About PMRY
Pradhan Mantri Rozgar Yojana (PMRY) is initiated by Central Government of India. To provide the Sustainable self-employment opportunities for 10 lakh educated unemployed and Women in India. This Scheme was launched in 1993. This scheme offers financial assistance to youth and women by starting own enterprise in trade, manufacturing and service sectors. In this article you will get detailed information on Pradhan Mantri Rozgar Yojana (PMRY).
Eligibility Criteria
PMRY aims in setting up the 7 lakh micro-enterprises through the inducting service and business ventures over for a period of 2 years and 6 months.
| Age | For all educated unemployed people between the age group of 18-35 years |
| Educational Qualification | 8th Standard – passed |
| Interest Rate | Normal Interest rate shall be charged |
| Repayment Schedule | Between 3-7 years |
| Family Income | Income of the beneficiary along with spouse nor income of parents shall exceed the amount of Rs. 40,000/month |
| Residence | At least 3 years permanent resident |
| Defaulter | Should not be the defaulter to any nationalized financial institution/bank/cooperative bank |
| Reservation | SC/ST, Women |
| Subsidy and Margin money | Subsidy will limited to 15% of project cost. subject to the ceiling of Rs. 7,500 per borrower. |
The Project cost Covered under PMRY Scheme (Loan Amount)
| Sector | Cost of the Project |
| Business Sector | Rs. 2 lakh |
| Industry Sector | Rs. 5 lakh |
| Service Sector | Rs. 5 lakh |
Features of PMRY
- PMRY is centrally sponsored scheme with the repayment tenure from 3 years to 7 years.
- The primary body of the scheme is Development Commissioner (Small-Scale Industries) under the Ministry of Small scale, Rural and the Agro Industries.
- To ensure the setting up of their business, training is provided to the borrowers for 15-20 days.
- Commissioner/Director of Industries implements this scheme at state level except for four metropolitan cities of the country.
- Every Quarter, the State level PMRY Committee monitors progress of the scheme.
- The metropolitan cities are Implementing agencies of this scheme.
Relief Norms and Measures for the North Eastern Region
- The Subsidy component is @15% with upper ceiling of Rs. 15,000
- Assistance eligibility for the projects costing upto Rs. 2 lakh
- The Margin Money may vary from 5% to 12.5% of project cost.
Steps to apply for loan under the Pradhan Mantri Rozgar Yojana
Follow the steps given below for successful registration process
Step 1: Visit Official website: https://pmrpy.gov.in/
Step 2: Download application form and fill with complete details.
Step 3: Submit duly filled form to respective bank and the concerned bank will be get in touch with you.
Required Documents
To apply for PMRY, the copies of following documents are required.
- Duly filled application form with passport size photographs.
- EDP Training Certificate
- Copy of proposed project profile
- Qualification, Experience and technical certificates.
- Proof of Date of Birth (SSC certificate or TC from school where studied)
- Residence proof for 3 years, ration card, or any other proof of residency.
- The income certificate issued by MRO (Mandal Revenue Officer)
- Caste certificate issued by MRO, if applicable
- Driving License
- Any other document required by lender
Modifications in PMRY Scheme
- Upper age limit has raised by 10 years beyond 35 years for SC/ST and womwn
- Educational qualification has been reduced to 8th class from 10th class.
- The project cost has been increased from Rs. 1 lakh to Rs. 2 lakh
- This scheme willcover agriculture and the allied activities and will exclude direct agricultural operations.
- The group financing eligibility is upto Rs. 5 lakh
- Upper age limit is increased upto 40 years in Seven North Eastern States of India.
- There is no requirement of collateral for the projects upto Rs. 1 lakh