How to Avail Pradhan Mantri Rozgar Yojana

Pradhan Mantri Rozgar Yojana or PMRY is a Central Government initiative which aims to provide self-employment opportunities to educated youths who are unemployed. The scheme, launched in 1993, offers unemployed loan to 10 Lakh youth & women.

It provides the necessary financial assistance to help them start their business venture in sectors like service, trade, manufacturing, etc.

Features of Pradhan Mantri Rozgar Yojana

  • The repayment tenure for this loan for unemployed extends between 3 to 7 years after moratorium period completion.
  • The scheme provides project cost coverage of Rs. 2 Lakh, Rs.5 Lakh and Rs. 5 Lakh for the business sector, service sector and industry sector respectively.
  • Collateral-free loans of up to Rs.1 Lakh is available under the scheme.
  • The scheme covers all economically viable business options, which includes agricultural and allied activities. However, it excludes direct agricultural operations.
  • The scheme provides a subsidy of 15% of the project cost with a maximum of Rs. 12,500 for every individual. For North-Eastern regions, Himachal Pradesh, Uttaranchal and Jammu & Kashmir, the maximum subsidy extends to Rs.15,000.

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Eligibility Requirements for Pradhan Mantri Rozgar Yojana

  • You need to an unemployed individual between 18 and 35 years of age.
  • You should have a minimum qualification equivalent to 8th standard passed.
  • Must be a permanent resident of a given area for at least 3 years.
  • Your family income, including that of your spouse, must be a minimum of Rs.40,000 and should not exceed Rs. 1 Lakh.
  • You must not have defaulted in payments to any nationalised financial institution.

Meet these eligibilities to apply for a loan under the Pradhan Mantri Rozgar Yojana on the official website of PMRY. Several financial institutions also offer personal loan for unemployed individuals to assist them with necessary finance.

Also Read: How Can People with No Income Avail Loan?

Alternatively, you can opt for Loan Against Property from Bajaj Finserv by mortgaging your residential or commercial property. Although not as high as for individuals with a regular income source, a high market value of your property can fetch you a considerable amount.

Avail the Mortgage Loan at minimal documentation procedure and flexible repayment tenure. Use the Property Loan EMI calculator to estimate your monthly outflows and improve financial management.