Prime Minister's job creation program
(which is a full form of PMEGP) is a credit linked subsidy scheme supported by
the Government of India. Under this scheme, beneficiaries can receive 15-35% of
the cost of the project from the government. PMEGP is the action of the
Ministry of Small, Small and Medium Enterprises (SMEs) and has been implemented
by the Khadi and Village Industries Commission (KVIC) at the national level. As
an entrepreneur, PMEGP can provide you with the financial assistance you need
to set up a new project. Read on to learn more about the PMEGP project.
What are the objectives of the PMEGP project?
1. Generating employment opportunities in urban and rural areas of India through the establishment of new self-employment schemes, small businesses and enterprises.
2. To facilitate widespread traditional artisan / unemployed rural and urban youth in their place to the extent possible.
3. Creating sustainable and sustainable employment for the rural and unemployed youth as well as prospective and traditional artisans and thereby preventing the migration of rural youth to urban areas.
4. To increase the earning potential of the artisans and to promote the growth rate of rural and urban employment.
What is the PMEGP Loan Limit?
The PMEGP loan limit is Rs. 9.5 to 23.75 lakhs. The maximum project cost of the manufacturing sector is limited to Rs.25 lakh and the business / service sector is limited to Rs.10 lakh. The beneficiary makes a 5 to 10% contribution and the remaining 90 to 95% is blocked by the bank.
In reality, only 60% to 75% of the cost
of your bank credit plan is because you receive the remaining 15 to 35% as
margin money through the PMEGP plan. Banks offer periodic loans to cover the
cost of the project.
Does the PMEGP loan require collateral?
Plans up to Rs 10 lakh do not require security as per RBI guidelines. For projects costing from Rs 5 lakh to Rs 25 lakh, CGTSME offers a collateral guarantee. The PMEGP lending process is different for projects costing over Rs 10 lakh because you may need to provide security according to your lender's terms.
What is the PMEGP Loan Interest Rate?
Loans under the PMEGP scheme have regular interest rates ranging from 11 to 12%.
What are the main details of PMEGP Loan?
Banks make up 90% to 95% of the project cost.
On top of this, the government offers 15% to 35% margin money or PMEGP subsidy.
The remaining 60% to 75% of the loan is for the term loan.
Interest rates are regular, ranging from 11% to 12%.
The repayment period is 3 to 7 years after the primary moratorium.
Who can apply for PMEGP loan?
Here is a list of individuals who can apply for funding for new projects under the PMEGP scheme.
Any person over 18 years of age.
For a manufacturing sector project costing more than Rs 10 lakh, a person must have passed at least 8th class and the business / service sector should be Rs. 5 lakhs.
Self Help Groups (Even those covered under BPL do not benefit from another scheme of SHG)
Organizations registered under the Societies Registration Act, 1860
Manufacturing cooperatives
Charitable Trusts
However, the PMRY, REEGP or another scheme of the State or Central Government and the beneficiaries already under the State or Central Government scheme cannot avail of PMEGP Loan.
What documents are required when making a PMEGP loan application?
Here are some documents you need to
produce when applying for a PMEGP loan plan:
Aadhaar card
PAN Card
Project Report
Caste Certificate
Special class certificate if needed
Rural Area Certificate
Education / Skill Development Training /
EDP Certificate
Letter of authorization
How to Make PMEGP Online Application
To get started on PMEGP online, apply via e-portal at
https://www.kviconline.gov.in/pmegpeportal/pmegphome/index.jsp
Click on the online application form.
Fill out the full form by entering
details such as name, sponsor organization, activity type, First Financial
Bank.
When finished, click 'Save Applicant Data'
Then, upload the documents and get ready for the final submission.
After the final submission, you will get
the application ID and password for your registered mobile number.
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