PMVY – Get 3 Lakh Collateral Free Loan With 5% Interest – Govt Scheme

PMVY

The Indian government has launched the PMVY (PM Vishwakarma Yojana), a groundbreaking initiative providing collateral-free loans of up to Rs 3 lakh at a nominal 5% interest rate to individuals engaged in traditional self-employment. Additionally, beneficiaries receive a Rs 15,000 voucher for procuring essential tools and equipment related to their trade. With a budget allocation of Rs 13,000 crore, the government aims to support the backbone of the nation’s economy – its skilled artisans and craftsmen. This essay explores the eligibility criteria, application process, and the transformative impact of the PMVY on the lives of countless self-employed individuals.

Eligibility Criteria

The PMVY (PM Vishwakarma Yojana) is designed to empower self-employed individuals in various traditional trades such as carpentry, tailoring, sculpture, cobbling, boat making, blacksmithing, laundry services, barbering, clay paper crafting, masonry, toy making, and more. To be eligible, applicants must be at least 18 years old and should not have availed of central government loans, including schemes like PMEGP, in the last five years. However, individuals who have successfully repaid loans from initiatives such as PM Svanidhi and Mudra Loan are eligible. Additionally, only one member from a family, including spouses and children, can apply for this scheme, ensuring a wider distribution of benefits within communities.

Application Process

The application process for the PMVY is straightforward and accessible to all eligible candidates. Required documents include an Aadhaar card, mobile number, bank account details, and ration card. Once these documents are in place, applicants undergo a meticulous three-tier verification process: scrutiny by the Head of the Local Authority, assessment by the District Implementation Committee, and final scrutiny by the District Level Screening Committee. This thorough verification process ensures that deserving candidates receive the necessary support, fostering confidence in the system.

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Additional Benefits

Beyond monetary assistance, the PMVY offers skill training opportunities to enhance the expertise of beneficiaries. Upon completing the training program, recipients become eligible for a loan of Rs 1 lakh. If this initial loan is repaid within 18 months, recipients qualify for an additional loan of Rs 2 lakh. This phased approach to lending encourages responsible financial behavior and ensures sustained growth for the beneficiaries’ enterprises.

The PMVY represents a significant step towards supporting traditional self-employment sectors, providing financial aid, skill enhancement, and the means for sustainable growth, thereby positively impacting the livelihoods of skilled artisans and craftsmen across India.

Lets Checkout Shortly: PMVY ⤵️

-> Get 3 lakh loan at 5% interest

-> Also Get Rs.15000 free Cash

-> Those engaged in traditional self-employment can get a collateral-free loan of Rs 3 lakh at 5% interest.

-> In addition to the loan, you will get a voucher of Rs. 15000 to buy employment. It cannot be used for anything else

-> 13000 crore rupees has been set aside by the Center for this purpose.

-> Although the actual interest is 13%, the individual has to pay only 5% interest and the remaining 8% interest is paid by the government.

-> After completing the skill training for this, you will get a loan of 1 lakh rupees. If this is repaid in 18 months, the remaining Rs 2 lakh will be allowed.

-> If this is repaid in 18 months, the remaining Rs.2 lakh will be allowed. It is to be repaid within 30 months.

-> National Committee Of Marketing (NCM) will help you to market your product

-> No Registration Fee

-> Documents :

Aadhaar
MOB Num
Bank Ac
Ration card

-> After registration there will be 3 levels of verification :

Through the Head of Local Authority
Through the District Implementation Committee
Through district level screening committee

-> Eligibility :

• Eligibility for self-employed persons
• Min age : 18
• Those who have taken central government loans including PMEGP in the last 5 years will not get it
• But pm svanidhi, Mudra Loan will be given to those who take it and pay it, if they don’t pay it they won’t get it
• Only one person in a family consisting of wife, husband and children can apply
• Government employees and their families are not eligible