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An Introduction to Pradhan Mantri Rozgar Yojana

· PMRY

The Government of India introduced Pradhan Mantri Rozgar Yojana in 1993 to provide sustainable employment to the Indian youth who are educated but unemployed. Under this scheme, eligible youth and women can avail financial assistance to start a business in trade, manufacturing, service or other sectors.

Under the Pradhan Mantri Rozgar Yojana, selected candidates can receive training and subsequently get certified. One has to produce this certificate along with other requisites to avail the sanctioned loan amount.

Features of PMRY

These are among the noteworthy features of this scheme -

  • It comes with a loan repayment tenure ranging from 3 years to 7 years.

  • Applicants can avail up to Rs.1 lakh under this scheme without providing any security.

  • Pradhan Mantri Rozgar Yojana provides cost coverage of Rs.5 lakh for the industrial and service sectors. Likewise, this scheme offers the cost of coverage of up to Rs.2 lakh for the business sector.

  • PMRY also extends a subsidy of 15% of the cost of the project.

To qualify for this loan individuals should meet these criteria -

  • Unemployed youth between 18 years and 35 years of age.

  • Applicants must have at least passed the 8th standard.

  • Must be residing in a given area for a minimum of 3 years.

  • The accumulated income of the applicants' family, including their spouse's, should be a minimum of Rs.40000 and a maximum of Rs. 1 lakh.

  • Applicants should not have a history of default when it comes to paying the debt owed to any nationalized financial institution.

Notably, under Prime Minister Rozgar Yojana the weaker sections and women are given more preference over others. In case one fails to meet the stringent eligibility criteria for this loan, he/she may consider applying for a loan against property or mortgage loan to avail the required funds.

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