Prime Minister’s Employment Generation Programme is a loan based subsidized programme established in 2008. This scheme can be considered as a merger of the older employment opportunity generation schemes of Prime Minister’s Rozgar Yojana (PMRY) and Rural Employment Generation Programme (REGP).
The merger of the schemes resulted in setting up of micro enterprises which has increased the employment opportunities in India. PMEGP scheme is established and controlled by the Ministry of Micro, Small and Medium Enterprises (MoMSME). It is implemented by the Khadi and Village Industries Commission (KVIC).
Want to know more on Business Loans? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
See Also: Best Health Insurance Plans in India
See Also: What Is Health Insurance
The PMEGP loan scheme offers subsidized loans to aspiring entrepreneurs, depending on their project and location. Loans of up to Rs 25 Lakhs can be issued for manufacturers. For enterprises in the services sector, maximum loan amount of Rs 10 Lakhs may be sanctioned. Under PMEGP loan scheme, the applicant has to invest about 5-10% of the project cost, the Central Government would provide subsidy of up to 35% depending on the project, while the banks would fund the remaining cost as a term loan. SC/ST applicants are given relaxation on self contribution.
See Also: Public Sector Banks in India
Following are the features of the loans allotted under PMEGP loan scheme:
The state/divisional directors of KVIC would advertise locally though the print and electronic media, inviting applications from prospective entrepreneurs to apply under the scheme. The applicants must apply for project proposal with estimated cost and other relevant documents. The applicants can fill online application form at https://www.kviconline.gov.in/pmegpeportal/pmegphome/index.jsp, take the printout and submit the same with detailed project report and other relevant documents to their respective offices.
You May Also Watch:
Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.
Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.
Be Wise, Get Rich.
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.