The PM Vishwakarma Scheme Loan EMI Calculator helps artisans and traditional workers estimate their monthly EMI under the government-backed PM Vishwakarma Yojana. The scheme offers loans at a fixed 5% interest rate, with the remaining interest subsidized by the government.
Using this calculator, you can instantly see your monthly EMI, total repayment, and interest savings for loans up to ₹1 lakh (Tranche 1) and ₹2 lakh (Tranche 2), based on official scheme guidelines.
What Is the PM Vishwakarma Scheme?
The PM Vishwakarma Scheme is a central government initiative designed to support traditional artisans and craftspeople such as carpenters, blacksmiths, goldsmiths, tailors, cobblers, potters, and similar trades.
Key highlights of the scheme:
- Loan available at only 5% interest
- Government provides interest subsidy up to 8%
- Two loan tranches: ₹1 lakh and ₹2 lakh
- No collateral required
- Designed for self-employed artisans and workers
This calculator helps you understand the actual cost of borrowing before applying.
How to Use This Calculator
Using the calculator takes less than a minute:
- Select Loan Tranche
Choose Tranche 1 (up to ₹1,00,000) or Tranche 2 (up to ₹2,00,000). - Enter Loan Amount
Input the amount you plan to borrow within the selected tranche limit. - Choose Repayment Tenure
Select either 18 months or 30 months, as allowed under the scheme. - Click Calculate EMI
Instantly see:- Monthly EMI
- Total repayment
- Interest paid by you
- Government interest subsidy
- Net savings compared to a regular loan
How EMI Is Calculated Under PM Vishwakarma
The calculator assumes:
- Beneficiary interest rate: 5% per annum (fixed)
- Market interest rate: 13% per annum (for comparison)
- Government subsidy: 8% interest support
Your EMI is calculated using the standard reducing-balance formula, but only at the subsidized 5% rate. The difference between market interest and beneficiary interest is shown as government subsidy and savings.
Example Calculation
If you take a ₹1,00,000 loan for 30 months under PM Vishwakarma:
- EMI at 5%: Significantly lower than a normal personal loan
- Total interest paid by you: Minimal
- Government subsidy: Covers most of the interest burden
- Net saving: Tens of thousands compared to a regular 13% loan
This makes the scheme one of the cheapest business credit options available for artisans.
Who Should Use This Calculator?
This calculator is useful if you are:
- A registered artisan under PM Vishwakarma Scheme
- Planning to take a ₹1 lakh or ₹2 lakh Vishwakarma loan
- Comparing government loan vs regular personal loan
- Wanting to understand EMI affordability before applying
- Evaluating interest subsidy benefits clearly
PM Vishwakarma Loan vs Regular Personal Loan
| Feature | PM Vishwakarma Loan | Regular Personal Loan |
|---|---|---|
| Interest Rate | 5% fixed | 11%–18% |
| Government Subsidy | Yes (up to 8%) | No |
| EMI Burden | Very low | High |
| Collateral | Not required | Not required |
| Purpose | Artisan business | Any |
| Eligibility | Scheme-based | Income + credit score |
Important Notes to Remember
- Actual loan approval depends on eligibility, registration, and bank verification
- Interest subsidy is credited as per scheme rules
- Tenure options are limited to those approved under the scheme
- This calculator provides estimates, not a loan guarantee