PRIME MINISTER'S EMPLOYMENT PLAN LOAN INFORMATION !

PRIME MINISTER'S EMPLOYMENT PLAN LOAN:
PRIME MINISTER'S EMPLOYMENT PLAN LOAN INFORMATION !


This scheme was started on October 2, 1993, on the auspicious day of Mahatma Gandhi's birth anniversary across the country.

The main objective of the PMRY scheme was to provide financial assistance to educated unemployed youth easily to start their own small business in the manufacturing sector.

Initially, the objective of this scheme was to provide self-employment to the one million educated unemployed youth of the country by establishing 7 lakh small businesses by involving service and business ventures over a period of 2 years.

This plan was a great success and it caught the imagination of the youth. Due to the growing response and the growing need, the government has decided to make a sustainable plan and prepared guidelines and guidelines for successful implementation, to full-fill the purpose for which it is designed. Some time ago, this plan was decided to continue at least 2023.

Different criteria to participate in the scheme, which is regular by the government ::
  1. Age limit:                                                                                                                                            
    i) 18 to 35 years for all educated unemployed.                                                                                   
    ii) 18 to 40 for all educated unemployed in North-Eastern states.                                                       
    iii) Scheduled castes / Scheduled tribes, ex-servicemen, physically disabled and 18 to 45 years for women.
  1. Educational Qualification :                                                                                                                                                                                                                                                              Eighth Pass. Those people will be preferred more than those who have been trained for any skill in government accredited institutions for a period of at least six months.                                  
  2. Activities covered :                                                                                                                                                                                                                                                                                 All economically viable activities, including agriculture and allied activities, but excluding direct agricultural works such as crop growing, manure purchase etc.                                                                                                                                                           
  3. Security :                                                                                                                                                                                                                                                                                                       No bail is required for a project of up to 1 lakh. In the case of a partnership project, the exemption from bail will be limited to the amount of Rs. 10 lakhs or the person participating in the project will be counted as 1.00 lakh, whichever is less.                                                                            
  4. Project cost :                                                                                                                                                                                                                                                                                               1 lakh for business sector, 2.00 lakh for other activities. If two or more eligible persons are partners together, then cover up to 10.00 lakhs.                                                                                       
  5. Subsidy and Margin Amount :                                                                                                                                                                                                                                                          Under the roof of Rs 7,500 / - per entrepreneur, the subsidy will be limited to 15% of the project cost. The banks will be allowed to take margin (one surety of guaranteed) amount from 5% to 16.25% of the cost of the borrowing project, so that the subsidy and total money can be made equal to 20% of the project cost.                                                                                                                                                                                                                                                  
  6. Interest rate and payment schedule :                                                                                                                                                                                                                                                    The normal rate of interest will be charged, which will be decided by the government by regular basis.                                                                                                                                                                                                                                                                                     According to scheduled schedule, the repayment schedule can be between 3 to 7 years, which means that since the loan-taking business is making a fresh start, it will get 3 to 7 years of time before starting payment so that it can become permanent |
PROCESS TO TAKE LOAN:

The District Industry Centre  and Directorate of Industry will be responsible for planning implementation mainly with the banks.


 For this reason, those who are interested in participating in this scheme can go directly to the bank and get more information.

All information related to the money received from the scheme can be found only from them, because the government institutions appointed about these changing aspects only give this information to them.

Before taking full information, the person can estimate his eligibility with the above rule instructions.

thanks for the time .

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