Government launched Pradhan Mantri Rojgar Yojana (PMRPY) for the young educated and unemployed population of the country. Under this scheme, you do not need to run away and worry about depositing your previous salary, evaluating your credit score and approving your loan.
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Motive Of Pradhan Mantri Rojgar Yojana
The objective of Pradhan Mantri Rojgar Yojana loan scheme is to provide subsidized financial assistance to the educated but unemployed youth of India for the sole purpose of starting a manufacturing, business, service or business venture.
Eligibility For Pradhan Mantri Rojgar Yojana
- Your age must be more than 18 years and less than 35 years to get the benefits of this plan.
- Discounts are applicable for women, SC / ST, ex-servicemen and physically challenged persons at the age of 10 years.
- For the citizens of North-Eastern states, the age limit for the citizens is 18 to 40 years.
- Apart from this, you must be a permanent resident of your area for at least 3 years.
- You must have at least 10th pass.
- At least 6 months trained candidates will get priority in government recognized trade institutes.
- The applicant’s total annual income should not exceed 1 lakh with spouse and parents.
These people can not take advantage of the plan
- If you will find as defaulter in the payment of any nationalized bank or financial institution.
- You will not get this plan even if you have already received help from any other government subsidy scheme.
Coverage under Pradhan Mantri Rojgar Yojana
Under the PMRPY, the maximum amount received in different sectors is as follows. 2 lakh in the business sector, 5 lakh in the service sector, 5 lakh in the industry sector also. If there are more than two or more people for a partrition, then obtain loan of 10 lakh.
- No guarantee or security is necessary for projects costing 2 lakh rupees by individual persons from the business and service sector. Each partner will get a discount of up to 2 lakh rupees.
- For small scale industries (SSI), coverage of up to Rs 5 lakh per person has given.
Interest Rate
In this scheme, interest rates vary from time to time. The time guideline will be provided to you when you apply for a loan.
Subsidy
Under the Prime Minister’s Employment Scheme, subsidy is available upto 15% which has limit up to Rs. 12,500 per person. The subsidy for the north-eastern states, Himachal Pradesh, Uttaranchal and Jammu and Kashmir regions has limit up to to Rs 15,000. Self-help groups per beneficiary can avail upto Rs 15,000 subsidy, which has limit up to Rs 0.25 lakh per group.
Tenure and training
The term for this scheme is 3 to 7 years. Then there will be training for business and service sector for 7 to 10 days. It will be 15 to 20 days for industrial area. In order to apply for the Prime Minister’s Employment Incentive Scheme, you will have to contact General Manager of DIC of your resident area.
Application Process
- To apply in this scheme, it is deposit application letter from the district industrial center to the office.
- District level or Subcommittee is for the selection of eligible applicants of this scheme. This committee takes the interview of the applicants / young men applied for identification, selection and examines the required records of the applicants.
- This committee will select the beneficiaries and will send the application to the concerned bank for evaluation and acceptance. Trusting the prospect of the plan, the banks decide to pay the loan.
- Selected beneficiaries will get 15 percent of the loan amount or maximum of Rs 7500 for the cost of the plan. 5% of the cost incurred in the plan. The applicant has to match his level.
- There is a provision in the scheme to give six to eight months relaxation in the payment of the loan of the scheme. After the prescribed scheme, the loan will mix with interest and if you make the amount, the amount is less then in three installments otherwise seven Installments will be paid to the bank. Officials of the concerned bank will decide the amount of repayment of loan.
How to take advantage of this scheme?
- The youths who are employed to take advantage of the Prime Minister’s Employment Plan should apply to the concerned District Industry Center and apply through the application form.
- Under the scheme, the employment for which a loan should be obtained should be prepared for a scheme which should be used for the purpose of making the maximum use of the loan in the future.
- The decision is taken by the committee constituted to select the applicant, the officials of the formed committee conducting interviews also try to assess whether a young man or a woman is being interviewed to set up their own employment Level is determined. In this case, project reports for self-employment prove to be very helpful.
- Self certified copies of housing, income and caste certificates should be attached with the report, in the absence of these certificates the application is not considered.
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