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24 April 2020

All You Need to Know About Pradhan Mantri Rozgar Yojana

Launched in 1993, Pradhan Mantri Rozgar Yojana (PMRY) is a scheme backed by the Central Government, which was rolled out with the aim to provide employment opportunities to the country’s educated unemployed youth and women. The scheme offers subsidized financial assistance to beneficiaries to help them start an enterprise in the trade, business, manufacturing, or service sector. PMRY has already made self-employment a reality for many by facilitating the setting up of micro-enterprises and today, you too can make the most of the PMRY scheme.

Read on to know more about the PMRY scheme and how to benefit from it.

    Features of Pradhan Mantri Rozgar Yojana

    • The PMRY scheme has much to offer the educated unemployed.
    • The scheme is backed by the Central Government
    • It provides training of up 20 days to help you set up your business
    • PMRY scheme primarily caters to small-scale industries
    • The state-level PMRY committee monitors the progress of the scheme every quarter
    • The scheme aims to aid the fishing, horticulture, poultry and piggery sector in North Eastern regions
    • PMRY offers a subsidy of up to 15% of the total project cost, subject to a ceiling of Rs.7,500 per entrepreneur
    • Beneficiaries do not require any collateral for loans undertaken for projects up to Rs.1 lakh
    • Borrowers can repay via easy equated monthly installments
    • Beneficiaries are charged nominal interest rate under the scheme
    • The scheme has reservations for weaker sections of the society including women
    • The repayment tenor is between 3 to 7 years after the initial moratorium period

    Implementation of Prime Minister Rozgar Yojana

    The implementation of PMRY includes identifying economic activities, obtaining the necessary infrastructural information, selecting candidates, and partnering with banks. The entire implementation procedure is spearheaded by the Directorate of Industries and District Industry Centers along with the authorized banks. The Implementation Committee also motivates candidates, shortlists subsidiary activities, and works towards obtaining permissions.

    Eligibility Criteria for Prime Minister Rozgar Yojana

    You need to meet the following eligibility criteria in order to enjoy the benefits of PMRY.
    • Age: Educated unemployed must be between 18 and 35 years of age. Nonetheless, ex-servicemen, physically handicapped persons, women, and the SC/ST category enjoy a relaxation of 10 years
    • Educational qualification: You should have passed the 8th standard and those who have been trained for at least 6 months at a Government-recognised approved institution, will be given preference
    • Residential qualification: You should be a permanent resident of the area for at least 3 years
    • Family income: Your yearly income, along with that of your spouse, should be Rs.40,000 or less. Similarly, neither can your parents’ income exceed Rs.40,000 per year
    • Repayment history: You should not be a defaulter to any cooperative bank, nationalized bank or financial institution in the past
    • Beneficiary status: This should be the first subsidy-linked Government scheme you are availing aid under
    • Activities covered: You may obtain aid for any economically-viable activity that is not a direct agricultural operation such as purchasing manure or raising crop
    •  Reservations: Women are given preference and PMRY envisions a 27% reservation for OBCs and a 22.5% reservation for SC/ST persons

    Documents Required for Prime Minister Rozgar Yojana

    To benefit from PMRY you will need the following documents.
    • Copy of your driving license
    • Residence certificate
    • Income and caste certificate
    • EDP training certificate
    • Copy of your proposed project
    • Educational and technical qualification certificates
    • Work experience certificate

    Steps to Apply for a Loan Under PMRY

    You can apply for Pradhan Mantri Rozgar Yojana online through the following steps.
    • Log in to the official PMRY website
    • Download the application form
    • Fill in the required details
    • Submit the duly filled form to the concerned bank
    Upon verifying your details, the bank will get in touch with you for further steps.

    Availing subsidized aid through PMRY also includes preparing a project report based on your business idea, containing details like salary amounts, raw materials to be used, the cost of production, profitability ratios, and a break-even report. Further, on careful scrutiny of your PMRY application, an interview with you will be scheduled.

    Thanks to the PMRY scheme, self-employment is now a reality for many educated unemployed in the country. So, get started now to become self-sufficient and financially independent by registering under this scheme.

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