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Pradhan Mantri Rojgar Yojana (PMRY) is the Government initiative that aims to provide self-employment opportunities to educated youth and women. This scheme has been in effect for the benefit of the eligible applicants since the year 1993. The Government provides financial assistance as well as training for setting up of self-employment opportunities as implementation of the schemes with the banks.
About pradhan mantri rojgar yojana
Government has laid out specific criteria for eligibility under the scheme and also the relaxations allowed for certain categories of persons. The details of eligibility under PMRY are discussed below.
The person has to be at least 18 years of age and maximum 35 years of age to be eligible under PMRY. The age limits are relaxed for persons from North-East States, Himachal Pradesh, Uttaranchal and J&K. The age limit for people from these regions is minimum 18 years and maximum 40 years. Furthermore, for people belonging to special categories (SC/ST/OBC/Ex-Servicemen/Physically Handicapped/Women) the age limits are minimum 18 years and maximum 45 years of age.
The minimum educational qualification required to qualify under this scheme is passing the 8th standard. Earlier the minimum educational requirement was appearing the matric examination (whether passed or failed). The requirement was relaxed in order to include maximum educated unemployed persons or widen the scope of the scheme.
Preference is given under the scheme for those persons who are already trained for any trade through a Government recognized or approved institution for a minimum duration of 6 months.
The maximum income of the applicant along with his/her spouse or the income of his/her parents cannot exceed Rs. 40,000 per annum to be eligible under PMRY.
The scheme requires the applicants to be the permanent residents of their current area or location of residence for a minimum period of 3 years to be eligible for assistance under PMRY.
The scheme specifically excludes those persons that have been defaulters of any bank or financial institutions or any co-operative bank. The scheme also excludes those persons that have been recipients of subsidies or assistance under any other schemes of the Government.
The scheme also provides eligibility based on the nature of activities undertaken or engaged in. According to PMRY, all the persons engaged in any economically viable activities including agricultural and allied activities (except direct agricultural operations like raising crop, purchase of manure, etc.) are eligible for financial assistance under PMRY.
The list of documents required to be submitted for getting financial assistance under PMRY are listed below.
The implementing agencies for PMRY are the District Industry Centers and the Directorate of Industries. A task force is set up for implementation of the scheme. This task force is responsible for the following activities under PMRY
The action plan of this task force involves the following steps
The features and details of the loans under PMRY are mentioned below.
The project cost under PMRY has to be a maximum of Rs. 1,00,000 for business sector and Rs. 2,00,000 for other activities. The project cost covered under PMRY is Rs. 2,00,000 for business sector, Rs. 5,00,000 for service sector and industry sector.
The subsidy provided under PMRY is 15% if the project costs with a maximum limit of Rs. 12,500 per person. This limit is extended up to Rs. 15,000 for persons from North-East States, Himachal Pradesh, Uttaranchal and J&K.
Rate of Interest
The rate of interest under PMRY is the normal rate of interest or the prevailing rate of interest from time to time.
The tenure of the loans offered under PMRY is from a minimum period of 3 years to a maximum period of 7 years after an initial moratorium as per the guidelines of the lender.
The scheme does not require any collateral to be provided for projects that cost up to Rs. 2,00,000.
The banks are permitted to ask for margin money ranging from 5% to 16.25% of the project cost with the underlying condition that the total of subsidy and the margin money cannot exceed 20% of the project cost.
The application process for loans under PMRY is very simplistic and is available via online mode.
Upon being eligible and approving all the relevant documents, the applicant will get the necessary financial assistance from the eligible bank under PMRY.
1. Does the scheme have any preferences or reservations?
The scheme gives preference to the eligible applicants from special categories or women. The reservations for the same under this scheme are 22.5% for SC/St and 27% for OBC.
2. What is the tenure of the loans under PMRY?
the tenure of the loans under PMRY is 3 years to 7 years.
3. What is the duration of the training period under PMRY?
The duration of the training period under PMRY is 15 working days for the Industry sector and 10 working days for Service and Business sector.
4. What is the minimum educational requirement to be eligible for PMRY loans?
The minimum educational requirement under PMRY is passing the 8th standard.
5. What is the maximum family income to be eligible under PMRY?
The maximum family income to be eligible under PMRY cannot exceed Rs. 40,000 per annum.
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