Virasat – A Credit Scheme for Craftpersons

Launched by the National Minorities Development & Finance Corporation (NMDFC), the main aim of the scheme is to help Craftpersons and Artisans meet their fixed capital (tools, equipment, and machinery) and working capital requirements (manufacturing products as per market demand).

Features and Benefits of Virasat scheme

The main features and benefits of the Virasat scheme are mentioned below:

  • Under the scheme, you can avail a maximum loan of up to Rs.10 lakh.
  • The interest rate is 1% lower than the term loan scheme offered by NMDFC.
  • Women artisans are provided an additional 1% lower interest rate.
  • Hunar Haat Exhibitions are organised by the NMDFC to promote traditional crafts. These exhibitions provide a platform for artisans to get orders or sell their artefacts.

Eligibility Criteria for Virasat scheme

Under the National Commission of Minorities Act, 1992, the below-mentioned Artisans, who are notified as minorities, are eligible under the scheme:

  • Parsis
  • Buddhists
  • Sikhs
  • Christians
  • Muslims
  • Jains (Added to the Minorities Communities list in January 2014)

Additionally, Artisans who are covered under the Credit Line-1 scheme ( will be able to avail a loan.

Preference is also given to artisans who participate in the Hunar Haat Exhibitions that have been organised by the NMDFC. However, artisans who have been offered a sponsorship under the Government’s concession credit scheme will be provided a loan under the Virasat scheme.

Documents Required for Virasat scheme

Union Territory/State Government nominated State Channelizing Agencies (SGA) will implement the scheme. The application form must be submitted by the artisan at the SCA office, which is usually present at the district level.

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