toy Maker

Interest Rate: A concessional interest rate on the loan is set at a fixed 5% per annum for beneficiaries. The Government of India provides an interest subvention to banks of up to 8% per annum.

Documentation:

• Composite Loan Agreement for PM Vishwakarma scheme
• No requirement for the applicant to submit to the Bank, the physical PM Vishwakarma certificate, ID card, or proof of training for loan processing.
• No separate insurance for stocks/ equipment is required as per the scheme guidelines.

Margin requirement: Nil

Other applicable charges: Penal charges are applicable for defaults on installments, interest, or service charges, as well as non-compliance with the material terms and conditions of the loan contract or sanction letter by the borrower. These charges are displayed on the Bank’s website under ‘Interest rate and Service Charges.

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