The Government of India has several programs like this where financial facilities are made accessible to the common population to finish their necessary tasks. The PM Vishwakarma Yojana is one of these programs, which offers loans to those who are economically vulnerable.

Let us notify you that on August 16, 2023, the Union Cabinet successfully authorized these proposals. Tell us about the PM Vishwakarma Yojana and how individuals will be able to get loans via this program.

PM Vishwakarma Yojana: What is it?

The national government’s PM Vishwakarma plan would assist individuals who use their hands and tools for manual labor. In actuality, this plan encourages the nation’s artists and craftsmen to continue using their traditional methods and abilities. so that Indians may support their families and become self-sufficient in their manual labor.

30 lakh households will gain

After the PM Vishwakarma Yojana is approved, around 30 lakh individuals in the nation would benefit from it. Traditional artists and craftsmen such as weavers, goldsmiths, blacksmiths, laundry workers, and barbers will be included in this. According to what is being said, the loan amount under this plan would cost Rs 13,000 crore in financial terms over the course of five years.

For your information, the PM Vishwakarma Yojana will be introduced nationwide on September 17, the day of Vishwakarma Jayanti. This information was provided to the cabinet committee by PM Modi personally.

5 percent reduction in interest rates

Through the PM Vishwakarma Certificate and ID card under the PM Vishwakarma Yojana, individuals will get a unique identity under this program. People will also get an interest rate reduction of at least 5% in addition to this. In addition, the public would simultaneously get loans up to Rs. 1 lakh and Rs. 2 lakh under this program.