The Pradhan Mantri Rozgar Yojana, also known as PMRY, came into effect from 1993. The scheme was launched by the Government of India with an initiative to offer affordable finance to the unemployed educated youth of the country.
The Pradhan Mantri Rozgar Yojana scheme provides a loan up to Rs. 10 Lakh to the unemployed as a source of finance required to set up their firm.
Given below are some of the features of this scheme:
- You can enjoy a moratorium period to help you settle with your venture before your repayment period starts.
- The plan provides loans for self-employed with a subsidized interest rate to make the EMIs affordable.
- Under this scheme, there is no requirement to keep any asset as security if the amount availed is below Rs. 2 Lakh. You can also avail other advances like a loan against property to start your business if the mentioned amount is not sufficient enough.
While you avail a self-employed loan under this scheme, there are certain documents that you need to furnish.
- KYC documents like Aadhaar card, PAN card, passport, etc.
- Documents to prove your educational qualification
- Certificate for EDP training
Additionally, you are required to provide your project report and a passport-sized photograph.
To avail a subsidy under Pradhan Mantri Rozgar Yojana scheme, you are required to meet a few eligibility criteria, such as:
- You are required to be an unemployed individual
- Applicants should be between the ages range of 18 and 35 years. In the case of disabled individuals, scheduled casts, scheduled tribes, women or ex-servicemen, the age limit can be extended to 40 years.
- The total annual income of your family should be up to Rs. 1 Lakh.
- Borrowers should be a permanent resident of India.
- You should have schooled up to standard 8.
If you have met the above eligibility criteria, you can apply for a subsidy by following the below-mentioned steps.
- Visit the official portal of Pradhan Mantri Rozgar Yojana and download the required application form.
- Fill the application form with the necessary details such as name, educational qualification, address, income, date of birth, etc.
- After you have provided the required details, submit the form to the respective financial institution providing subsidies under this scheme
The lender will verify your documents, and the loan amount will be disbursed accordingly. Do keep in mind that the maximum loan amount you can avail is up to Rs. 10 Lakh.
However, if the amount is not sufficient enough to cater to your professional needs, you can avail other advances from such financial institutions or NBFCs. Bajaj Finserv is one such NBFC that provides Loan Against Property at an attractive interest rate. The asset works as a security for your loan and avoids the risks of debt. They also offer:
- Balance transfer facility
- Easy EMI options
- Instant approval
- Online account access
- Substantial loan amount up to Rs. 3.5 Crore
- Prolonged tenor up to 20 years
Bajaj Finserv also brings in pre-approved offers to ease the hassles of the application process and to save your time. Make use of the benefits of these pre-approved offers available on various financial products, including secured credits such as home loans and unsecured advances like business loans and personal loans. To check your pre-approved offer, you are required to share minimal details like your name and phone number.
The application procedure of such advances is also convenient, and you can do so online. After you meet your lender’s eligibility criteria, head to the official website of your lender and fill up an application form. After your application is approved, a representative of your lender will visit you to collect the required documents. Such documents include:
- KYC documents
- Address proof
- Income proof
In addition, you are required to provide a passport-sized photo. Do make sure that you check what the charges on your loan against property are before you avail such credits.
Additional Read: What is Loan Against Property for Self-Employed?
Besides the above, an essential feature of the Pradhan Mantri Rozgar Yojana scheme is that it provides training to the new entrepreneurs up to 15 or 20 days depending on your required. The training is provided to help such individuals to run their venture smoothly and efficiently without any hassle.