Pradhan Mantri Rozgar Yojana is the scheme launched by the Central Government to provide sustainable self-employment opportunities to the educated Youth. Under this scheme, eligible unemployed Youth will get up to Ra 5 lakh loan. Here’s more about Pradhan Mantri Rozgar Yojana 2022.
PMRY caters to the unemployed educated Youth of the country. Under this scheme, one can get a loan up to Rs 5 lakh to run a small business. It’s one of the best schemes for the Youth willing to develop and grow financially.
In developing countries like India, this scheme is significant. To fulfill the financial parts to start small businesses like manufacturing, industry, or service sectors, the government only provides this to the unemployed by educated youths.
Pradhan Mantri Rozgar Yojana 2022
The Central government launches PM Rozgar Yojana to provide financial assistance to startup a small business. This scheme targets only the unemployed educated youths. So, the youth meeting the eligibility can be the beneficiary of this scheme.
The government provides loans up to Rs 5 depending upon the nature and scale of the business industry. This is the initial and helpful step by the government to play the role of starting one’s enterprise in the trade and service sectors.
PM Rozgar Yojana Highlights
Scheme Name PM Rozar Yojana
Launched by Central Government
Beneficiary Unemployed Educated Youths
Purpose Financial Assistance in Starting Business
Benefits Upto Rs 5 Lakh Loan by Providing self-employment opportunities
Features of Pradhan Mantri Rozgar Yojana 2022
Here are the significant points regarding this PM Rozgar Scheme 2022 (PMRY),
This scheme provides financial assistance to unemployed Youth of the nation by delivering self-employment
FMRY Generates a 15% subsidy from the project cost
it will charge affordable interest rates
Easy to pay the Loan, the PMRY scheme makes it easy for the borrowers
Loan up to Rs 5 Lakh to each
The loan tenure ranges from 3-7 years. Easy to pay the debt.
To be the beneficiary, the applicant must be eligible with specific criteria.
The main areas are small industries, agriculture, and other service centers.
This scheme gives priority to the Youth with weak financial status.
Objectives of PM Rozgar Yojana
Pradhan Mantri Rozgar Yojana’s main objective is to minimize unemployment in the country. Also, this scheme automatically helps reduce other social evils by providing bank business loans at a lower interest rate.
This scheme helps to overcome the number of unemployed citizens. Providing business loans up to Rs 5 lakh gives a financial gateway to start a new business. The unemployed educated youths will get benefit from this scheme.
PMRY Scheme provides financial assistance to the unemployed educated Youth of the country.
To overcome the unemployment in the country.
To promote the Youth in income generating and business for prosperity.
To make the Youth independent and financially strong.
To support the growth and development of the nation and state.
To encourage the Youth in business and industrial development.
Loan Amount Depending Upon the Business
Depending upon the nature of the business, it will grant the Loan. The PMRY scheme gives the number of loans depending upon the,
Sector Loan Amount
Business Sectors Rs 2 Lakh
Industry Sectors Rs 5 Lakh
Service Sectors Rs 5 Lakh
Eligibility for Pradhan Mantri Rozgar Yojana
There are certain limitations regarding the age and education qualification for this. To be the beneficiary of this scheme, one should be clear with the criteria.
The Youth must be at least 18 Years old and not exceeding 40 Years.
The income of the applicant’s family must be below Rs 40,000 annually.
The applicant must complete 8th Grade.
The applicant’s family net income should not exceed Rs 40,000.
The applicant must be a permanent resident of a particular area for at least three years. The applicant must need to submit residence proof.
The applicant must be free from the loan defaulter.
The applicant must not yet be the beneficiary of such a scheme.
Only the manufacturing and service sectors’ proposals will be accepted under this scheme.
Repayment of PM Rozgar Loan
The tenure for payment of the Loan is ranged from 3 to 7 years. For this, the Youth can get enough time to pay the debt. In this scheme, you just need to repay the Loan with interest to the Bank from where you granted the Loan.
Depending upon your loan amount, you just need to repay it timely. This scheme generates a subsidy of up to 15% of the project cost from borrowed loans. So, the affordable interest rates are easy enough to repay the debt to the borrowers.
Documents required for Pradhan Mantri Rozgar Yojana
After meeting the criteria, one should need to have the following documents with them. Here are the documents required to apply for this scheme,
l Adhar Card
l Driving License
l EDP Certificate
l Copy of Proposed Scheme
l Training, Education Certificate
l Permanent Address Certificate
l Certificate from MRO
l Bank Account
l Mobile Number
l PP Size Photo
l Permanent Residence
l Income Statement
How to Apply for Pradhan Mantri Rozgar Yojana 2022
All the interested Youth can get benefit from this scheme. For this, the Youth can visit the District Industrial Center to learn more about it. From there, one can fill out the application for further proceed.
After that, you can contact the Bank with the form provided by the authority. In this way, you can be the beneficiary of this scheme.
Via online chain also, you can apply for this application to the concerned department. For this, you can directly download the form from the site—download the form from here.
After downloading the form, you can fill up the information asked there and submit the form to the concerned Bank.
What is the PM Rozgar Yojana
PM Rozgar Yojana is the scheme for providing financial Loans to unemployed Youth up to Rs 5 Lakh.
How do I Apply for PM Rozgar Yojana?
To apply for this PM Rozgar Yojana, the applicant must apply for the preferred Bank with the required documents.
How much time does it take to get the Loan?
The PMRY Loan can be sanctioned within 15-20 days if your application is accepted. After completing the training period, the loan amount will be credited to your bank account.
What is the Loan Repayment in PMRY?
The borrower has time to repay the debt between 3-7 years. During this phase, the borrower can clear the Loan with minimal interest rates.