LOANS & ADVANCES --> GOVERNMENT SPONSORED SCHEMES -->
prime minister's rozgar yojana (PMRY)
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| Prime Minister's Rozgar Yojana (PMRY) |
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Age
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Subsidy and Margin Money |
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Educational Qualification |
Collateral Security |
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Family Income |
Rate of Interest and Repayment Schedule
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Residence |
Training
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Defaulter |
Implementing Agency
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Activities Covered |
Sub Targets-Stipulation
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Project Cost |
Processing
Charges |
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Fair
Practice Code on Lenders Liability
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| The gist of PMRY Scheme guidelines is given below |
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Age
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All educated unemployed youth in the age group of 18-35 years in general (40
years for North-Eastern Region); 10-years relaxation in the age group for SC/STs, ex-servicemen,
physically handicapped and women. i.e., up to the age of 45 years. |
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Educational Qualification
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8th passed. Preference to be given to those who have been trained for any trade
in Government recognised / approved institutions for a duration of at least six months. |
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Family Income
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The income of the beneficiary along with that of his spouse and parents shall not
exceed Rs.1,00,000/- p.a. |
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Residence
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Permanent resident of the area for at least 3 years |
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Defaulter
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Should not be a defaulter in any Nationalised bank / financial institutions.
Further, a person already assisted under other subsidy-linked Government schemes would not be
eligible under this scheme. |
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Activities Covered
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All economically viable activities including agriculture and allied activities
but excluding direct agricultural operations like raising crop, purchase of manure etc. are
covered. |
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Project Cost
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Ceiling on Project Cost is Rs.2 .00 lakh for Business sector and Rs.5.00 lakhs
for Service and Industry Sectors. Loan to be of Composite nature i.e. both term loans and working
capital. If two or more eligible persons join together in a partnership, projects up to Rs.10 lakhs
can be covered. Assistance shall be limited to individual admissibility. |
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Subsidy and Margin Money
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Subsidy will be limited to 15% of the project cost subject to a ceiling of
Rs.12,500/- per entrepreneur (Rs.15,000/- for North-Eastern Regions, HP, Uttaranchal &
J&K). Subsidy celing for SHGs is Rs.15,000/- per benificery subject to a maximum of Rs.1.25
lakhs per Self Help Group. Margin Money varies from 5% to 16.25% of the project cost so that the
total of subsidy and margin money will be equal to 20% of the project cost. |
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Collateral Security
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No collateral for projects up to Rs.2.00 lakh for service and business sector. In
the case of partnership firms, exemption from collateral will also be limited to an amount of
Rs.2.00 lakh per person participating in the project. However, under SSI, no collaterals for
projects up to Rs. 5.00 lakhs for individuals, whereas in the case of partnership, no
collaterals up to Rs. 5.00 lakhs per borrowal account. |
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Rate of Interest and Repayment Schedule
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Rate of interest shall be charged based on the size of the loan as per the
guidelines in force from time to time. Repayment schedule may range between 3 to 7 years after an
initial moratorium as may be prescribed. |
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Training
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The training is an integral part of the scheme and expenses are borne by DIC. For
industry duration of training is 15 to 20 days and for business and service 7 to 10 days. |
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Implementing Agency
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The District Industries Centres (DIC) and the Directorates of Industries along
with the Banks are responsible for the scheme implementation. |
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Sub Targets-Stipulation
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As per the scheme, coverage of SC/ST should be 22.5% and that of Other Backward
Class (OBCs) 27%. However, preference should also be given to Weaker Sections including Women. |
