The purpose of this loan scheme is to provide subsidized finance to educated but unemployed youth of India for the only objective of starting a manufacturing, trade, service, or business venture.
Eligibility To get the benefit of this scheme, you must be between 18 and 35 years of age. 10 years of age rest is applicable for girls, SC / ST, Ex-servicemen, and bodily handicapped. So the age limit for the citizens of North-Eastern states is 18 to 40 years.
These people can’t take advantage of the scheme
You’ve got been a defaulter in funds to any nationalized bank or monetary institution. You’ll not get this scheme even if you have already obtained assist from any other government subsidy scheme.
All financially viable companies are lined under this scheme. Major agricultural operations that contain a direct relationship with production or direct crop yields will not be part of the scheme. However, agribusiness and related actions are included in it.
Coverage under this scheme
The utmost amount obtainable in different sectors under PMRPY is as follows. 2 lakh in the enterprise sector, 5 lakh in the service sector, 5 lakh in the industry sector additionally. If there are two or extra people involved in the partnership, then a mortgage of 10 lakh can be obtained.
• No assure or security is required for tasks costing Rs 2 lakh by single individuals from the business and repair sector. Up to 2 lakh rupees have been given to each partner.
• Protection as much as Rs 5 lakh per individual has been given for Small Scale Industries (SSI).
In addition, you must be a permanent resident of your space for at least 3 years.
• You will need to have passed at least 80th.
• Candidates skilled in a government acknowledged business establishment for at the least 6 months should have precedence.
• The total annual revenue of the applicant along with partner and parents should not exceed 1 lakh.
Rate of interest
The rate of interest in this scheme varies from time to time. Time tips will be offered to you when you apply for a loan.
Subsidy
Self-help groups can avail of a subsidy of up to Rs 15,000 per the beneficiary, which is limited to Rs 0.25 lakh per group.
Tenure and training
The tenure for this scheme is 3 to 7 years. So there might be training for business and companies sector for 7 to 10 days. This will be 15 to 20 days for the industrial sector. To apply for Pradhan Mantri Rojgar Protsahan Yojana you’ll have to contact the Common Manager of DIC of your area of residence.