A complete guide on Pradhan Mantri Rozgar yojana

Pradhan Mantri Rozgar Yojana (PMRY) saw the light of the day way back in 1993. It was initiated to offer self-employment to the educated women and youth of India. 

Let’s know about Pradhan Mantri Rozgar Yojana in this quick post!

What is Pradhan Mantri Rozgar Yojana?

Pradhan Mantri Rozgar Yojana intends to provide subsidized financial support to help the youth and women of India to come up with their self-employment vehicles. It is possible to be done in the trading, manufacturing and service sectors. Beneficiaries under the Pradhan Mantri Rozgar Yojana are also entitled to fund agricultural projects. But PMRY is not applicable for direct agrarian operations. 

What are the features of PMRY?

• It comes with the assistance of up to Rs.2 lakh in the business sector and up to Rs.5 lakh in the industry and service sectors. Rs.10 lakh for working capital needs are also available.  

• PMAY plan provides a subsidy of up to 15% of the project to a ceiling of Rs.7,500 per entrepreneur. 

• Lenders may ask entrepreneurs for 5%-16.25% of the cost of the project as margin money. 

• The subsidy + margin money may go up to 20% of the project costs. 

• A collateral-free loan of up to Rs.1 lakh (in case of a partnership) – the exemption is Rs.1 lakh per beneficiary. 

• It comes with a tenor of 3-7 years. 

• You also get to enjoy a moratorium period helping you to make money out of your enterprise before repaying. 

• You get training of 15-20 days to help you set up your venture successfully. 

Read More: What are the different types of Pradhan Mantri Yojana?

What are the eligibility terms of Pradhan Mantri Rozgar Yojana?

• You should be an educated application between 18-35 years of age. SC/ST, Women, Ex-Servicemen, and Physically Challenged enjoy 10 years age relaxation. For 7 North-Eastern states, the cut off age is 40 years and for special categories, as mentioned before is 45 years. 

• You must have passed 8th standards with preference given to individuals having 6 months of training in any trade in a Government accredited institution. 

• Your annual income, including your spouse, must not exceed Rs.40,000. The income of your parents should also not go beyond this. 

• You must live in a locality for 3 years. 

• You must not have defaulted on previous loans or availed assistance via any other subsidy-linked Government scheme. 

If you fall under the eligibility norms, you can apply for Pradhan Mantri Rozgar Yojana.