To provide self employment to educated unemployed the Prime Minister Employment Plan (Pradhan Mantri Rojgar Yojana) started by the government of India in 2nd October 1993. Under this scheme the unemployed youths (girls / boys) can be provided loans in low interest from the banks to give the opportunities of self-employment.
Objectives / Highlights / Key Feature –
The main feature of this scheme is that the city or village educated unemployed youth / women are motivated to start their own business – industry. The lower the rate of interest and loan in easy installments is allowed to settle for sharing her 7 years.
Ø Mortgage loans are not any other object created object just as mortgage loan assets are considered.
Target group for Scheme –
The government targeted to all youth / young woman who are not employed, whose age is between 18 to 35 years, whose family income is Rs. 24000 and who are at least matriculate / 10th class passed for providing the facility of this pradhan mantri rojgar yojana or pradhan mantri swarojgar yojana (Prime Minister Employment Scheme / Prime Minister Self-Employment Scheme).
In addition to matriculate ITI passed youth / women and government – sponsored all persons who have received training in technical courses (at least for 6 months duration) are eligible to get the benefit of this scheme.
Reservation quota for scheme –
The candidates under the scheduled caste and scheduled tribe (SC / ST) are able to get the reservation for this scheme of 22.5% and the candidates with the other backward class (obc) have given 27% reservation.
Implementation process for youths –
The applications are invited through the district industrial center (DIC) in the prescribed form.
Ø District or Sub-Committee constituted for the purpose of implementation of the scheme beneficiaries identified by / to select young men / women are interviewed and required documents are checked.
Ø By selecting beneficiaries evaluate their applications to banks and sent for approval by the Committee.
Ø The bank plans to rely on the admissibility and the possibility of their commercial decisions.
Ø Selected beneficiaries as loan capital is provided by the bank. The citizens are provided only 15% of the loan amount or maximum Rs. 7500. Along with this 5% money of the total project cost the beneficiary is required to invest on his / her level.
Ø Run by the selected beneficiaries by the Committee is to review the progress of industry businesses.
Ø Repayment of the loan is allowed 6-8 months, but with the interest of the loan in easy installments within 3 to 7 years, one has to pay.
How to take advantage of plan –
Wishing to take advantage of Pradhan Mantri Rojgar Yojana (PMRY) youth / women should receive details on the scheme by DIC and there should apply the prescribed form available.
Ø For which job you want to get a loan for the project should make explicit funding that in the future loans can be used at maximum. The officer the time of interview of any young man sitting in front of him try to check that how much the person is determined to extent the self employment. In such a situation is instrumental project created for the self-employed.
Ø The applicants need to attach their all the documents with application such as for the residential, income and caste. In the absence of these certificates are not considered application. Central Reserve Bank of India in the case of each applicant through the equivalent of 15 percent of the project cost of Rs 7,500 maximum. Related to the amount of grants made by the bank fixed deposit receipt in the name of the debtor it is retained. The minimum period is 3 years.
Interest rate and maximum amount payment for loan –
Under the scheme issued by RBI from time to time are charged according to the instructions. The interest rate currently is 12.5% up-to Rs. 25000 loan and from Rs. 25000 to Rs. 100000 is 15.5% is fixed by the central government. Under the pradhan mantri rojgar yojana citizens are given loan for a maximum of two lakh rupees.
Ø If the group of five applicants applies for the loan can be given to 10 lakh rupees for truck or bus.
See the below given links of governmental banks where you can get the complete information about this scheme of PMRY. You also can submit the application in the bank by visiting in the nearest branch: