PMEGP Loan Apply Online: The Prime Minister Employment Generation Program (PMEGP) loan is a government scheme provided by the Government of India and aims to provide financial support to small and medium entrepreneurs. Under this scheme, those wishing to start a business or industry get an opportunity to get loans at cheap interest rates. This scheme encourages autonomous employment creation and also provides necessary training to entrepreneurs so that they can take their businesses to the heights of success. Taking out a PMEGP loan requires minimal planning and processing, helping small entrepreneurs on their path to independence and prosperity.
PMEGP Loan Apply Online 2024 Details
|PMEGP ( PM Employment Generation Programme)
|Amount of PMEGP Loan
|Up To 50 lakh
|Mode of application
|EMI Calculator For PMEGP Loan
|Official website to apply
What Is the PM Employment Generation Program
PM Employment Generation Program (PMEGP) is a government scheme run by the Government of India and its main objective is to create employment. Its full name is ‘Pradhan Mantri Rozgar Srishti Programme’.
Under this scheme, financial assistance is provided to small entrepreneurs and businessmen so that they can start new projects and create jobs. Under this, loans and subsidies are also provided so that the benefits of the scheme can reach more and more entrepreneurs.
The objective of PMEGP is to promote jobs and help small entrepreneurs become self-reliant. Through this, economic development is promoted at the local level and the start of new businesses in various sectors is supported.
PMEGP Loan 2024 Objective
PMEGP Loan 2024 aims to provide economic support to small entrepreneurs and businessmen by providing loans under the Pradhan Mantri Employment Generation Program (PMEGP) of the Government of India. Through this scheme, people will get the opportunity to start projects in the concerned departments for self-employment and increase entrepreneurship.
The aim of the PMEGP loan in 2024 is to provide financial assistance to more entrepreneurs so that they can start new businesses and create employment in society. This will not only provide jobs to people but will also allow them to become self-reliant.
Also, through this scheme, economic development will be promoted at the local level and the economic condition of the country will improve. The PMEGP loan aims to promote positive change in the economic structure of the country by encouraging entrepreneurship through 2024.
Benefits and Features Of PMEGP Loan
There are many benefits and features of the Prime Minister Employment Generation Program (PMEGP) loan. Through this scheme, entrepreneurs are helped to get financial support, so that they can start their businesses.
- Cheap Loan: The PMEGP loan is very cheap as it is provided by the government and has low-interest rates. Due to this, entrepreneurs do not face any major difficulty in taking loans.
- Loan without security: PMEGP loan can also be provided without any security, thereby the entrepreneur does not require any specific assets.
- Autonomous employment creation: Autonomous employment creation is being encouraged through the PMEGP scheme, due to which people will not be looking for a job, but will get an opportunity to start their own business.
- Support and Training: Under the PMEGP scheme, entrepreneurs are provided with the necessary training and support so that they can take their businesses to the heights of success.
- Prospects for Prosperity: By availing loans under the PMEGP scheme entrepreneurs can boost their business and create prospects of prosperity in case of good income.
- Unrestricted Loan: PMEGP loan is unrestricted, with this, the entrepreneur can get freedom from financial problems and can run his business permanently.
Due to all these benefits, a PMEGP loan can be a good option for an entrepreneur who wants to start his own business and achieve success in his field autonomously.
Eligibility Criteria For PMEGP Loan
The eligibility criteria for the Prime Minister Employment Generation Program (PMEGP) loan include the following:
- Citizenship: Applicant must be an Indian citizen.
- Income Limit: The family income of the applicant should be as per the specific income standards prescribed.
- Educational Qualification: The applicant should have education up to at least 8th class.
- Age Limit: The age of the applicant should be between 18 to 45 years.
- Self-reliance Capacity: The applicant should have the desire to become an entrepreneur and the ability to be self-reliant.
- Management and Entrepreneurship Experience: The applicant should have some experience in the management and entrepreneurship field.
- Environmental Research: The applicant should conduct research related to the environment for the scheme.
- Financial Position: The financial condition of the applicant should be such that he can repay the loan with sufficient independence.
Applicants will be considered eligible for PMEGP loan only after meeting these standards. These standards may vary slightly across states and territories, so it is advisable to obtain details from a local bank or PMEGP office.
Documents required for PMEGP loan
Documents required for PMEGP loan:
- Personal Identity Certificate (Aadhar Card, PAN Card, Voter ID, etc.)
- Income Certificate (Income Tax Return, Salary Slip, etc.)
- Business Documents (Enterprise Registration Certificate, Business Plan, etc.)
- Bank Statement (Last 6 Months)
- Paper proving ownership of land
- Enterprise Architecture Permission (If Required)
- Estimated cost and necessary construction papers for the scheme
- Relevant status certificate obtained from District Enterprise Corporation
- Application form for loan
Note that these documents may differ from state to state and city, so you should contact your local bank or lending institution directly for more details.
Eligible Institutes Under PMEGP
Institutions eligible for the scheme under the Prime Minister Employment Generation Program (PMEGP) may include:
- For trading industries:
- self-made industry
- retail business
- industrial industry
- service industry
- Educational Institution:
- Vocational Training Institute
- retail school or college
- aided university
- For Agriculture and Rural Sector:
- Processing complexity of agricultural products
- Services in rural areas
- Community Institutions:
- Community Center
- Retail Guidance Institute
- Rural Development Institute
These enterprises and institutions can also be considered eligible under PMEGP. Eligibility standards may vary in each state and territory, so you should verify with the local bank or PMEGP office in this regard.
PMEGP loan interest rate
The interest rate under a PMEGP loan can usually range from 4% to 6.5%. Apart from this, a maximum subsidy of 1% can also be provided to women entrepreneurs and Scheduled Castes. And if you look at it on Google, you will see 11% to 12% which is indicated by Bajaj Finserv.
All Scheme List Under PMEGP Loan
There are various schemes under the Prime Minister Employment Generation Program (PMEGP) loan which have been launched to provide support to entrepreneurship. Here is a list of some of the major schemes under the PMEGP loan:
- Margin Money Subsidy Scheme
- Self-Help Group Development Scheme
- Loan Scheme for Skilled Artisans (Skill Development Loan Scheme)
- Scheme for Developed Scheduled Caste
- Women Entrepreneur Scheme
Each of these schemes takes into account different objectives and requirements and is designed to provide support to different classes of entrepreneurs. The objective of these schemes is to encourage more entrepreneurship and work towards prosperity.
How To apply for a PMEGP Loan online?
Follow the following steps to apply online for a PMEGP loan:
- Reach the official website: Visit the official website of PMEGP which is operated by the National Organization for Entrepreneurs (KVIC) and the Ministry of Khadi and Village Industries, Government of India.
- Prepare Required Documents: Prepare the required documents for online application such as an identity certificate, income certificate, trade certificate, bank statement, and other papers.
- Online Registration: Register in the application portal by visiting the official website. You have to fill in the required information and select a suitable venture plan.
- Submit Application: After filling in all the required information, submit the online application. You will receive an application number, which can be used for tracking in the future.
- Contact local bank: After submitting the online application, you have to visit the local bank and submit the required documents. The officials you meet at the bank will provide you with further necessary information and details of the loan provided.
- Approvals and Financial Aid: Once your application is pre-approved by the bank, you will get loan approval and financial assistance will be provided.