PMRY Scheme - What is Pradhan Mantri Rozgar Yojana?

What is Pradhan Mantri Rozgar Yojana Scheme?

The Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) Plan Scheme has been designed to incentivize employers to generate new employment, where the Government of India has paid the full employer's contribution towards EPF & EPS both i.e. 01.04.2018 for the new employment. (Earlier benefit was applicable for employer's contribution towards EPS only)

What is Pradhan Mantri Rozgaar Loan?

Today, unemployment has become the biggest headache in our country. On one hand, the number of youth is so high that it has become difficult for the government to somehow employ all people. Keeping this in mind, the state government and the central government are implementing new schemes to create more employment opportunities. One such scheme is named Pradhan Mantri Rozgar Yojana. The Pradhan Mantri Rozgar Yojana was announced in 2019. Under this scheme, people who wish to do business in the country will be given loans.

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What Is The Purpose Of The PMRY Scheme?

Today, due to lack of funds, many people in our country think of doing business of their own, but cannot do it. Apart from this, even if some people try, the interest of business loans taken by private banks becomes a cause of trouble for them. In such a situation, people are being given better employment opportunities under PM Rojgar Loan Yojana, in which unemployed people will be given loans to do business at a cheap interest rate. This will not only reduce unemployment in the country but will also make people of the country worth giving jobs instead of taking jobs.

Who Will Play An Important Role?

Important information has been submitted to the District Industries Center and the Directorate of Industries to enable the Prime Minister's Employment Scheme to be properly launched at the ground level.

How To Apply For PMRY Loan?

Today we will tell you in our article what is the PMRY Loan Scheme and how can you apply. If you want to understand the whole process related to it, then read this article in our entirety.

What Are The Eligibility Criteria For The PMRY Scheme?

The eligibility criteria are as follows:

  • To avail of the scheme, you must be at least 18 years of age and a maximum of 35 years. For women, ex-servicemen, disabled, SC / ST category people, the age of 10 years has been exempted, that is, they can apply for the next 10 years even after the age of 35.
  • The family monthly income of the person applying the scheme should not exceed 40 thousand.
  • If you have a certificate of technical knowledge of the Prime Minister's Skill Development Scheme, you can still apply to this scheme.
  • The person applying for this scheme must be at least 8th pass, plus it is mandatory to have a quantum letter of the eighth pass.
  • If you want to apply, from whichever place you apply, you must have been living there for at least 3 years.
  • The person applying has not already taken a loan from any government bank.

What Is The PMRY Loan Interest Rate?

Under the Prime Minister's Employment Scheme, the interest is charged according to the instructions issued by the Reserve Bank from time to time. In the current time, if you take a loan through this scheme, then you will have to pay 12% interest on 25 thousand rupees, and on the amount of 25000 to 1 lakh, the interest rate will be charged 15.5. Apart from this, if the loan amount is high, then the interest rate will be more.

How To Apply For Pradhan Mantri Rojgar Yojana Online?

To apply for the scheme, you can go to the official site or you can click on this link

After clicking on the link, a form will appear, submit the form by filling all the information asked on that form completely.

What Is The PMRY Selection Process?

The PMRY selection process will be such

  • The applicants will be interviewed by the district level to select the applicants in the scheme.
  • The form of the applicants who have passed the interview will be sent to the banks for examination and approval.
  • The bank will have the right to decide which applicant will be given a loan under the scheme.
  • After passing all these levels, the acceptance applications will be funded by the bank. Only 15% of the loan amount or a maximum of Rs 7500 will be given in cash.
  • The applicant will have to invest 5% of his business money.
  • The interest rate will not be charged if the loan amount is returned within 6 to 8 months. After passing this time, the bank will recover the loan amount along with interest. The loan amount can be given from 3 to 7 years to repay.

How Much Loan Can You Get In PMRY?

Under this scheme, the maximum loan amount has been fixed according to the different regions. Under the Prime Minister's Rozgar Yojana, a maximum loan amount of two lakh rupees has been fixed for the service sector and manufacturing sector. The maximum amount that can be paid is Rs 1 lakh for the same business sector and Rs 10 lakh for working capital.

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