Pradhan Mantri Rozgar Yojana

This yojana is one of the popular yojanas launched by the Government of India to promote sustainable development in self-employment of youth who are educated but unemployed. This scheme mainly targets 10 lakhs of educated and unemployed youth in the country. 

The scheme was initiated in 1993 and the PMRY Pradhan Mantri Rozgar introduced this scheme by providing fund support for establishing personal ventures/enterprises in the manufacturing, services, and trading sectors. 

PMRY has an objective of promoting the establishment of 7 lakh micro-enterprises and ventures in only 6 months.

Eligibility of PM Rojgar Yojana 

Some key points to check the eligibility for PMRY are as follows:

• 18-35 years and should be unemployed educated citizens in India. 
• The candidate must have passed his 8th standard. 
• Interest will initially occur three to seven years after the moratorium.
• The applicant, spouses, and parents’ combined monthly income shouldn’t be more than Rs. 40,000. 
• The applicant should have proof of 3 years of residency in that region to be eligible to apply.
• Only 15% of the total cost will be subsidized. There will be an Rs. 7,500 threshold restriction for each borrower. 
• Reservations will be made for women and other weaker groups, such as STs and SCs. This will assist in empowering certain segments of the population to achieve self-sufficiency.

Pradhan Mantri Rozgar Yojana Features 

Key Features of Pradhan Mantri Rozgar Yojana are: 

• Pradhan Mantri Rozgar Yojana loan repayment tenure is 3 years to 7 years, after moratorium. 
• The scheme offers support of Rs. 2 lakhs to 5 lakhs for service, business and industry sectors. 
• Entrepreneurs get collateral-free loans up to Rs. 1 lakh. 
• The Yojana covers all the business options including agriculture and allied activities. However, direct agriculture work is not included in it. 
• The beneficiary gets a subsidy of 15% of the business cost with a minimum amount of Rs. 12,500. It is Rs. 15,000 for applicants of North Eastern Regions, Himachal Pradesh, Uttaranchal and Jammu & Kashmir. 

How to Apply for Pradhan Mantri Rozgar Yojana? 

To apply for this PM Yojana, you need to follow the steps below: 

1. Once the project is completed, fill out the application form and submit it to the District Industries Centre with all the documents and Photographs. You may also need to apply to the bank.
2. After reviewing, the selected candidates will be called for an interview in all the districts. 
3. You are allowed to apply for a loan anytime throughout the year. 
4. 3 interviews are organized in all the districts. 
5. The conducting authority is responsible for interviewing and selecting the candidates for loan approval. 

Read Also: Pradhan Mantri Awas Yojana | PFMS Portal Login for Check Scholarship Status And New Applicant Registration Process

Documents needed for PM Rozgar Yojana: 

• Driving license
• Qualifications, experience, and technical certificate
• EDP training certificate
• Income certificate 
• proof of birth 
• proof of residency for three years, ration card, or other residency proof

Make sure you have all these documents on hand before applying online for the scheme to prevent yourself from any issues later. 

Project amounts covered under PMRY

The PMRY aims to provide financial support to the unemployed youth of India. The projects amount covered are: 

Sector	Project Cost
Business Sector	Rs. 2 Lakhs
Service Sector	Rs. 5 Lakhs
Industrial Sector	Rs. 5 Lakhs

How to repay under Pradhan Mantri Rozgar Yojana 

The Central Government launched the Pradhan Mantri Rozgar Yojana to support the self-employed youth of India. It offers Rs. 10 Lakhs to educated and unemployed young entrepreneurs in India. It offers you support for the manufacturing, trade, and service sectors. The repayment is available in EMIs and the repayment tenure is between 3 years to 7 Years. It will begin once the moratorium period is completed. 

Read About: What is the process for MBOCWW Board registration? | Check KALIA Yojana New List 2024

Advantages of Pradhan Mantri Rozgar Yojana

The Pradhan Mantri Rozgar Yojana offers various advantages, such as: 

1. Business sector project cost is Rs. 1 lakh. While it is Rs. 2 lakhs for other sectors. 
2. Applicants get 15% subsidy of the total project cost. 
3. The applicants are not required to pay any collateral for loans up to Rs. 1 Lakh.
4. An exemption of Rs. 1 Lakh per individual is provided for the partnership projects.
5. The repayment tenure is 3 years to 7 years after the end of the moratorium period. ‘
6. The training expenditure is Rs. 2,000 per project. 

Project Cost and Aspects of Implementation 

For the business sector, the coverage will be 2 lakhs and for the industry sector, it will be 5 lakhs.  A 15-to-20-day course will be offered to assist in the establishment of business ventures. The development commissioner under the Union Ministry of Small-scale, agro, and rural industries would be the key body for the initiative. 

The Commissioner/ Director of Industries will be answerable for State level implementation except for India’s metropolitan cities. The plan will be implemented by agencies in India’s major cities, and it is suggested that the state-level PMRY Committee monitor it every three months. The government has so far authorized this implementation framework for the projects. 

Coverage will also be expanded to fishing small tea gardens poultry as well as horticulture.  Easy EMIs would be allowed for the borrower’s company to start. In addition to 15% subsidies with a maximum of Rs. 15,000, the Northeastern Region would also be eligible for support for projects up to Rs. 2 lakhs in cost. The margin money might range from 5.5% to 12.5% of the project’s total cost. 

Conclusion 

Pradhan Mantri rozgar yojana is very efficient and effective for the unemployed men and women in the country who have a spirit of entrepreneurship. This will provide scope for the growth of small and micro enterprises while putting income generation and employment into personal and social welfare.

FAQs