PMEGP Loan Apply: The government of India is inviting Indian citizens to provide financial assistance who are willing to establish a new business. Prime Minister’s Employment Generation Program- PMEGP Provides business PMEGP Loan to interested individuals who are going to start a new business. Applicants can PMEGP Loan apply for a maximum of 50 lakh rupees loan according to their category of the business. As it is a government-funded scheme, it is risk-free and helps Indian small businesses including rural areas. Check the PMEGP Loan eligibility criteria, important documents, and application procedure to apply for PMEGP loan 2024.
The Ministry of Micro Small and Medium Enterprises has started a new scheme of providing business loans to individuals in India for a maximum of 50 lakh. The scheme is known as PMEGP Loan 2024. Eligible beneficiaries can apply online by visiting the official website where they will get a Subsidy on loan amount from 15% to 35% according to their category. Applicants can repay the PMEGP Loan amount according to their suitability between 3 years to 7 years.
Eligibility criteria for PMEGP Loan 2024
- Indian citizens whose age is more than 18 years old can apply for this scheme.
- If you are setting up a project manufacturing unit then you can apply for a maximum of 50 lakh loan, however, projects related to the service sector will get a maximum of 20 lakh loan
- There is no educational qualification required for applying for a maximum of 10 lakh rupees loan for manufacturing units and 5 lakh rupees for service sector units. but if you want to apply for more than your minimum education qualification should be more than 8 pass
- If your unit is already registered with the Central Government or state government subsidy scheme for businesses including PMRY, REGP, etc. then you are not able to apply
- Candidates belonging to SC/ ST Categories, women, PH, ex-serviceman, and other reserve categories will get a maximum of 35% subsidy in rural areas and a 25% subsidy in urban areas
Important documents for PMEGP Loan 2024
Applicants have to carry the following documents and the time of applying for the personal loan on the official website. The size of the following documents should not be more than 1 MB:
- Passport-size photograph of the applicant
- Educational certificate ( if required)
- Category certificate
- Domicile of the state
- Details of the project
- The PAN card of the applicant
- Skill development certificate related to your business
- Authorization letter from an authorized institution.
Benefits of PMEGP Loan
The government is focusing on increasing employment in the nation and providing multiple ways to generate income among youths. Prime Minister Employment’s generation program provides loan facilities to individuals who want to start new startups in the field of manufacturing and service sectors.
Apart from getting a Rs 50 lakh loan, applicants will also get special training from the authorities related to their business. After completing the business skill training, applicants will receive a loan amount in their bank account to start a new business. The scheme is increasing entrepreneurship among women and minorities and SC, and ST categories by providing the maximum subsidy on the loan amount.
PMEGP Loan Apply 2024
Applicants have to apply through online mode by following this method:
- First of all, visit to official website of PMEGP of KVIC. You can click on this link to visit the official website directly: PMEGP website
- Now you will reach the dashboard where you have to click on the link of the PMEGP Loan application for a new business.
- Now you will appear on the PMEGP Loan online application form where you have to provide your personal details including Aadhar Card details, address information, Mobile number, PAN card details, EDP training information, and Bank account details, and click on save next
- After this, you have to upload all the documents on the official website and click on the submit link
The company will review your PMEGP Loan application and after that contact you for personal and further verification once you have completed all the verifications round government will allow you the loan amount in your bank account.