PM Vishwakarma is a central sector scheme launched in September 2023 to support traditional artisans and craftspeople, including carpenters, blacksmiths, potters, tailors, and more. In Noida, Uttar Pradesh, this scheme offers collateral-free loans up to ₹3 lakh (first tranche) and up to ₹2 lakh (second tranche) at a concessional interest rate of 5% with a 50% subsidy on the tool kit purchase. To successfully apply for a PM Vishwakarma loan in Noida, a bank-ready project report is essential. This report is a comprehensive document that includes CMA (Credit Monitoring Arrangement) data, Debt Service Coverage Ratio (DSCR) analysis, and 5-year financial projections. It demonstrates the viability of your artisan business to the bank, covering aspects like raw material costs, production capacity, marketing strategy, and repayment capacity. A well-prepared project report not only speeds up loan approval but also ensures you meet the scheme's specific requirements for Noida's local market conditions.
To apply for PM Vishwakarma in Noida, you must be an artisan or craftsperson engaged in one of the 18 identified trades, such as carpenter, blacksmith, potter, tailor, barber, or mason. You should be at least 18 years old, with no prior loan from PM Vishwakarma. The scheme is open to individuals, not groups or companies. You must have a valid Aadhaar card and a bank account in Noida. Additionally, you should not have defaulted on any previous government loan. The scheme targets traditional artisans, so you need to demonstrate your skill and experience in the trade. For Noida, being a resident of Uttar Pradesh is sufficient; you can apply from any district, but the business must be based in Noida.
Under PM Vishwakarma, the project cost includes expenses for tool kits, raw materials, minor equipment, and working capital. For Noida artisans, typical costs range from ₹50,000 to ₹3 lakh. The scheme provides a first tranche loan of up to ₹3 lakh at 5% interest, with a 50% subsidy on the tool kit cost (capped at ₹15,000). The second tranche is up to ₹2 lakh. No collateral is required as the loan is covered under CGTMSE. Your project report must detail the cost breakup, sources of funds (loan amount + your contribution, if any), and repayment schedule. For example, a carpenter in Noida might need ₹1.5 lakh for a power saw, drill, and wood inventory, with a monthly repayment of around ₹2,800 over 3 years.
When applying for PM Vishwakarma in Noida, you need to submit: (1) Aadhaar card, (2) Voter ID or driving license for address proof, (3) Bank account statement (last 6 months), (4) Passport-size photographs, (5) Proof of skill/trade (e.g., ITI certificate, experience certificate, or self-declaration), (6) Business address proof (rent agreement or utility bill), (7) Quotation for tool kit from local Noida suppliers, (8) Bank-ready project report with CMA and projections. For Noida, ensure your address proof shows a local address. If you are a migrant, you can use a rental agreement. The project report should be prepared by a qualified CA or consultant familiar with Noida's market rates.
Step 1: Visit the official PM Vishwakarma portal (pmvishwakarma.gov.in) and register using your Aadhaar. Step 2: Fill in personal details, trade, and business location (Noida). Step 3: Upload required documents and the project report. Step 4: After verification, you will receive a registration number. Step 5: Approach a nearby bank branch in Noida (e.g., SBI, PNB, Bank of Baroda) with your registration ID and project report. Step 6: The bank will assess your application and credit score. Step 7: Upon approval, the loan amount is disbursed to your account, and the tool kit subsidy is credited after purchase. Step 8: Repay in monthly installments over 3 years. For Noida, you can also seek help from local Common Service Centres (CSCs) for online submission.
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Yes, you can apply for PM Vishwakarma even if you have an existing MUDRA loan, as long as you have not defaulted on any government loan. However, the total loan amount from all schemes should not exceed the limit set by the bank. The scheme is designed for first-time borrowers, but existing borrowers in good standing are also eligible.
The interest rate is a fixed 5% per annum for the entire loan tenure. Additionally, you get a 50% subsidy on the cost of the tool kit, up to a maximum of ₹15,000. This subsidy is credited to your bank account after you purchase the tool kit from an approved supplier. No other subsidies are provided.
After submitting your application and project report to the bank, approval typically takes 7-15 working days, provided all documents are in order. The disbursement follows within a week of approval. Delays can occur if the project report is incomplete or if there are discrepancies in documents. Using a bank-ready project report from a local consultant can speed up the process.
No, the loan is collateral-free as it is covered under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). This means you do not need to pledge any assets or provide a guarantor. However, the bank may require a personal guarantee or a co-applicant in some cases, but this is at the bank's discretion.