{"id":1956,"date":"2019-08-22T06:04:48","date_gmt":"2019-08-22T06:04:48","guid":{"rendered":"https:\/\/blog.indifi.com\/?p=1956"},"modified":"2024-07-30T04:22:49","modified_gmt":"2024-07-30T04:22:49","slug":"top-facts-about-pmry-loan","status":"publish","type":"post","link":"https:\/\/www.indifi.com\/blog\/top-facts-about-pmry-loan\/","title":{"rendered":"Pradhan Mantri Rojgar Yojana (PMRY), Full Form, Loan Scheme"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blog.indifi.com\/wp-content\/uploads\/2019\/08\/pmry-loan-402x300.jpeg\" alt=\"Pradhan Mantri Rojgar Yojna (PMYR Scheme)\" class=\"wp-image-1994\" width=\"672\" height=\"501\" srcset=\"https:\/\/www.indifi.com\/blog\/wp-content\/uploads\/2019\/08\/pmry-loan-402x300.jpeg 402w, https:\/\/www.indifi.com\/blog\/wp-content\/uploads\/2019\/08\/pmry-loan.jpeg 533w\" sizes=\"(max-width: 672px) 100vw, 672px\" \/><figcaption class=\"wp-element-caption\"><em>PMRY Loan<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>In 1993, <strong>Prime Minister Rojgar Yojana or PMRY<\/strong> was created to focus on skill-based self-employment generation.<\/p>\n\n\n\n<p> The educated, unemployed youth, including women who lack resources for investing in a venture, are the target group for Pradhan Mantri Rozgar Yojna. <\/p>\n\n\n\n<p>This group stands to receive self-employment opportunities through&nbsp;subsidized&nbsp;financial assistance provided through PMRY to start their own ventures in the sectors of business and service, manufacturing, and trade.<\/p>\n\n\n\n<p>The Ministry of Small Scale, Rural and Agro, Industries administers the scheme, while the Directorates of Industries and District Industries Centers&nbsp;(DIC) supervise the implementation. The Gramodaya Scheme or the Self-Employment for Educated Unemployed Youth (SEEUY) was eventually merged with PMRY.<\/p>\n\n\n\n<p class=\"has-vivid-green-cyan-color has-text-color\">Also Read: <a href=\"https:\/\/blog.indifi.com\/pmegp-loan\/\">Everything You Wanted To know About PMEGP Loan <\/a><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_67_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.indifi.com\/blog\/top-facts-about-pmry-loan\/#What_Is_PMRY_Full_Form\" title=\"What Is PMRY Full Form?\">What Is PMRY Full Form?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.indifi.com\/blog\/top-facts-about-pmry-loan\/#What_Is_PMRY_Loan\" title=\"What Is PMRY Loan?\">What Is PMRY Loan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.indifi.com\/blog\/top-facts-about-pmry-loan\/#Eligibility_Criteria_of_PMRY_Loan\" title=\"Eligibility Criteria of PMRY Loan \">Eligibility Criteria of PMRY Loan <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.indifi.com\/blog\/top-facts-about-pmry-loan\/#What_documents_are_required\" title=\"What documents are required?\">What documents are required?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.indifi.com\/blog\/top-facts-about-pmry-loan\/#The_PMRY_Loan_Limit_For_Different_Sectors\" title=\"The PMRY Loan Limit For Different Sectors\">The PMRY Loan Limit For Different Sectors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.indifi.com\/blog\/top-facts-about-pmry-loan\/#Exemptions\" title=\"Exemptions\">Exemptions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.indifi.com\/blog\/top-facts-about-pmry-loan\/#PMRY_loan_Yojana_Apply_Online\" title=\"PMRY loan Yojana (Apply Online)\">PMRY loan Yojana (Apply Online)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.indifi.com\/blog\/top-facts-about-pmry-loan\/#Changes_To_The_PMRY_Scheme_Include\" title=\"Changes To The PMRY Scheme Include:\">Changes To The PMRY Scheme Include:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.indifi.com\/blog\/top-facts-about-pmry-loan\/#FAQs\" title=\"FAQs\">FAQs<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_PMRY_Full_Form\"><\/span>What Is PMRY Full Form?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The full form of PMRY is Pradhan Mantri Rozgar Yojana. It was started on 2nd October 1993 on the birthday anniversary of  Mahatama Gandhi Ji. It was the scheme launched by the State government. Till now it has been served to 10 lakh + people of India including men and women.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_PMRY_Loan\"><\/span>What Is PMRY Loan?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The PMRY loan is a centrally sponsored scheme that covers both urban centers and rural areas. This loan has seen several amendments and modifications in its cost, eligibility, and subsidy limits. <\/p>\n\n\n\n<p>Under this term loan, the target is to employ youth with the establishment of at least 7 lakh micro-enterprises. The scheme applies to all kinds of industrial, business, and service ventures. <\/p>\n\n\n\n<p>This includes agriculture and related operations, but is exclusive of direct agricultural activities like farming, buying fertilizer or manure, etc.<\/p>\n\n\n\n<p>This unemployment loan scheme subsidy amount is limited to 15% of the project cost. This is limited to an upper ceiling of \u20b912,500 per borrower. The margin money provided may vary from 5% to 16.25% of the total project cost to make the combined subsidy and margin contribution stand at 20% of the project cost.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eligibility_Criteria_of_PMRY_Loan\"><\/span>Eligibility Criteria of PMRY Loan <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Age Limit<\/td><td>18-25 Years<\/td><\/tr><tr><td>Minimum Education Qualification Required<\/td><td>8th Standard pass<\/td><\/tr><tr><td>Family Income of Borrower<\/td><td>Below 1 lakh per annum<\/td><\/tr><tr><td>Permanent Resident of the area<\/td><td>At least 3 years<\/td><\/tr><tr><td>Activities covered under this scheme<\/td><td>All economically feasible pursuits, encompassing agriculture and its related activities, are considered, with the exception of direct agricultural operations such as crop cultivation, and the acquisition of fertilizers and other inputs.