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Pradhan Mantri Rojgar Yojana – Eligibility, Application, Benefits and Features

Pradhan Mantri Rojgar Yojana (PMAY) As a means of promoting self-reliance and generating employment, the Government of India has launched several schemes and programs. Pradhan Mantri Rojgar Yojana is one of such schemes designed to provide monetary assistance to the youth of India and the organized sector in general. To become a beneficiary of PMRY, it is necessary to know about this scheme and its offers. Therefore, in this article the information about the Prime Minister’s Employment Scheme has been mentioned.

What is the Prime Minister’s Employment Scheme?

Pradhan Mantri Rozgar Yojana is a government-backed scheme which was started to promote self-employment. Its purpose is to benefit the educated unemployed youth of India. Under this scheme, eligible candidates can get financial assistance for setting up their manufacturing or trading business or start-up. The Development Commissioner under the Ministry of Small, Rural and Agro Industries is the regulatory body for this scheme. 

The objective of the Pradhan Mantri Rojgar Yojana (PMRY) scheme is to encourage employers to generate more jobs and provide workers with unrestricted access to social security benefits within the organized sector. Also, under this scheme, the government has decided to pay for the employer’s contribution to EPS and EPF. 

Features and Benefits of PMRY Scheme The features and benefits of

Pradhan Mantri Rozgar Yojana are as follows:

Implementation: This scheme is implemented at the state level with the help of banks, industry directories and district industry centers.

Collateral: Pradhan Mantri Yojana provides loan of maximum Rs 1 lakh to the eligible candidate without any collateral.

Tenure: Beneficiaries can avail extended Pradhan Mantri Rojgar Yojana loan repayment period from 3 years to 7 years.

Training Facility: Borrowers are also entitled to get 15-20 days training under this scheme. The training is mostly aimed at educating the basics of setting up a business and making solid investments.

Subsidy: Pradhan Mantri Rozgar Yojana scheme also provides subsidy to eligible persons. They can get 16% of the project cost as subsidy. However, the upper limit of the project cost has been fixed at Rs 12500 per person.

EMI: Beneficiaries have the option of availing PMRY loan in the form of EMI. They can also choose to repay the sanctioned loan in monthly installments.

Note that the state lever PMRY committee monitors the progress of this scheme. Also, this scheme is applicable in all Indian cities except Mumbai, Delhi, Kolkata and Chennai. 

Read More: PM Mudra Loan Yojana

Eligibility Criteria for PMRY To

become a beneficiary of Pradhan Mantri Rozgar Yojana, it is necessary to fulfill its eligibility criteria, such as-

1. Applicants age should be between 18 years to 35 years.

2. Applicants must have passed at least 8th class. Persons who had received training in the field of trade from a government recognized institute will be given more preference among the applicants.

3. Their annual family income (including the income of spouse and parents) should not exceed Rs.40,000.

4. The applicant should be a permanent resident of the given area and should have lived there for at least 3 years.

5. Must not be a beneficiary of other government-backed subsidy programs.

6. They should not have any default history.

Note that SC/ST candidates, ex-servicemen, physically challenged persons and women can avail 10 years relaxation in age criteria. Also, the upper age limit has been fixed at 40 years for residents of North Eastern states, while women, physically challenged, ex-servicemen and SC/ST applicants will be considered eligible up to 45 years.

Documents required for PMRY To

become a beneficiary of Pradhan Mantri Rozgar Yojana, its necessary documents are, such as-

1. Proof of residence – Ration card, Aadhar card, Passport etc.

2. Proof of date of birth – Birth certificate, TC from school, SSC certificate, etc.

3. Driving license

4. Technical certificate, qualification certificate, etc.

5. EDP training certificate

6. A copy of the proposed project

online application of Pradhan Mantri Yojana for unemployed youth to apply for it without any hassles Know the process in advance.

Read More: PM Jeevan Jyoti Bima Yojana

How to apply for PMRY?

You can apply online for Pradhan Mantri Rozgar Yojana loan by following these steps, like-

1. Visit the official website of PMRY.

2. Download PMRY Application Form.

3. Fill the structure with the necessary data.

4. Scan and upload the required documents and attach them with the application form.

5. Submit the duly filled application form along with the required documents to the designated bank / financial institution.

