Know about PMRY Scheme in detail

Do you have any idea of the Pradhan Mantri Rozgar Yojana (PMRY Scheme)? 

It is one of the key schemes of the Central Government of India to generate employment. 

If you want to know about the PMRY Scheme, then this post is what you need to go through!

What is PMRY Scheme?

The Pradhan Mantri Rozgar Yojana is a plan that has been conceptualized to incentivize employers and come up with new employment. 

Unemployment has become of the major problems in India. The number of unemployed youths is so high that it is not possible to employ all by the Government. 

Considering this, the Government has implemented this PMRY Scheme. In turn, it creates more employment prospects. PMRY Scheme was earlier launched in 1993 and given a revamp in 2019. 

Under PMRY Scheme, eligible candidates looking to do business and become self-employed will be financially supported. 

How much loan can one get under the PMRY Scheme?

Under this Pradhan Mantri Rozgar Yojana plan, the maximum loan amount is fixed considering different regions. You can avail of a maximum loan amount of up to Rs.2 lakh for the manufacturing and service sector. It is Rs.5 lakh in the service and industry sectors. The loan amount is Rs.1 lakh for the business sector and Rs.10 lakh for working capital. 

If you are at least the 8th standard passed, and if you and your family’s income (including spouse and parents) is up to Rs.40,000 per annum, you can apply for PMRY. 

For general category applicants, you must be at least 18 years with a maximum age of 35 years. Women, Ex-Servicemen, Disabled and SC/ST candidates enjoy 10 years of relaxation. 

If you want to apply for PMRY Scheme, then you must have lived continuously in a place for at least 3 years and more. 

You should also not have availed any loan from a bank or defaulted on it. 

You should also not have availed of any subsidy via any other launched scheme of the Government to become eligible to apply for PMRY. 

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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.   

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