Pradhan Mantri Rojgar Yojna (PMYR Scheme)
PMRY Loan

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 PMRY.

This group stands to receive self-employment opportunities through subsidized financial assistance provided through PMRY to start their own ventures in the sectors of business and service, manufacturing, and trade.

The Ministry of Small Scale, Rural and Agro, Industries administers the scheme, while the Directorates of Industries and District Industries Centers (DIC) supervise the implementation. The Gramodaya Scheme or the Self-Employment for Educated Unemployed Youth (SEEUY) was eventually merged with PMRY.

Also Read: Everything You Wanted To know About PMEGP Loan

What Is PMRY Full Form?

PMRY stands for Pradhan Mantri Rozgar Yojana. PMRY 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.

What Is PMRY Loan?

The PMRY loan is a centrally sponsored scheme that covers both urban centers and rural areas. The PMRY loan has seen several amendments and modifications in its cost, eligibility, and subsidy limits.

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.

This includes agriculture and related operations, but is exclusive of direct agricultural activities like farming, buying fertilizer or manure, etc.

The PMRY loan subsidy amount is limited to 15% of the project cost. This is limited to an upper ceiling of ₹12,500 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.

Eligibility And Parameters of PMRY Loan:

Age Limit18-25 Years
Minimum Education Qualification Required8th Standard pass
Family Income of BorrowerBelow 1 lakh per annum
Permanent Resident of the areaAt least 3 years
Activities covered under this schemeAll 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.
Subsidy & MarginThe subsidy offered under the scheme constitutes 15% of the project cost, capped at a maximum of Rs. 7,500 per entrepreneur.

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.

What documents are required?

  • Proof of education qualification.
  • Caste certificate, wherever applicatble
  • Appliction form completed in all respect.
  • Proof of residence in the concerned district (Voter I-Card / Ration Card.
  • Proof of Date of Birth (Birth certificate / school leaving certificate).
  • Training completed, if any.
  • Family income proof.

The PMRY Loan Limit For Different Sectors

Business Sector₹2 lakh Maximum
Service sector₹5 lakh Maximum
Industry sector₹5 lakh Maximum
Partnerships ₹10 lakh Maximum
  • The collateral requirement is nil for projects upto ₹2 lakh. This remains the same for partnership projects too. The collateral exemption limit for projects under Small Scale Industries (SSI) is ₹5 lakh.
  • The rate of interest is subject to the quantum of loans and government guidelines.
  • The tenure of the loan is between 3-7 years. The repayment schedule will be based on the moratorium period decided on a case basis.
Apply for Business Loans
  • Training and operational expenditures should be within ₹2,000 per borrower.
  • Defaulters of nationalized banks and financial institutions and beneficiaries of other Government subsidy schemes are not eligible.
  • DIC bears the training expenses at the rate of ₹1,000 per borrower in the industrial sector and ₹500 per borrower in the business and service sector. This is inclusive of the stipend.

Exemptions

The subsidy limit for Uttaranchal, Himachal Pradesh, North-Eastern states, and Jammu & Kashmir regions is ₹15,000 per borrower.

Self-help groups have the same limit per beneficiary with an upper ceiling of ₹1.25 lakh. The coverage of viable ventures is extended to small tea gardens, fishing, poultry, piggery, sericulture, and horticulture.

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.

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).

Applying For PMRY Loan Online

All banks that are connected with government schemes can be approached for availing of this loan

Here’s how to apply for the loan:

  • Fill all details in the form and include the necessary documents:
  • Proof of Date of Birth (Secondary school certificate (SSC) or TC from the applicant’s school)
  • Certificates of academic and technical qualifications
  • Ration card or any other proof of residency for three years, i.e. residential certificate issued by MRO
  • Experience certificate, if applicable.
  • Income certificate issued by MRO (Mandal)
  • Caste certificate issued by MRO if applicable
  • Driving License in case of the candidates applying for motor vehicles.
  • Copy of the Proposed Project Profile

Submit the completed form along with documents to the concerned bank branch and wait for communication from their end.

