PM Vishwakarma vs PMEGP vs Mudra vs PM SVANidhi — Scheme Comparison
PM Vishwakarma vs Other Government Schemes
The Indian government offers several credit schemes for small businesses and artisans. Here is a detailed comparison to help you choose the right one.
Quick comparison table
| Feature | PM Vishwakarma | PMEGP | Mudra | PM SVANidhi |
|---|---|---|---|---|
| Target beneficiary | Artisans in 18 traditional trades | First-time entrepreneurs | Small business owners | Street vendors |
| Loan amount | Rs 1L + Rs 2L | Up to Rs 50L (project cost) | Up to Rs 10L | Up to Rs 10,000 (working capital) |
| Interest rate | 5% (subsidized) | 11-12% (with subsidy on project cost) | 8-12% (varies by bank) | 7% (subsidized) |
| Collateral | None (guarantee by govt) | None up to Rs 10L | None up to Rs 10L | None |
| Subsidy/Grant | Rs 15,000 toolkit + training | 15-35% margin money subsidy | No subsidy | Interest subsidy + cashback |
| Training | Yes (5-7 days basic + 15 days advanced) | EDP training (2 weeks) | No | No |
| Toolkit | Yes (Rs 15,000) | No | No | No |
| Recognition | Vishwakarma Certificate + ID | Udyam Registration | Udyam Registration | Vendor Certificate |
| Ministry | MoMSME | MoMSME | MoF | MoHUA |
| Can you avail both? | NO — cannot avail PMEGP, Mudra, or PM SVANidhi in past 5 years | — | — | — |
When to choose PM Vishwakarma
Choose PM Vishwakarma if:
- ✅ You are an artisan or craftsperson in one of the 18 listed trades
- ✅ You work in the unorganized sector (self-employed)
- ✅ You want a low-interest loan (5%) with no collateral
- ✅ You want government recognition + training + toolkit
- ✅ You have NOT availed PMEGP, Mudra, or PM SVANidhi in the past 5 years
When to choose PMEGP
Choose PMEGP (Prime Minister's Employment Generation Programme) if:
- ✅ You want to start a manufacturing or service enterprise
- ✅ Your project cost is up to Rs 50 lakh (manufacturing) or Rs 20 lakh (service)
- ✅ You want a subsidy on project cost (15-35% margin money)
- ✅ You are a first-time entrepreneur
When to choose Mudra
Choose Mudra (Pradhan Mantri Mudra Yojana) if:
- ✅ You have a small business (not necessarily a traditional trade)
- ✅ You need a loan up to Rs 10 lakh
- ✅ You don't need training or toolkit support
- ✅ You are eligible for PM Vishwakarma but prefer Mudra (note: you cannot get both)
When to choose PM SVANidhi
Choose PM SVANidhi (PM Street Vendor's AtmaNirbhar Nidhi) if:
- ✅ You are a street vendor
- ✅ You need working capital up to Rs 10,000
- ✅ You want a subsidized interest rate (7%)
- ✅ You want cashback on digital transactions
Key takeaway
PM Vishwakarma is the best option for traditional artisans because it offers the lowest interest rate (5%), a free toolkit (Rs 15,000), training with stipend, and government recognition — all in one scheme. However, you cannot avail PM Vishwakarma if you have already taken PMEGP, Mudra, or PM SVANidhi loans in the past 5 years.
Use our PM Vishwakarma Calculator to estimate your benefits.
Formula
**PM Vishwakarma:** 5% interest, Rs 1L+2L, Rs 15K toolkit, training, no collateral **PMEGP:** 11-12% interest, up to Rs 50L, 15-35% subsidy, EDP training **Mudra:** 8-12% interest, up to Rs 10L, no subsidy, no training **PM SVANidhi:** 7% interest, up to Rs 10K, for street vendors only **Restriction:** Cannot avail PM Vishwakarma if you have taken PMEGP, Mudra, or PM SVANidhi in past 5 years.
Example
**Scenario — Carpenter needing Rs 1 lakh:** | Scheme | Interest Rate | Total Interest (18 months) | Toolkit | Training | |--------|--------------|---------------------------|---------|----------| | PM Vishwakarma | 5% | Rs 3,770 | Rs 15,000 | Yes (Rs 500/day) | | Mudra | 10% | Rs 7,830 | No | No | | Bank personal loan | 14% | Rs 11,200 | No | No | **PM Vishwakarma saves Rs 4,060-7,430 in interest + gives Rs 15,000 toolkit + training stipend.**
How to Use
- Read the comparison table to understand the differences
- Check which scheme matches your profile (artisan, entrepreneur, vendor)
- Verify you meet the eligibility criteria for your chosen scheme
- Note the restriction: PM Vishwakarma cannot be combined with PMEGP, Mudra, or PM SVANidhi
- Use the PM Vishwakarma Calculator to estimate your specific benefits
Frequently Asked Questions
Can I get PM Vishwakarma and Mudra loan together?
No. PM Vishwakarma explicitly excludes anyone who has availed loans under PMEGP, PM SVANidhi, or Mudra in the past 5 years. You must choose one scheme. If you have not taken any of these loans, PM Vishwakarma is usually the better option for traditional artisans due to the lower interest rate (5%) and additional benefits (toolkit, training).
Which scheme has the lowest interest rate?
PM Vishwakarma has the lowest interest rate at 5% per annum (subsidized by the Government). PM SVANidhi is 7%, Mudra ranges from 8-12%, and PMEGP is 11-12% (but with a 15-35% subsidy on project cost).
I am a street vendor. Should I choose PM SVANidhi or PM Vishwakarma?
If you are a street vendor, PM SVANidhi is designed specifically for you (up to Rs 10,000 working capital at 7%). However, if you are also an artisan in one of the 18 listed trades, PM Vishwakarma offers better benefits (Rs 1L+2L loan at 5%, toolkit, training). You cannot get both — choose based on your primary occupation.
Can I switch from Mudra to PM Vishwakarma later?
You can apply for PM Vishwakarma 5 years after your last Mudra loan disbursement. If your Mudra loan was disbursed more than 5 years ago, you are eligible for PM Vishwakarma (assuming you meet all other criteria).