With the motive to reduce the unemployed, the Pradhan Mantri Rozgar Yojana has been announced by our honorable Prime Minister Shri Narendra Modi Ji. Through this Prime Minister’s Employment Scheme, the government boosts the youth of the country for the business. Under this, the government will provide loans to the citizen at no interest or with less interest rate to start their own business.
Individuals who have passed his/her 8th standard have an age between 18 years to 35 years, and their monthly family income is less than Rs. 40,000/- are eligible to apply. To apply for the PMRY Scheme, individuals require to submit an application form as per the rules and the regulations. The complete details of the Pradhan Mantri Rozgar Yojana have been provided below.
Pradhan Mantri Rozgar Yojana
Prime Minister’s Employment Scheme – Features
- The central government sponsors the PMRY scheme.
- The officials will provide the training to the borrowers for setting up of borrower’s businesses, and the training period will be 15-20 days.
- The scheme primarily launched for small-scale industries.
- The facility of the EMIs will be provided to the borrowers for their business initialization.
- Executing agencies of the PMRY योजना are the metropolitan cities of India.
- The State Level PMRY Committee examines the progress of the scheme in every quarter.
- The bank will charge normal interest and there will be no interest if the loan that will be repaid in 06 to 18 months.
- The loan shall be replayed within 03 to 07 years
- Individuals shall not be a defaulter.
- The bank will not take any collateral for the loan up to Rs.1 lakh
Pradhan Mantri Rozgar Yojana- Eligibility
- Minimum Age-18 years
- Maximum Age-35 years
It may be noted that there is relaxation in the age of 10 years for the Scheduled Caste / Schedule Tribe, ex-servicemen, disabled person, and women category.
The person applying for the said scheme must not have an income of 40 thousand per month.
The applying person should pass his/her eighth standard from the recognized school/colleges.
- The person having the certificate of the Prime Minister’s Skill Development Scheme can apply for the PMRY Yojana.
- You can apply from any of the city, but it may be noted that you must have stayed in that city from the past 03 years
- The applying individuals should not have an existing loan in his/her name.
Documents Required For Pradhan Mantri Rozgar Yojana
- Valid Driving License
- Aadhar Card
- Certificates of education, technical, and experience
- Certificates of EDP Training
- Caste certificate
- Income certificate issued by Mandal Revenue Officer
- Date of Birth (DOB) Proof- Birth Certificate
- Ration Card and Residence proof for 3 years
- Copy of the Proposed Project Profile
PMRY Scheme- Selection Process
- The district level will interview the applicants.
- Those individuals who will clear the interview, the application of such individuals will be forwarded to the bank for approval.
- The bank will finalize the form for the sanction of the loan.
- After that, the loan amount will be allotted, and it may be noted that the 15 % amount of the loan or a maximum of Rs 7500 will be given in cash
- It may be noted that the loan amount will return within 06 to 08 months. The loan amount has to return within 03 to 07 years.
Procedure To Apply For Pradhan Mantri Rozgar Yojana
- First of all, you have to go to the official portal of the Pradhan Mantri Rozgar Yojana.
- After reaching the home page, you are required to download the application form.
- Fill the application form as per the rules.
- After filling the application form, ensure that the filled details are free from error.
- Finally, submit the filled application form with the required documents that come under the PMRY scheme.
- At last, the bank will contact you for further process.
CA Shivam Channa is a trusted financial writer with deep knowledge of financial systems. He has over 10 years of experience in writing His articles are always well researched and provide great insights into the topic at hand.