Pradhan Mantri Rozgar Yojana or PMRY is launched and initiated by the Central Government of India to implement sustainable and self-employment opportunities for 10,000 educated unemployed students and women in India. Further, it was started in 1993, PMRY started this cause by extending financial assistance to start up business in trade, manufacturing, manufacturing and service sector.
Benefits of Pradhan Mantri Rozgar Yojana
The objective of the Pradhan Mantri Rozgar Yojana is to provide financial assistance to the unemployed youth of the country by introducing self-employment opportunities.
-Furthermore, this system creates a bonus of up to 15% of the project price for loans obtained.
-Furthermore, the interest rates charged on Pradhan Mantri Rozgar yojana are affordable and accessible to borrowers.
-Furthermore, under the PMRY scheme, a maximum amount of ₹ 5 Lakh can be availed.
-Additionally, the PMRY loan security varies from 3 years to 7 years.
-Furthermore, the benefits of PMRY plans can be availed only when the beneficiaries complete their 8th standard in education.
Pradhan Mantri Rozgar Yojana – Eligibility
PMRY aims to establish up to ₹ 7,000 micro-enterprises through recruitment of business and service businesses within two years plus six months. In addition, Small Scale Industries (SSI) implements its idea to use local support. Furthermore, technology for fruitful purposes and the use of local micro-enterprise. Therefore, the project collateral goes up to ₹1,000
| Age | For all educated inactive and unemployed people between 18-35 years |
| Educational Qualification | 8th standard – Pass |
| Interest Rate | Additionally, the normal interest rate shall be priced |
| Compensation and Repayment Schedule | Between 3 to 7 years after an introductory moratorium |
| Family Income | The income of beneficiary along with wife/husband nor the income of parents shall exceed Rs. 40,000/month |
| Residence | Moreover, permanent or citizen resident of the area for at least 3 years |
| Defaulter | Should not be a defaulter to any nationalized financial bank/institution/ cooperative bank |
| Subsidy and Margin money | Moreover, the subsidy will be restricted to 15% of the project cost subject to a ceiling of Rs. 7,500 per borrower |
| Reservation | Further, weaker sections (STs/SCs), including women |
Features of Pradhan Mantri Rozgar Yojana
| Sector | Project Cost in Rs |
| Business Sector | 2 lakh |
| Service Sector | 5 lakh |
| Industry Sector | 5 lakh |
What is the process of getting a Pradhan Mantri Rozgar Yojana (PMRY) loan?
– First visit the official web portal of Prime Minister Rozgar Yojana
– Moreover, download the application form and fill it with all the complete details.
– Next, send the duly completed form to a specific bank that falls under the PMRY regime. The relevant bank will then contact you.
Documents Required
Copies of the following documents are required:
– EDP Training certificate
– In addition, a driver’s license
– Additionally, a copy of the advanced project profile
– Experience, competence and technical certificates
– Proof of permanent residence for 3 years, ration card or any other document and proof of permanent residence
– Proof of date of birth (SSC certificate or TC – Transfer Certificate from the school where he studied)
– Income certificate notified by MRO (Mandal Revenue Officer)
– Caste certificate declared by MRO if applicable
Conclusion
PMRY is a great plan to utilize the underutilized skilled human resources of the country. And while the ideal solution is the creation of jobs in the market, in the meantime a social security system is necessary to ensure that the living expenses of those who need it are covered. If you have any further questions or need any assistance with legal and regulatory matters, please contact us and we will ensure that all your queries are addressed by our team of professionals.
