The Pradhan Mantri Rozgar Yojana (PMRY) is an ambitious scheme of the Central Government of India. The scheme intends to offer self-employment prospects to educated youths of India who don’t have a job yet.
The Pradhan Mantri Rozgar Yojana was launched in 1993 to provide unemployed loans to 1 million youth and women.
If you are an educated youth in India with no jobs, then you can avail of the Pradhan Mantri Rozgar Yojana and get the unemployed loan facility.
This way, you can employ this financial assistance to kick off your business avenues in sectors such as manufacturing, trade, and services.
Let’s know about the scheme eligibility, documents required, and much more in this quick post!
What are the features of the PMRY scheme?
- The PMRY scheme offers the project cost amounting up to Rs.2 lakh, Rs.5 lakh, and Rs.5 lakh for business, service, and industry sectors.
- The repayment tenure of the Pradhan Mantri Rozgar Yojana plan ranges between 3 and 7 years. It is after a moratorium period ends.
- You can also apply for a collateral-free loan facility under the PMRY for up to Rs.1 lakh.
- The PMRY scheme covers all economically profitable business alternatives such as agricultural and related activities. But it does not have the provision to include the operations of direct agriculture.
- You can get a 15% subsidy on the cost of the project with a maximum of Rs.12,500 for everyone. For regions like Jammu & Kashmir, Himachal Pradesh, Uttaranchal and North-East, you can avail a maximum subsidy of up to Rs.15,000.
- Group financing eligibility amounting to Rs.5 lakh is now applicable under the PMRY.
- The upper limit of age is now 40 years in 7 states of North India.
What is the eligibility criterion to apply for the PMRY scheme?
- You ought to be an unemployed youth between the age of 18 and 35 years.
- You should have passed at least Class 8 or equivalent.
- You must be a permanent resident citizen of India for a minimum period of at least 3 years.
- The income of the family (including spouse) needs to be a minimum of Rs.40,000 and must not go over Rs.1 lakh.
- There must not be any default from the side of the applicant to any nationalized financial institution.
To apply for the Pradhan Mantri Rozgar Yojana, you need to adhere to the discussed PMRY eligibility. To complete the same, you also need to submit some documents. Let’s take a look at the documents’ copies required to complete the PMRY application:
- EDP Training Certificate.
- Driving License.
- Proposed Project Profile’s copy.
- Technical, experience, and qualification certificates.
- Date of birth proof (SSC Certificate/Transfer Certificate from school)
- 3 years’ proof of residence, Ration Card, and any other residency proof.
- MRO’s (Mandal Revenue Officer) issued Income Certificate.
- Caste Certificate, issued by MRO, wherever applicable.
How can you apply under the Pradhan Mantri Rozgar Yojana?
The application for the Pradhan Mantri Rozgar Yojana can now be made online by following some easy steps. Let’s take a look:
- Go and land on the official website of the Pradhan Mantri Rozgar Yojana at https://pmrpy.gov.in/.
- Once you are on the portal, you will now need to download the application PMRY scheme form and fill it in using the entire details.
- The final step is submitting the duly filled online application form to the respective bank, which comes under the aegis of the Pradhan Mantri Rozgar Yojana.
Once done, your concerned financial institution will now get in touch with you to take this forward.
You are now aware of the basics of the Pradhan Mantri Rozgar Yojana. If you are unemployed yet educated, then you can go for the same.
This way, you will be able to use the funds to kick off your project in the discussed sectors and excel in life.