PMEGP Loan Scheme: A program is being run by the Central Government named Prime Minister Employment Generation Program (PMEGP). It is a credit-linked subsidy program launched by the Ministry of MSME to generate employment opportunities in both rural and urban areas. Has been started. The benefits of this program will be available in both rural and urban areas. Under this scheme, unemployed youth will be given Rs 20 lakh to start their own business. Loans up to Rs 50 lakh are provided.
You can avail loan to start your own startup
In such a situation, if you also want to start your own business but do not have capital for it, then you can take advantage of this scheme. You have to pay 5% to 10% of the cost of the business you are going to start and 15% to 35% subsidy is given by the government and the remaining amount is given by the bank in the form of term loan. This entire program is also called PMEGP loan. Let us tell you that the project cost for the service unit is Rs 20 lakh and for the manufacturing unit it is Rs 50 lakh. Till then.
This program has been prepared by combining two schemes
The Prime Minister’s Employment Generation Program (PMEGP) scheme has been prepared by combining two schemes, Pradhan Mantri Rozgar Yojana (PMRY) and Rural Employment Generation Program (REGP). Through this scheme, employment opportunities are created for those unemployed youth of rural areas who have to go to cities for jobs. Under this, attention is paid to increasing the earning capacity of artisans and increasing the growth rate of rural and urban employment. The interest rate and subsidy given under PMEGP scheme may be different in every bank/loan institution.
Various banks offer loans
It is based on the applicant’s profile, credit eligibility, payment capacity, number of years the business has been running and the total project cost. Banks like SBI, Bank of Baroda, Canara, Bank of India as well as other private and public sector banks/loan institutions offer loans under PMEGP. If the applicant has Rs. 10 lakhs. Service units costing up to Rs. 25 lakhs. If you want to take a loan for a manufacturing unit costing up to Rs. 1000, then the applicant should be above 18 years of age and should have passed at least 8th class.
Projects to be done under PMEGP scheme
- Agro Based Food Processing
- Cement and allied products
- Chemicals/Polymers and Minerals
- Cold Storage and Cold Chain Solution
- Dairy and Milk Products
- Electronic and Electrical Appliances
- food processing industry
- forest industry
- Horticulture- Organic Farming
- Paper and related products
- Plastics and related services
- service sector industry
- small business model
- Textiles and Apparel
- waste management
Documents required for loan
- passport size photo
- Completely filled application form
- project report
- Proof of identity and address of the applicant
- PAN card, Aadhar card and 8th pass certificate of the applicant
- Special category certificate, if necessary
- Entrepreneur Development Program (EDP) Training Certificate
- Certificate for SC / ST / OBC / Minority / Ex-Serviceman / PHC
- Academic and technical course certificate, if any
- Other important documents required by the bank or loan institution
How to apply
To take this loan, you can apply both online and offline. Here we are explaining both the processes well to you, you can apply by following these steps.
How to apply in online mode
- To fill the online form, first go to PMEGP (Khadi and Village Industries Commission website). official website will go on.
- After this, you will have to follow the guidelines to fill the online PMEGP application form and fill all the necessary information.
- After filling all the required information, click on ‘Save Applicant Data’ to save the information.
- After saving your data, all the documents have to be uploaded.
- Now the application has to be submitted.
- Once it is submitted, the applicant’s ID number and password will be sent to his/her registered mobile number.
Apply offline like this
- To apply offline, first you have to fill your application form.
- After entering all the information, the application form will have to be saved as a draft.
- Now a printout of the application form will have to be taken.
- You will have to deposit this printout in a nearby bank.
- Now all the formalities of the bank will have to be completed.
