Prime Minister Rozgar Yojana (PMRY)

Last updated : December 17th, 2019 05:07 pm

Prime Minister Rozgar Yojana (PMRY)

Prime Minister Rozgar Yojana was initiated by the Central Government of India to financially assist the educated unemployed youth and women in the establishment of self-employment ventures. The implementation of this scheme is processed by the Directorates of Industries and District Industries Centers (DIC). In this article, we look at the PMRY scheme in detail.

Objective of the PMRY Scheme

The objective of the Prime Minister Rozgar Yojana scheme is to employ millions of educated youth by establishing 7 Lakh micro enterprises. The Prime Minister Rozgar Yojana scheme relates to the setting up of the self-employment ventures in all economically possible projects except direct agricultural operations.

Subsidy Provided

Subsidy offered under this scheme is limited to 15% of the project cost. This is further limited to Rs.12,500 per entrepreneur. For the North-Eastern Regions, Himachal Pradesh, Uttaranchal and Jammu & Kashmir regions, the limit is extended to Rs.15,000. Self-help Groups can also avail subsidies of up to Rs.15,000 per beneficiary. This is limited to Rs.1.25 lakhs per self-help group.

Features of the Scheme

Collateral –  Collateral, which is a form of security, is not necessary for projects up to Rs.2 lakhs.

Rate of Interest- The rate of interest will differ based on the loan amount as per the guidelines provided by the government.

Moratorium Period – There is a moratorium period under this scheme, which allows the borrower to start earning money from his the venture before the repayment schedule begins.

Training – Training for the borrowers is provided to ensure that they can set up their businessThe training is provided for 15 to 20 days.

Eligibility Criteria

The following persons can avail the benefits of this scheme:

• Every unemployed educated youth can apply for the PMRY scheme.
• The applicant must be a permanent resident.
• The age limit should be 18-35 years.
• The age limit is extended to 40 years for people under SC/ST category , ex-servicemen, women, and physically handicapped people.
• Applicants must have passed 8th standard.
• The income of the family should be Rs.1 lakh per annum.

Documents Required

The following documents are to be produced while submitting the application from.

• Aadhar card.
• Educational qualification certificate.
• Passport size photograph.
• EDP Training certificate.
• Project report

Project Cost Covered under PMRY Scheme

 Application Procedure

To apply for PMRY scheme, follow the steps below:

Step 1: The applicant has to visit the official website https://pmrpy.gov.in/ to apply for the PMRY scheme.

Step 2: Download the application from and fill it with the required details..

Step 3: Submit the form to the concerned bank which is included under the PMRY scheme .

Step 4: After submission of form these applications will be approved by the concerned bank branches.

Note: The applicant can avail loan from all the banks which are connected with government schemes.