<\/td><\/tr><tr><td>Subsidy &amp; Margin<\/td><td>The subsidy offered under the scheme constitutes 15% of the project cost, capped at a maximum of Rs. 7,500 per entrepreneur. <br><br>Entrepreneurs have the flexibility to provide margin money to banks within a range of 5% to 16.25% of the project cost. This ensures that the total sum of the subsidy and margin money equals 20% of the project cost.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_documents_are_required\"><\/span>What documents are required?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul>\n<li>Proof of education qualification.<\/li>\n\n\n\n<li>Caste certificate, wherever applicatble<\/li>\n\n\n\n<li>Appliction form completed in all respect.<\/li>\n\n\n\n<li>Proof of residence in the concerned district (Voter I-Card \/ Ration Card.<\/li>\n\n\n\n<li>Proof of Date of Birth (Birth certificate \/ school leaving certificate).<\/li>\n\n\n\n<li>Training completed, if any.<\/li>\n\n\n\n<li>Family income proof.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_PMRY_Loan_Limit_For_Different_Sectors\"><\/span>The PMRY Loan Limit For Different Sectors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Business Sector<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u20b92 lakh Maximum<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Service sector<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u20b95 lakh Maximum<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Industry sector<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u20b95 lakh Maximum<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Partnerships <\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u20b910 lakh Maximum<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul>\n<li>The collateral requirement is nil for projects upto \u20b92 lakh. This remains the same for partnership projects too. The collateral exemption limit for projects under Small Scale Industries (SSI) is \u20b95 lakh.<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>The rate of interest is subject to the quantum of loans and government guidelines.<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>The tenure of the loan i<strong>s between 3-7 years<\/strong>. The repayment schedule will be based on the moratorium period decided on a case basis.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><a href=\"https:\/\/www.indifi.com\/business-loan\/nbfc-loan\"><img decoding=\"async\" loading=\"lazy\" width=\"500\" height=\"91\" src=\"https:\/\/www.indifi.com\/blog\/wp-content\/uploads\/2024\/01\/Quick-Business-Loan-with-Low-interest-500x91.jpg\" alt=\"Apply for Business Loans\" class=\"wp-image-6694\" srcset=\"https:\/\/www.indifi.com\/blog\/wp-content\/uploads\/2024\/01\/Quick-Business-Loan-with-Low-interest-500x91.jpg 500w, https:\/\/www.indifi.com\/blog\/wp-content\/uploads\/2024\/01\/Quick-Business-Loan-with-Low-interest.jpg 716w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/a><\/figure><\/div>\n\n\n<ul>\n<li>Training and operational expenditures should be within <strong>\u20b92,000 per borrower<\/strong>.<\/li>\n<\/ul>\n\n\n\n<ul>\n<li><strong>Defaulters of nationalized banks<\/strong> and <strong>financial institutions<\/strong> and beneficiaries of other <strong>Government subsidy schemes<\/strong> are not eligible.<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>DIC bears the training expenses at the rate of <strong>\u20b91,000 per borrower<\/strong> in the industrial sector and<strong> \u20b9500 per borrower<\/strong> in the business and service sector. This is inclusive of the stipend.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Exemptions\"><\/span><strong>Exemptions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The subsidy limit for Uttaranchal, Himachal Pradesh, North-Eastern states, and Jammu &amp; Kashmir regions is \u20b915,000 per borrower. <\/p>\n\n\n\n<p>Self-help groups have the same limit per beneficiary with an upper ceiling of \u20b91.25 lakh. The coverage of viable ventures is extended to small tea gardens, fishing, poultry, piggery, sericulture, and horticulture.<\/p>\n\n\n\n<p>It is notable that for PMRY loan eligibility, besides the minimum educational qualification requirement, those youth who have undergone trade-related vocational training through government-recognized and approved institutions will be given preference over others. <\/p>\n\n\n\n<p>Also, the scheme gives preference to weaker sections, including women, and comprises reservations of 22.5% SC\/ST and 27% for Other Backward Class (OBCs).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"PMRY_loan_Yojana_Apply_Online\"><\/span>PMRY loan Yojana (Apply Online)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>All banks that are connected with government schemes can be approached for availing of this loan<\/p>\n\n\n\n<p><strong>Here\u2019s how to apply for the loan:<\/strong><\/p>\n\n\n\n<ul>\n<li>Download the PMRY loan application form online.<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Fill all details in the form and include the necessary documents:<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Proof of Date of Birth (Secondary school certificate (SSC) or TC from the applicant\u2019s school)<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Certificates of academic and technical qualifications<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Ration card or any other proof of residency for three years, i.e. residential certificate issued by MRO<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Experience certificate, if applicable.