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.

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.

Changes To The PMRY Scheme Include:

  • 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.
  • Lowering the educational requirement for eligibility to the 8th grade from the 10th grade.
  • Expanding the scope of the scheme to include agriculture and related activities while excluding direct agricultural operations like purchasing manure and raising crops.
  • Increasing the eligibility for group financing to Rs. 5 lakh.

FAQs

What is the Prime Minister’s Rojgar Yojana (PMRY) Scheme?
PMRY is a government initiative aimed at providing financial assistance and support to unemployed youth for setting up self-employment ventures.

Who is eligible to apply for PMRY?
Unemployed individuals in the age group of 18 to 35 years, with minimum educational qualification of 8th standard, are eligible to apply.

What kind of financial assistance is provided under PMRY?
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.

What types of projects are eligible for funding under PMRY?
PMRY supports a wide range of income-generating activities and projects in the manufacturing, business, and service sectors.

How can one apply for PMRY?
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.

What is the repayment period for the loan provided under PMRY?
The repayment period for the loan extended under PMRY is generally between 3 to 7 years, depending on the nature of the project.

Is there any training provided as part of PMRY?
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.

Can women apply for PMRY?
Yes, PMRY is open to both men and women within the eligible age group, encouraging gender inclusivity in entrepreneurship.

Are there any specific documents required for applying to PMRY?
Applicants typically need to submit proof of age, educational qualification, project details, and other relevant documents as specified by the implementing authorities.

How can one track the status of their PMRY application?
The status of the PMRY application can be tracked through the official portal or by contacting the respective district offices handling the scheme.




By indifi

55 thoughts on “Prime Minister’s Rojgar Yojana Scheme | PMRY Loan | Full Form”
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  1. Dear sir,
    we are trading plastics products and machinery , we want to mfg plastics products at vasai
    we want to buy used recondition machinery for we need loan upto 50lakhs

    for new business
    pls let us know the details how can i avail msme loan
    i am having only gumata licence
    awaiting for your valuable reply

    thanking you

    for forum enterprises

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  2. Kindly advice am going to start new business shortfall of lil bit liquidity is there any possibilities
    Of business start up loan.

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  3. I want loan for my business it’s private limited company service oriented business Computer training institute can I apply for PMRY Yojana loan . says:

    It’s urgent I want for expansion of my business

  4. सर मैंने वेल्डर ट्रेड से आईटी आई किया है और आपके माध्यम से १० लाख लोन लेना है दिलाने कि कृपा करें मेरा व्हाट्स एप न.९६९५५४८७३८ है कृपया पूर्ण जानकारी भेज दे अभी बेरोजगार हूं प्रतीक्षा में
    महेश कुमार
    ४३३तलैया नैनागढ़ नगरा वार्ड ६ झांसी
    Email mk05041969@gmail dot com

  5. Sir I have urgent cash 25000 it’s possible sir iam going to new job refer via consultancy I pay consultancy fees only it’s possible sir 25000 I given you next 6 month please help me sir

  6. Sir mera garment shop he mujhe kaam ko or bhadana h matlab saman bharne ke liye mujhe loan chahiye kya possible h aaj se pehle mene bus muthoot se loan liya h kya loan possible hoga

  7. Sir I need to Stuart new businesses i need business loan. I have to start new business is it possible to get a loan from any bank for newly started business

  8. Respected Sir…
    I was looking a good partner bank to suggest me the banking loans, PMRY scheam and other Govt scheams.. ive a shop of Agriculture Equipment like Sprinkler Pipea, Drip Irrigation Pipea and fitting and other more equipment related to Agriculture in a small scale…
    Plz help me out to expand my business, to build my dream of a Lateral manufacturing factory… PlZ PlZ…
    PlZ suggets me how can I get Govt facelities….

    Thank You..
    Dhanyawad..

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