₹14.71 crore loans provided to Kashmir artisans, weavers this year so far

Ziraat Times News Desk

Srinagar, October 8: The Handicrafts and Handloom Department has facilitated loans worth ₹14.71 crore to artisans and weavers across Kashmir under its Credit Card Scheme during the first two quarters of the current financial year.

According to the department, 3,885 loan applications were sponsored to banks during the period, of which 1,332 were sanctioned and 1,054 disbursed by the end of September 2026.

The department said it was working with lead banks and other financial institutions to expand access to credit for craftspeople. The loans are intended to help artisans establish independent units and meet working-capital requirements, including the purchase of raw materials, tools and other inputs.

Under the scheme, beneficiaries are also eligible for interest subvention of 7% on a tapering basis for five years, aimed at helping newly established units become financially self-sustaining.

The department said the credit limit under the scheme was increased from ₹1 lakh to ₹2 lakh in 2020 in line with the Wool Processing, Handloom and Handicrafts Policy.

Since then, more than 10,000 craftsmen have availed loans totalling ₹151 crore, while the department has provided ₹19 crore in interest subvention during the same period.

The department said the scheme seeks to reduce artisans’ dependence on informal sources of credit by improving access to formal finance for tools, raw materials and small production units.

It said easier access to institutional credit could help artisans and weavers increase production, retain younger generations in traditional crafts and strengthen the handloom and handicraft sector.

Artisans and weavers can apply online through singlewindow.jk.gov.in to avail the scheme’s benefits. Common Service Centres established across districts are also available to assist applicants with registration.

The department urged financial institutions and lead banks to treat the craft sector as a priority lending area and provide timely and hassle-free credit to small unit-holders.