The PM Vishwakarma Yojana Loan Scheme is nothing but the part of PM Vishwakarma Yojana, which is a remarkable initiative by the Government of India aimed at providing financial, skill and marketing support to traditional artisans and craftspeople belonging to 18 trades, also known as Vishwakarmas. The scheme offers collateral-free loans at subsidized interest rate of 5%, enabling artisans to modernize their tools, upgrade their skills, and grow their businesses.
In this article, we’ll explain how you can calculate your loan interest and total repayment amount using our PM Vishwakarma Yojana Loan Calculator. Simply enter your loan amount and repayment tenure to get an instant calculation.
How to Use the PM Vishwakarma Loan Interest Calculator
- Enter the Loan Amount: Input the loan amount you wish to calculate (up to ₹1,00,000 for the first tranche and ₹2,00,000 for the second tranche).
- Select Repayment Tenure: Choose the repayment tenure (18 months for the first tranche or 30 months for the second tranche).
- Interest Rate: Interest rate for the PM Vishwakarma Calculator is prefilled (Not Fixed) at 5% as per the interest rate being offered under PM Vishwakarma Loan Scheme, you can change it if you wish to.
- Calculate: The calculator will instantly show you the total interest, monthly payment and the total amount you need to repay.
PM Vishwakarma Yojana Loan Interest Calculator
Key Features of PM Vishwakarma Yojana Loan Scheme
- Loan Amount: Up to ₹3,00,000, provided in two tranches.
- First tranche: Up to ₹1,00,000.
- Second tranche: Up to ₹2,00,000.
- Interest Rate: Fixed at 5% per annum.
- Repayment Tenure:
- First tranche: 18 months.
- Second tranche: 30 months.
- Collateral-Free Loans: No collateral required to avail of the loan.
- Interest Subvention: 8% provided upfront by the Government of India.
Also Check: Free Silai Machine Yojana
How to Calculate Your Loan Interest and Repayment
Our PM Vishwakarma Yojana Loan Calculator allows you to easily calculate the total interest and the amount you need to repay based on the loan amount and the repayment period. Below are the interest calculation tables for both the first and second tranches of the loan.
1st Tranche Loan Interest Calculator (Loan Amount: Up to ₹1,00,000, Maximum Tenure: 18 months)
| Loan Amount (₹) | Total Interest (₹) | Total Amount to Repay (₹) |
|---|---|---|
| 10,000 | 400.50 | 10,400.50 |
| 20,000 | 801.00 | 20,801.00 |
| 30,000 | 1,201.50 | 31,201.50 |
| 40,000 | 1,602.00 | 41,602.00 |
| 50,000 | 2,002.50 | 52,002.50 |
| 60,000 | 2,403.00 | 62,403.00 |
| 70,000 | 2,803.50 | 72,803.50 |
| 80,000 | 3,204.00 | 83,204.00 |
| 90,000 | 3,604.50 | 93,604.50 |
| 1,00,000 | 4,005.00 | 1,04,005.00 |
Also Check: Vishwakarma Toolkit Yojana
2nd Tranche Loan Interest Calculator (Loan Amount: Up to ₹2,00,000, Maximum Tenure: 30 months)
| Loan Amount (₹) | Total Interest (₹) | Total Amount to Repay (₹) |
|---|---|---|
| 50,000 | 3,294.05 | 53,294.05 |
| 1,00,000 | 6,588.10 | 1,06,588.10 |
| 1,50,000 | 9,882.15 | 1,59,882.15 |
| 2,00,000 | 13,176.21 | 2,13,176.21 |
Why Use the PM Vishwakarma Loan Calculator?
The PM Vishwakarma Loan Calculator is designed to make it easier for artisans to understand their loan repayment process. With just a few clicks, you can see how much you need to pay back, including the interest, which helps you plan your finances more effectively.
Also Check: Apply Online for PM Vishwakarma Yojana
Frequently Asked Questions (FAQs)
How much loan can I get of under the PM Vishwakarma Yojana Loan Scheme?
You can avail of a total loan of up to ₹3,00,000, provided in two tranches: ₹1,00,000 in the first tranche and ₹2,00,000 in the second tranche.
What is the interest rate for the loan?
The loan carries a fixed interest rate of 5% per annum.
How long do I have to repay the loan?
You have 18 months to repay the first tranche of the loan and 30 months for the second tranche.
Is there any collateral (Guarantee) required for the loan?
No, the loans under the PM Vishwakarma Yojana Loan Scheme are collateral-free.
How can I apply for the loan?
You can apply for the loan by registering on the PM Vishwakarma Portal or visiting your nearest Common Service Centre (CSC).
Calculator Disclaimer: The values and calculations provided by the PM Vishwakarma Yojana Loan Calculator are for illustrative purposes only based on interest @ 5% on reducing principle. Actual loan amounts, interest rates, and repayment terms may vary based on the financial institution’s policies or updates to the scheme. We recommend that you check with your bank or the official PM Vishwakarma Yojana Portal for precise and up-to-date information before making any financial decisions.
vishwakarmayojana.co.in is not the official website or official source for Vishwakarma Yojana, neither it is affiliated / associated with any government organization / entity or individual. Visit the Official website at https://pmvishwakarma.gov.in