How to Get a PMRY Loan?

The Prime Minister’s Rozgar Yojana (PMRY) aims to provide one million educated unemployed youngsters with long-term self-employment prospects. In addition, the program offers money for commercially feasible agricultural and allied enterprises (with the exception of direct agricultural operations such as crop raising, manure procurement, and so on).

Eligibility criteria for PMRY

The following are the eligibility requirements for taking a loan under the PMRY scheme:

Age	For all educated unemployed people between 18-35 years
Educational Qualification	8th standard – Passed
Interest Rate	The standard interest rate will be applied.
Repayment Schedule	Between 3 to 7 years after an initial moratorium
Family Income	The combined income of the recipient and his or her spouse and the income of the beneficiary’s parents must not exceed Rs. 40,000 per month.
Residence	Permanent resident of the area for at least three years
Defaulter	Should not be a defaulter to any nationalized financial institution/bank/cooperative bank
Subsidy and Margin Money	Subsidies will be limited to 15% of project costs, with a maximum of Rs. 7,500 per borrower.
Reservation	Women and other weaker sections (SCs/STs)

 

What is the procedure for applying for a loan under the Pradhan Mantri Rozgar Yojana (PMRY)?

Please follow the steps below to complete the online registration procedure and apply for a loan under the Pradhan Mantri Rozgar Yojana:

1. Visit the Prime Minister’s Rozgar Yojana’s official website at https://pmrpy.gov.in/.

2. Download and fill out the application form to the best of their ability.

3. Submit the correctly filled form to the respective bank that participates in the PMRY initiative, and the bank will contact the borrower.

Following their successful submission of the application form, the appropriate bank will contact the borrower and walk them through the following steps.

1. Their application will be taken into consideration.

2. If the application is chosen, the beneficiary will be contacted for an interview.

3. A total of three interviews are used to make the final decision.

Required documents list

To apply for Pradhan Mantri Rozgar Yojana (PMRY), the loan applicant needs copies of the following documents:

• EDP Training certificate

• Copy of the Proposed Project Profile

• Experience, qualification, and technical certificates

• Proof of Date of Birth (SSC certificate or TC from school where studied)

• Residence proof for 3 years, ration card or any other proof of residency

• Income certificate issued by MRO (Mandal Revenue Officer)

• Caste certificate issued by MRO, if applicable

• Driving License

• Any other document required by the lender.

Ambitious individuals with higher aspirations but no financial backing can take advantage of PMRY and change their fortunes. The procedures may seem daunting but once proper documentation is in place it is quite straightforward. This scheme is like a golden opportunity that helps talented individuals to progress.

Read Also: What is the full form of PMRY?