Pradhan Mantri Rojgar Yojana is an initiative taken by the Central Government to extend self-employment opportunities to the unemployed educated young population. This scheme provides financial assistance through a loan to eligible beneficiaries to initiate their business venture in service, manufacturing, and trade sectors.
However, individuals need to fulfil eligibility criteria and be aware of the application procedure to avail the benefits of this scheme. So keep reading as the following segments discuss the same so that individuals can avail of this scheme without any hassle.
Eligibility criteria to apply for the PMRY scheme
Go through the following eligibility criteria of Prime Minister Rojgar Yojana:
- Unemployed individuals between the age group of 18 to 35 years can apply for this scheme. The age limit has been extended to 35 years for women and applicants from ST and SC groups. The maximum age limit for North-eastern residents is 40 years.
- Minimum educational qualification to become a beneficiary of this scheme should be 8th standard passed.
- Candidates must have permanently resided in an area for a minimum of 3 years.
- The minimum family income, including of spouse, should be Rs. 40,000 and should not be above Rs.1,00,000
- Applicants should not be defaulters in loans to nationalised financial institutions. Additionally, he must not have opted for the Government’s subsidy-linked scheme before.
- Activities directly related to agriculture do not qualify to avail this scheme.
- Applicants who have received technical education under PMKVY (Prime Minister Kaushal Vikas Yojana) can avail this PMRY scheme.
Steps to apply for Pradhan Mantri Rojgar Yojana
After a willing candidate’s project has been selected in Pradhan Mantri Rojgar Yojana, they can follow this simple application procedure to apply for this scheme:
Step 1: Collect the application form of PMRY or download it online from the official portal of Pradhan Mantri Rojgar Yojana.
Step 2: Fill in the form with relevant information. Submit it along with photographs and relevant documents to DIC, District Industries Centre, or financial institutions. In case individuals apply online, upload the scanned documents.
Step 3: The officials will review the application request of an applicant, and an interview will be scheduled for selected candidates. Taskforce committees conduct these interviews and select a candidate based on the results of three interviews scheduled.
Documents required to avail loan under PMRY scheme
Applicants need to submit the following documents to enjoy the benefits of this PMRY scheme:
- Application form
- Passport-size photographs
- Birth certificate (TC certificate from school where applicants have received education or SSC certificate)
- Residential proof (such as ration card)
- Caste certificate issued by the Mandal Revenue Officer
- Income certificate issued by Mandal Revenue Officer
- Driving licence
This list is indicative. Individuals may need to submit additional documents to process the application request for this scheme.
Eligible beneficiaries of this scheme can avail a maximum loan for the selected project of up to Rs.5,00,000. At the same time, the maximum collateral-free loan sanctioned under this scheme is Rs.1 lakh.
However, individuals who cannot meet the eligibility criteria and want to avail a substantial fund then opt for a loan against property at very low interest rate.
With the fund sanctioned under LAP, you can utilise that amount for any desired purposes- be it to finance your child’s education or meet medical contingencies.
Selected financial institutions extend a high-quantum loan amount at an affordable interest rate against meeting simple eligibility criteria and minimal documents.
Also Read: Best Tips to Know before Applying for a Mortgage Loan
These leading lending institutions also provide pre-approved offers that streamline the application process and save time and effort. These offers are available on a home loan, loan against property and other unsecured financial products. Borrowers can now check their pre-approved offers by providing their names and contact numbers. Pradhan Mantri Rojgar Yojana allows uneducated youths to realise their dream of initiating their business venture, becoming self-employed and managing their livelihood. However, if applicants fail to meet the eligibility criteria, a loan against property is an affordable financial solution.
