Prime Minister Rozgar Yojana - Features | Benefits | How to Apply | Eligibility | Documents Required
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Launched in 1993, Pradhan Mantri Rozgar Yojana (PMRY) encourages self-employment among the educated but unemployed youth. The scheme offers financial aid to individuals wanting to start a business in service, manufacturing, or trading sectors.
In addition to the financial support, the scheme also offers the necessary training to help them manage their ventures.
To apply for a loan under the PMRY scheme, you need to meet the following eligibility requirements:
You should be between the age of 18-35 years.
Relaxation of 10 years for SC/STs, physically handicapped, ex-servicemen, and women applicants is provided
You should have cleared the 8th standard exam
The total of your income combined with your spouse’s or your parent's income should not exceed ₹40,000 per annum
You should be a permanent resident of the area for at least 3 years
You should not be a defaulter for any financial institution or a beneficiary of other government-linked schemes
Here is an overview of the implementing agencies of the Pradhan Mantri Rozgar Yojana:
The Development Commissioner (Small-Scale Industries) under the Ministry of Small Scale, Rural and Agro, Industries Government of India is the apex body
The implementation of the scheme at the State level, except for 4 metropolitan cities, is under the respective Commissioner/Director of Industries
In the metropolitan cities, Small Industries Service Institute (SISI) implements the scheme
DCSSI formulates the regulations, rules, and guidelines and offers clarification on matters about the PMRY scheme
DCSSI is also responsible for monitoring the progress of the scheme
On a state level, the State Level PMRY Committee is responsible for monitoring the progress
To apply for a loan under the PMRY scheme, follow these steps:
Step 1: Visit the official website at https://pmrpy.gov.in/
Step 2: Fill in the application form with the required details
Step 3: Submit the form to the local DIC or PMRY-registered bank
Step 4: Appear for the interview after your application is reviewed
After the interview, the responsible authorities will shortlist candidates they consider to be eligible for a loan under the scheme.
FAQs on the Pradhan Mantri Rozgar Yojana
Who can apply for a loan under the PMRY scheme?
The scheme aims to encourage self-employment opportunities among the educated but unemployed youth across the country. So, individuals who meet this and other requirements can get a loan under this scheme.
Can you get funding for the full project under PMRY?
No, the loan offered under this scheme is subject to a portion of the project cost. You will need to pay the margin money as a down payment before the sanction of your loan.
What is the subsidy offered under the PMRY scheme?
You can get a subsidy of 15% of the project costs, subject to a maximum of ₹7,500 per entrepreneur.
What is the repayment period for a loan under PMRY?
The repayment tenure of a loan under the Pradhan Mantri Rozgar Yojana can be between 3 to 7 years after the moratorium period.
