S. No

Parameter

Guidelines

1. 

Eligibility

1. Borrowers eligible for loan shall:
• Have certificate / ID Card under PM Vishwakarma
• completed Basic Skill training
• undergone Skill Verification
2. The minimum age of the beneficiary should be 18 years on the date of registration.
3. The beneficiary should be engaged in the trades concerned 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 beneficiaries of MUDRA and PMSVANidhi who have repaid their loan, will be eligible under PM Vishwakarma. This period of 5 years will be calculated from the date of application of the loan.
5. The beneficiaries will be eligible for first Loan Tranche on completion of 5 days Basic Skill Training provided by MSDE under PM Vishwakarma
6. Only one member of the family is eligible for the loan under this scheme
7. ‘Family’ is defined as consisting of the husband, wife and unmarried children.
8. A person in government service and their family members shall not be eligible under the Scheme.
9. Defaulter borrower in any Bank / Financial Institution shall not be eligible under the scheme
10. Eligibility of second tranche:

Beneficiary’s first tranche loan account shall be in standard category and have adopted digital transactions in their business or have undergone Advanced Skill Training of 15 days. The borrower must have repaid the first tranche before availing the second tranche

2. 

Facility / Purpose

Need based Term Loan to eligible borrowers to scale-up their operations, modernize/upgrade their tools and business

3. 

Quantum/

The total quantum of loan shall be Rs.3.00 Lacs in two tranches as mentioned below:

Beneficiary will be eligible for second tranche loan after full repayment of first tranche. The second Tranche shall not be granted before six months of the disbursement of first tranche

4. 

Margin

NIL

5. 

Repayment

Term Loan: Term Loan shall be repaid in equal monthly installments as detailed below. Interest to be paid as and when charged in the account.

6. 

Security

Primary: All assets created out of Bank’s finance shall be charged in favour of Bank by way of Hypothecation etc.

Collateral Coverage: NIL. The loan shall be covered under CGTMSE