PM Modi Guarantee: Rs 3 lakh loan to artisans without any bank guarantee

Prime Minister Narendra Modi launched the "PM Vishwakarma" scheme for traditional artisans and craftspeople on Sunday.

On his 73rd birthday, Prime Minister Modi launched the Vishwakarma Scheme today in the national capital. while addressing the gathering, PM Modi stated that artisans would receive collateral-free loans worth approximately Rs 3 lakh at very low-interest rates.

The Prime Minister also launched post tickets and the Toolkit Booklet during the event, speaking at launch of PM Vishwakarma Yojana at the newly inaugurated Yashobhoomi convention centre, India's International Convention and Expo Centre, in Dwarka. He said that the Central Government has focused on providing special training to the artisans under this scheme.

"Under the PM Vishwakarma scheme, the government will provide up to Rs 3 lakhs loan without any (bank) guarantee. It has also been ensured that the interest rate is also very low. Govt has decided that Rs 1 lakh loan will be given in the beginning and when it is repaid, govt will provide additional Rs 2 lakhs loan to the Vishwakarma partners," PM Modi said.

During his address to the nation from the Red Fort on the 77th Independence Day, he had announced that the Central Government would soon introduce a scheme for individuals skilled in traditional craftsmanship.