Pradhan Mantri Rozgar Yojana (PMRY)

• The loans secured under PM Rozgar Yojna can cover costs of up to ₹5 Lakhs.

• The repayment tenure for loans granted under the PMRY loan scheme ranges from 3 to 7 years.

• Collateral-free loans of up to ₹1 Lakhs are available to PMRY beneficiaries.

• The scheme covers all economically viable business options, including allied agricultural activities. However, it excludes direct agrarian operations.

• The Rozgar Yojna loan provides a subsidy of 15% of the project cost up to a maximum of ₹15,000 for every individual.

• Driving licence

• Proof of Date of Birth (SSC certificate or transfer certificate)

• Proof of residency indicating that you have been a permanent resident for three years; for example, a ration card

• MRO-issued income certificate

• MRO-issued caste certificate (if needed)

• Certificate of EDP training

• Proposed Project Profile copy

• Experience/qualification/technical certificate

• Encouraging the participation of the youth

• Helps in the identification of the business plan, business type, etc.

• Assists in the selection of the subsidiary activities

• Guidance in loan options

• Procuring approvals and permissions from authorities as per industry standards

To render these services in a hassle-free manner under the PMRY scheme, the task force performs-

• Candidate selection

• Designs the economic structure for various activities

• Assesses infrastructure requirements

• Follow-up sessions with the eligible candidates

• Coordinates with the banks and other lending institutions

• For northeastern states, the minimum age is 18 years.

• The upper age limit has been increased to 40 years for the seven northeastern states of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, and Sikkim.

• The education qualification requirement has been relaxed from class 10th to class 8th.

• The upper limit for the cost of the project has been increased from ₹1 Lakh to ₹2 Lakhs.

• PMRY loans are now also granted to businesses involved in allied agricultural activities; however, direct agricultural operations like manure and farming are excluded.

• For groups, the PMRY scheme offers up to ₹5 Lakhs.

• The Rozgar Yojna loan provides a subsidy of 15% of the project cost up to a maximum of ₹7,500 for every individual.

• The repayment tenure for the PMRY loan scheme is determined by taking the financial condition of the applicant and their family income.

The Pradhan Mantri Rojgar Yojana aims to provide entrepreneurship opportunities to the country's unemployed youth. However, if you are someone who does not fit the criteria mentioned above, you can always avail a business loan on Bajaj Markets at affordable interest rates starting from just 12% p.a. The loan application process at Bajaj Markets is simple and hassle-free and the loan amount is usually disbursed within 24 hours of approval.