6. After the completion of these steps, an executive of the bank will share the details related to the loan.

Note that Pradhan Mantri Rojgar Yojana now includes allied activities. It also includes agriculture except activities directly related to the purchase and use of manure, production of crops, etc. To get the most out of this plan, make sure to examine its limitations and exclusions in detail.

Amendment in PMRY Scheme

1. The educational qualification for eligibility under the scheme has been reduced from class 10 to class 8.

2. The upper limit of project cost has also been increased from Rs.1 lakh to Rs.2 lakh.

3. The scheme will cover agriculture and allied activities and will not cover direct agricultural operations, such as manure and its procurement, crop growing etc.

4. Eligibility for group financing up to Rs.5 lakh.

5. Upper age limit raised to 40 years in seven North Eastern states of India.

frequently Asked question?

Question: What are the steps to apply for PMRY?

Answer: Pradhan Mantri Rojgar Yojana (PMRY) is one of the major schemes of the Government of India. It is to set out long-lasting independent work open doors for 10 lakh jobless and educated youth. Applying for PMRY scheme in India is easy as-

1. Once your project is finalized, you have to fill a form and submit by attaching relevant documents and photographs. You have to submit it to the District Industries Center (DIC) or the bank where your loan is sought.

2. Your application is reviewed, and those selected are called for an interview. They are conducted in all the districts.

3. You can apply for the loan any time during the year.

4. Three PMRY interviews are conducted in all the districts.

5. The Task Force Committee is responsible for conducting interviews and selecting eligible people for the loan.

Question: Is there any reservation for SC/ST/OBC candidates?

Answer: Pradhan Mantri Rozgar Yojana (PMRY) has been implemented since 1993. PMRY is one such scheme which is designed to provide and provide sustainable self-employment opportunities. This is for 1 million educated and unemployed youth in India.

Inclination is given to more fragile areas, and this incorporates ladies. This scheme includes 22.5% reservation for SC/ST and 27% for OBC. If SC/ ST and OBC are not available to apply under PMRY scheme.

So the states and union territories are allowed to consider other categories of applicants. If you are eligible for the scheme, then you can also apply online for the Prime Minister’s Employment Scheme.

Question: What training will be given under PMRY scheme?

Answer: Pradhan Mantri Rojgar Yojana (PMRY) is an attractive scheme of the Central Government. Its objective is to provide permanent self-employment opportunities to 10 lakh unemployed and educated youth.

Selected candidates under PMRY will be called for training after which certificates will be provided. Certificates have to be presented in the bank to get the loan amount sanctioned.

For industrial sector, the maximum limit of training is Rs.1,000 per case. There is a stipend of Rs.500 per case. Contingency fund will be applicable at Rs.250 per case. It is approved for states and union territories.

Question: How to make payment under Pradhan Mantri Rozgar Yojana?

Answer: The scheme of Pradhan Mantri Rozgar Yojana (PMRY) was launched by the Central Government to offer sustainable self-employment possibilities. It is given to 10 lakh educated and jobless youth and ladies in India.

If you want to start your venture in India, you can offer financial assistance. It is offered in the manufacturing, trading and service sectors.

For the money received under the Pradhan Mantri Rojgar Yojana in India, you have to pay in EMI. The repayment schedule of PMRY ranges from 3 years to 7 years. It starts after the initial moratorium period in the scheme is over.

Question: What are the benefits/benefits of PMRY?

Answer: Pradhan Mantri Rojgar Yojana (PMRY) is one of the attractive schemes of the Central Government of India. It provides permanent self-employment opportunities to 10 lakh educated and unemployed youth and women in India. PMRY comes with several benefits, such as-

1. Project cost for commercial sector is Rs 1 lakh and for other sectors Rs 2 lakh.

2. The subsidy is limited to 15% of the project cost (up to a maximum limit of Rs.7,500).

3. You do not need to give any security for projects up to Rs.1 lakh.

4. For partnership projects, exemption up to Rs.1 lakh per person participating in the project.

5. The repayment period under PMRY is 3-7 years and that too after the end of the moratorium period.

6. Training expenses are within Rs.2,000 per case.

 

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