Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    Prime Ministers Rozgar Yojana (PMRY)

    This scheme was launched by Central Government in 1993 to help those who were unemployed to find opportunities of self-employment. The scheme targets the youth and women by giving them a financial boost to help get them into the employment sector. The implementation of this scheme is carried out by the District Industries Centres (DIC) and the Directorates of Industries as well as the banks.

    Prime Minister Rozgar Yojana (PMRY) Eligibility

    • All educated youth who are unemployed can apply
    • Must be a permanent resident of the area for at least 3 years
    • The minimum age requirement is 18 years
    • The maximum age limit is 35 years
    • For north-east region, the age limit is stretched up to 40 years
    • For SC/ST, ex-servicemen, women and physically handicapped, the age limit is extended to 40 years
    • Applicants must have passed 8th standard.
    • For those who have been trained for any government recognised trade or studied in an approved institution for at least 6 months, they will receive preference
    • The income of the applicant along with the spouse and parents must not exceed Rs.1 lakh p.a.

    Exclusions

    • If you have defaulted in payments to any Nationalised bank or financial institution, your chances of getting this loan will be reduced.
    • If you are already being assisted with another subsidy-linked Government scheme, you will not be eligible.

    Activities covered under PMRY

    Under this scheme, all activities that are economically viable are covered. Agriculture and allied activities are also covered except for direct agricultural operations that include purchase of manure and raising crops.

    Project Cost covered under PMRY

    • Business sector - Rs.2 lakhs maximum
    • Service sector - Rs.5 lakhs maximum
    • Industry sector - Rs.5 lakhs maximum
    • In case of partnerships, if two or more people are eligible under this scheme, then the maximum limit covered is Rs.10 lakhs.

    Features and Benefits of PMRY

    Collateral

    • For projects up to Rs.2 lakhs in the business and service sector, no collateral is required.
    • Partnership firms are also exempt from providing collateral limited to Rs.2 lakhs project cost per person.
    • Under SSI, for projects costing up to Rs.5 lakhs per individual, no collateral is required. Partnerships under SSI do not need to provide collateral for up to Rs.5 lakhs per person.

    Rate of Interest

    Based on the quantum of the loan, the rate of interest will be applicable as per the guidelines stipulated by the government. The rates of interest offered are subject to change from time to time.

    Subsidy

    Subsidies offered under this scheme are limited to 15% of the project cost. This is further limited to Rs.12,500 per entrepreneur. For the North-Eastern Regions, Himachal Pradesh, Uttaranchal and Jammu & Kashmir regions, the limit is extended to Rs.15,000. Self-help Groups can also avail subsidies of up to Rs.15,000 per beneficiary. This is limited to Rs.1.25 lakhs per SHG.

    Margin

    The Margin Money ranges between 5% to 16.25% of the cost of the project. The total of subsidy plus margin money should be equal to 20% of the project cost.

    Repayment

    The tenures on these loans range between 3 years to 7 years.

    Moratorium Period

    There is a moratorium period granted under these loans as prescribed by the scheme that allows the borrower to set up his business and start earning money before the repayment schedule begins.

    Training

    As part of the scheme, training is offered to borrowers to ensure that they are able to set up their business or carry out their employment strategy. Expenses are borne by the DIC. For the service and business sector, training lasts between 7 to 10 days. For the industry sector, training is provided for 15 to 20 days.

    How to apply for Prime Minister’s Rozgar Yojana

    To apply for a loan under the PMRY, interested applicants can approach the General Manager of the District Industries Center of the respective district in which they reside.

    The Prime Minister’s Rozgar Yojana was set up to provide assistance to the less educated and poor individuals who are unemployed in the country. With financial aid, the scheme is designed to help set up micro level self-employment ventures in both urban and rural areas.

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