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Under the Pradhan Mantri Rozgar Yojana, the Government of India is providing a golden opportunity to the unemployed youth of our country to start their own Business. Today we are going to provide all information about the Pradhan Mantri Rojgar Yojana 2020 like registration process, documents, eligibility, and application, etc.
Table of Contents:
- Pradhan Mantri Rojgar Yojana 2020
- PMRY Loan Yojana 2020
- Key Points Pradhan Mantri Rojgar Yojana
- PMRY Scheme total Project Cost
- Objective of Pradhan Mantri Rozgar Yojana
- Pradhan Mantri Rozgar Yojana Key Facts
- Documents required for PMRY 2020 (Eligibility)
- How to apply for the Pradhan Mantri Rozgar Yojana 2020?
- Recent Modifications to the Pradhan Mantri Rojgar Yojana
Pradhan Mantri Rojgar Yojana 2020
Under the Yojana, the central government provides loans to unemployed youth of the country through various banks to start their own business. The total cost of employment to be started by the beneficiaries applying under Pradhan Mantri Rojgar Yojana should be up to Rs 2 lakh. Unemployed youth who want to start their own business but are unable to start due to weak economic conditions can avail of this Yojana.
PMRY Loan Yojana 2020
The economically weaker unemployed youth of the country, whose annual income from all sources is up to Rs 40,000, can be availed by the unemployed youth PMRY Loan Yojana 2020. The government will also provide 10 to 15 days of free trials to the economically weak unemployed youth of the country so that the youth can run their own business efficiently. The Government of India has started PMRY 2020 to address the growing unemployment of the country. Reservation has been given mainly to Scheduled Castes (SC), Scheduled Castes (ST) and Women and Backward Classes (OBC) under this Yojana.
Key Points Pradhan Mantri Rojgar Yojana
Parameter | Description |
Age | 18 to 35 years |
Educational qualification | Minimum 8th-grade pass |
Rate of interest | Normal rate determined by the bank |
Payback time | Three to 7 years after the initial moratorium time has expired |
Family income | Annual family income should not exceed Rs 40,000 |
The residence | The permanent residence of the beneficiary must be at least 3 years old |
Loan defaulter | There should not be a loan defaulter of any nationalized financial institution/bank / cooperative bank |
Subsidy and Margin Money | The subsidy will be limited to 15% of the project cost subject to a ceiling of Rs. 7,500 per borrower |
Collateral | No collateral for project up to Rs.2 lakh |
Reservation | Weaker sections (SCs/STs), including women |
PMRY Scheme total Project Cost (Loan Amount)
Sector | Project Cost |
| Business Sector | Rs. 2 lakh |
| Service Sector | Rs. 5 lakh |
| Industry Sector | Rs. 5 lakh |
Prime Minister’s Rozgar Yojana
The main objective of Pradhan Mantri Rozgar Yojana is to provide financial assistance to unemployed youth of the country by providing loans by banks at a low-interest rate to start their own business and reduce the unemployment in the country. And the educated youth of the country have to be taken towards progress. The unemployed youth of the country have to be made self-reliant through the Prime Minister’s Rozgar Yojana. Under Pradhan Mantri Rozgar Yojana, unemployed youth and women are encouraged to start their own business.
Pradhan Mantri Rozgar Yojana Key Facts
- The central government will provide a 10% to 20% subsidy to the beneficiaries under the Yojana.
- This Yojana is for economically weaker sections unemployed youth and women.
- Under PMRY, the central government will provide loans up to 10 lakh to the beneficiaries by banks.
- The annual income of the applicant’s family should not exceed Rs. 40, 000.
- For the Scheduled Castes and Scheduled Tribes, this reservation is 22.5 under the Pradhan Mantri Rozgar Yojana and 27% for the backward classes.
- The total cost of the business started by the unemployed youth of the country should not exceed 2 lakhs.
Documents required for PMRY 2020 (Eligibility)
- Applicants applying should be in the age group of 18 to 40 years.
- Applicants must have passed at least 8 classes.
- Permanent residence certificate of the applicant who must be 3 years old.
- Under this Yojana women, ex-servicemen, disabled, SC / ST category people have been given 10 years of age relaxation, that is, they can apply for the next 10 years even after the age of 35.
- The family monthly income of the person applying the Yojana should not exceed 40 thousand.
- The applicant has not previously taken a loan from any bank.
- Aadhar Card.
- income certificate caste certificate
- identity card
- Details of the business to be started
- a mobile number
- Passport Size Photo
How to apply for Pradhan Mantri Rozgar Yojana 2020?
- First of all, go to the official website of the Yojana to apply in the Prime Minister’s Employment Yojana 2020.
- After this, download the application form from the official website of PMRY. After that, fill all the information asked in the application form like an applicant’s name, Aadhar card number, mobile number, etc.
- Attach all the documents with the application form, go to the bank from which you want to take a loan and submit it.
- After this, the application form and all the documents will be verified by the bank and you will be contacted within 1 week.
- After verification of the application form and documents, under this Yojana, you will be given a loan by the bank to start your own business. By this process, your application will be done.
Recent Modifications to the Pradhan Mantri Rojgar Yojana
- For SCs/STs and women the upper age limit has been raised by 10 years
- Educational qualifications for eligibility is now 10th class
- The upper limit of the project cost is now Rs. 2 lakh
- The scheme will cover agriculture and allied activities excluding direct agricultural operations, such as manure and its purchase, raising a crop, etc.
- Up to Rs. 5 lakh group financing eligibility
- In seven North Eastern States of India, the upper age limit increased up to 40 years.