Prime Minister’s Rozgar Yojana (PMRY) is initiated by Central Government of India to provide sustainable self-employment opportunities to 10 lakh educated unemployed youth and women in India. Launched in 1993, PMRY initiated this cause by offering financial assistance in starting one’s own enterprise in trade, manufacturing, and and services sectors.
PMRY aims in setting up of 7 lakh micro enterprises through inducting service and business venture over a period of 2 years 6 months. Small Scale Industries (SSI) uses its vision to utilize local resources, technologies for productive purposes and exploit the local market at micro level.
|PMRY – Eligibility|
|Age||For all educated unemployed people between 18-35 years|
|Educational Qualification||8th standard – Passed|
|Interest Rate||Normal interest rate shall be charged|
|Repayment Schedule||Between 3 to 7 years after an initial moratorium|
|Family Income||Income of beneficiary along with spouse nor the income of parents shall exceeds Rs. 40,000/month|
|Residence||Permanent resident of the area for at least 3 years|
|Defaulter||Should not be a defaulter to any nationalized financial institution / bank / cooperative bank|
|Subsidy and Margin money||Subsidy will be limited to 15% of the project cost subject to ceiling of Rs. 7,500 per borrower|
|Collateral||No collateral for project up to Rs.1 lakh|
|Reservation||Weaker sections (SCs/STs), including women|