<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Income certificate issued by MRO (Mandal)<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Caste certificate issued by MRO if applicable<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Driving License in case of the candidates applying for motor vehicles.<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Copy of the Proposed Project Profile<\/li>\n<\/ul>\n\n\n\n<p><strong>Submit the completed form along with documents to the concerned bank branch and wait for communication from their end.<\/strong><\/p>\n\n\n\n<p>As an initiative toward poverty alleviation, employment generation and asset creation are the prime strategies of PMRY. This scheme is a step to empower the economically weak by making them self-dependent. <\/p>\n\n\n\n<p>This is an evolving scheme that focuses on specific aspects and target groups, just as Indifi has customized financial solutions. PMRY is an opportunity that provides sustainable employment opportunities with an eye on the development of skills and rural infrastructure.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Changes_To_The_PMRY_Scheme_Include\"><\/span>Changes To The PMRY Scheme Include:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul>\n<li>Increasing the maximum age limit by 10 years, extending it to 45 years from 35 years, for individuals belonging to SCs\/STs, women, ex-servicemen, and persons with disabilities.<\/li>\n\n\n\n<li>Lowering the educational requirement for eligibility to the 8th grade from the 10th grade.<\/li>\n\n\n\n<li>Expanding the scope of the scheme to include agriculture and related activities while excluding direct agricultural operations like purchasing manure and raising crops.<\/li>\n\n\n\n<li>Increasing the eligibility for group financing to Rs. 5 lakh.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>What is the Prime Minister\u2019s Rojgar Yojana (PMRY) Scheme?<\/strong> <br>PMRY is a government initiative aimed at providing financial assistance and support to unemployed youth for setting up self-employment ventures.<br><br><\/td><\/tr><tr><td><strong>Who is eligible to apply for PMRY?<\/strong> <br>Unemployed individuals in the age group of 18 to 35 years, with minimum educational qualification of 8th standard, are eligible to apply.<br><br><\/td><\/tr><tr><td><strong>What kind of financial assistance is provided under PMRY?<\/strong> <br>PMRY offers financial assistance in the form of a subsidy for the project cost, along with a margin money component. The subsidy percentage varies based on the category of beneficiaries.<br><br><\/td><\/tr><tr><td><strong>What types of projects are eligible for funding under PMRY?<\/strong> <br>PMRY supports a wide range of income-generating activities and projects in the manufacturing, business, and service sectors.<br><br><\/td><\/tr><tr><td><strong>How can one apply for PMRY?<\/strong> <br>Interested individuals can apply for PMRY through the designated district offices or agencies responsible for the implementation of the scheme. Application forms are usually available both online and offline.<br><br><\/td><\/tr><tr><td><strong>What is the repayment period for the loan provided under PMRY?<\/strong> <br>The repayment period for the loan extended under PMRY is generally between 3 to 7 years, depending on the nature of the project.<br><br><\/td><\/tr><tr><td><strong>Is there any training provided as part of PMRY?<\/strong> <br>Yes, applicants are required to undergo entrepreneurship development programs (EDPs) or skill development training to enhance their business skills before availing the benefits of PMRY.<br><br><\/td><\/tr><tr><td><strong>Can women apply for PMRY?<\/strong> <br>Yes, PMRY is open to both men and women within the eligible age group, encouraging gender inclusivity in entrepreneurship.<br><br><\/td><\/tr><tr><td><strong>Are there any specific documents required for applying to PMRY?<\/strong> <br>Applicants typically need to submit proof of age, educational qualification, project details, and other relevant documents as specified by the implementing authorities.<br><br><\/td><\/tr><tr><td><strong>How can one track the status of their PMRY application?<\/strong> <br>The status of the PMRY application can be tracked through the official portal or by contacting the respective district offices handling the scheme.<br><br><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><br><\/p>\n\n\n\n<p><br><\/p>\n\n\n\n<p><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 1993, Prime Minister Rojgar Yojana or PMRY was created to focus on skill-based self-employment generation. The educated, unemployed youth, including women who lack resources for investing in a venture, are the target group for Pradhan Mantri Rozgar Yojna. This group stands to receive self-employment opportunities through&nbsp;subsidized&nbsp;financial assistance provided through PMRY to start their own [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1994,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[218],"tags":[221,219,222,220],"_links":{"self":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/1956"}],"collection":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/comments?post=1956"}],"version-history":[{"count":18,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/1956\/revisions"}],"predecessor-version":[{"id":11595,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/1956\/revisions\/11595"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/media\/1994"}],"wp:attachment":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/media?parent=1956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/categories?post=1956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/tags?post=1956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}