How To Make Use Prime Minister Rozgar Yojana (PMRY)
Educated Unemployed youth is one of the biggest concerns of India, educated doesn’t only mean completion of school or colleges but also learning knowledge & acquiring skills upon theory is somewhat called the real sense of education.
There is a lack of education faced by the nation & it is the reason behind poverty & unemployment.
Skills are a basic necessity to get employed in any organization or to startup own business. To enhance the participation of educated unemployed youth numerous schemes were initiated by Government of India, while one such scheme introduced by hon’ble prime minister in 1993 known as Prime Minister Rozgar Yojana (PMRY).
Continue reading for more details about the scheme
What is Prime Minister Rozgar Yojana?
Government of India initiated Prime Minister Rozgar Yojana (PMRY) in 1993. The aim of this credit-linked scheme is to provide financial assistance for educated unemployed youth to set up own enterprises in manufacturing, service & trade sectors.
Key Features Of Prdhan Mantri Rojgar Yojna:-
- Under this scheme financial assistance provided upto 5 lakhs to setup business in manufacturing, trading & service sectors.
- Each bank branch has to facilitate bank loans to at least 2 Entrepreneurial projects.
- Upto 1 lakh can be obtained without pledging any collateral.
- 15% of project cost is provided as a subsidy facility & especially for north-eastern regions – Uttaranchal, Himachal Pradesh, Jammu & Kashmir subsidy get extended to Rs,15000 per each applicant.
- Margin money required from borrowers for project cost ranges from 5% to 16.00%.
- Maximum tenure period to repay loan amount is 84 months.
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Prime Minister Rozgar Yojana Eligibility Criteria
Below listed are the mandatory requirements that needs to be met prior to loan application.
- Applicant must be a resident of India.
- Applicant must be a unemployed between 18 to 35 years of age.
- Minimum on qualification basic 8th standard to be passed.
- Including your family income, income should be above 40,000 & less than 1 lakh.
- Applicant must be permanent residence of given address for at least 3 years.
- He/she should not be a defaulter of any banks or financial institutions.
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Documents Required for Prime Minister Rozgar Yojana
PMRY Mudra loan requires the following documents to be submitted at the time of loan application.
1. Proof of Identity (Any one of the following)
- Aadhar Card
- Voter ID Card
- PAN Card
- Driving License
2. Proof of Residence (Any one of the following)
- Electricity Bills
- Water Bills
- Ration Card
- Lease/Rent/Property own agreement
3. Age Proof such as DOB, School TC & Certificate
4. Residence Proof for last 3 years
5. EDP training certificate
6. Qualification, experience & other technical certificates
How to apply for Prime Minister Rozgar Yojana?
Get a full step by step process to get a hassle-free as given below:-
Step 1: - As per your convenience, you can apply directly reaching District Industries Centre nor you can apply by visiting preferred bank official site.
Step 2: - After choosing the way of application, if applied online quote a request regarding PMRJ credit-linked subsidy scheme & start filling an online loan application form or if the request raised by visiting location request for a loan application & fill them it included personal details & business plan –now review & submit it.
Step 3: - Once completed wait for a while until & unless lender go through your application- status won’t be updated.
Step 4: Under this scheme only eligible applicant can able to get credit linked subsidy facility.
Step 5: - If your application match with required criteria shortly lender would contact you for further formalities.
Prime Minister Rozgar Yojana Scheme FAQ
Which categories get additional benefits under PMRY?
Under Prime Minister Rozgar Yojana Scheme mainly additional benefits offered to Scheduled Caste (SC), Scheduled Tribe (ST) & Women educated unemployed youth categories.
How much loan amount offered under PMRY Mudra Loan?
Under this scheme bank facilitate loan ranging from 1 lakh to 5 lakh for self-employment.
What formalities required after selection of PMRY Mudra Loan?
Once you get the selection letter for PMRY, shortly you will be called for a training program which will be 15 –20 days where you have to attend it & get the certificate for the same to process further with bank to get loan amount.
How much loan provided in PMRY Scheme business sector?
Under PMRY Mudra loan scheme 2 lakh is provided for business sector & for service, industry sector loan amount ranges upto 5 lakh.
Is there any age criteria in PMRY Loan?
Yes, Applicant must be an educated unemployed youth between the age of 18 to 35 years at the time of application.
What is the minimum qualification required to get PMRY Scheme facility?
Applicant must be at least 8 standard passed to be eligible for PMRY Scheme facility.
How much subsidy provided for PMRY Scheme?
Under this credit linked scheme applicant can get 15% subsidy on project cost.