Eligibility Criteria to Get a Pradhan Mantri Rozgar Yojana

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PMRY is a Government-backed social welfare plan introduced by the Indian Government in 1993 to endorse self-employment opportunities. The target demographic of this plan is the unemployed yet educated youth of India.

Pradhan Mantri Rozgar Yojana is a funding scheme that permits concerned individuals to receive financial assistance to create their business, irrespective of the sector. Hence, to qualify for this scheme, individuals need to fulfil its associated eligibility criteria.

Eligibility criteria for Pradhan Mantri Rozgar Yojana

Here is a detailed outline of the eligibility parameters of this scheme –

Individuals should be in the age bracket of 18-35 years

  1. Applicants should have completed at least 8th grade, and individuals with training from any Government institution will get the preference
  2. The annual family income of an applicant should not cross Rs.40,000
  3. Individuals applying for this credit must be permanent residents of the address mention in their application. Otherwise, they need to stay there for at least 3 years
  4. Applicants of this scheme must not be a recipient of any other Government scheme associate with generating employment opportunities
  5. Lastly, individuals must not have a payment default history

Besides meeting these parameters, one needs to submit the following documents as well to complete this application process-

  • Address proof –Utility bills, Passport, Aadhaar card, Voter ID card, Ration Card, bank passbook
  • Proof of date of birth – Birth certificate, school certificates
  • Proof of educational qualification and EDP training certificate
  • Caste certificate if required
  • Certificate of family income
  • A detailed plan of the proposed project

Alongside the eligibility and documentation of Pradhan Mantri Rozgar Yojana, one should also learn about its application process.

How to apply for PMRY?

Here is a step-by-step guide on the application process of PM Rozgar Yojana –

1: Go to the official website of PMRY

2: Download the application form

3: Duly fill-up the form with relevant information 

4: Scan and upload required documents and ascribe them with this application

5: Submit it and the mentioned documents to financial institutions extending this scheme

After completing this process, lenders will share the other loan-related information. Furthermore, prospective applicants should also learn about the features of this financial product.

Features of PM Rojgar Yojana

Here are the prominent features of Prime Minister Rozgar Yojana –

  1. Collateral

This scheme offer loans of up to Rs.1 lakh without any collateral to the candidates who meet all the eligibility parameters and submit documents as required.

  1. Repayment period

Beneficiaries here get a chance to repay their credit with a tenor of 3-7 years. They can choose as per their repayment capacity.

  1. Instalment facility

Individuals coming under this scheme will receive their loan amount in portions. It will aid them set up their businesses easily. Additionally, they will also get a chance to pay off their credit in easy instalments as well.

  1. Subsidy

PM Rozgar Yojana extends subsidies to its qualified candidates. Here, applicants can get 16% of their project cost as compensation. Nonetheless, the threshold of this cost is cap at Rs.12,500 for a single applicant.

  1. Training facility

Selected candidates will also be eligible for 15 to 20 days training program offered under this scheme. It predominantly aims to explain aspiring entrepreneurs the fundamentals of setting up a business.

  1. Implementation

This Government-back employment generation program will be executed in different states with support from District Industry Centres and different financers. PMRY committees operating at the state level are in-charges of implementing and tracking the progress of this scheme. However, this scheme can be implement in all Indian cities except Delhi, Chennai, Kolkata and Mumbai. 

Irrespective of the features and benefits extended by this scheme, the loan amount available here is comparatively low. In cases where individuals require additional funding can opt for a loan against property. Here, they can source a higher loan quantum at an affordable interest rate. Hence they should know how to apply for a loan against property.

How to apply for a LAP?

Here is a step-by-step guide on the application process of a loan against property –

1: Visit the website of your preferred lender and fill out the loan application form

2: Complete the initial verification by confirming all the details

3: After that, submit the required documents

4: After document verification, you will get the sanction letter from your lender

5: Get the sanction letter from your lender

6: After a successful property evaluation and legal check, receive your loan amount

Contrarily, leading financers also extend pre-approved offers. Such offers streamline the loan application process and save time. These offers are applicable on financial products, such as home loans, loans against property, and others. Intending borrowers can now check their pre-approved offers by submitting their essential contact information.

Pradhan Mantri Rozgar Yojana is a scheme design to aid employment generation. Hence, when implement correctly, this scheme can be handy in helping youth of this country achieve financial independence.

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