Pradhan Mantri Rozgar Yojana - Fusion - WeRIndia

Are you an educated and unemployed youth? Do you need financial assistance without collateral? Then, here is a scheme that intends to provide funds to unemployed youth. It is Pradhan Mantri Rozgar Yojana.

Using this loan scheme from the government, one can setup his/her business or trade venture.

Here are the important facts to know about this scheme:

Those who are in the age group of 18 to 35 years are eligible for this scheme.

However, 10 years of age relaxation is allowed for women, ex-servicemen, SC/ST and physically challenged people. For the citizens of North-eastern states, the permitted age limit is 18 to 40 years.

One should have passed at least 8th standard to apply for this loan scheme. He or she should have been the permanent resident of the specific area for at least 3 years.

The annual family income of applicant including spouse or parent should not exceed ₹1 lakh.

Candidates that are trained in the government or recognized institutions for at least 6 months will be given preference.

Subsidy will be given to applicants. They will also be provided with necessary training.

However, if you have already obtained financial assistance from another government subsidy scheme, then you will not be eligible for this scheme. The defaulters of any banks are also not eligible for this scheme.

Business sectors can get up to ₹2 lakhs, and service and industry sectors can get up to ₹5 lakhs. Partnerships can get up to ₹10 lakhs.

No collateral is required for projects worth ₹2 lakhs for business and service sectors. For small scale industries, no collateral is needed for the amount of ₹5 lakhs per person.

The repayment period is 3 to 7 years. The current rate of interest is 12.5 percent for the loan amount of ₹2.5 lakhs and 15 percent for the amount between ₹2.5 lakhs and ₹10 lakhs. You can get all guidelines at the time of applying for the loan.

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