PMEGP Loan Scheme 2024, Rs 10 Lakh Loan with 35% subsidy through Aadhar

WhatsApp Group Join Now
Telegram Group Join Now
Instagram Group Join Now

PMEGP Loan Scheme 2024: In today’s era, owners of big companies and factories easily get loans. With the help of these loans, they expand their businesses and flourish. However, small entrepreneurs such as small traders, farmers, vegetable vendors, and garage owners do not have easy access to loans from banks in India.

The central government has established the PMEGP scheme to provide employment opportunities to the country’s unemployed youth. Loans ranging from ₹10 to ₹ 25 lakhs are made available to the country’s unemployed youth in order for them to start their own businesses. The primary goal of this scheme is to create job opportunities for the country’s youth through the establishment of micro-enterprises in the non-agriculture sector.

PMEGP Loan Scheme 2024

There are approximately 4 crore 25 lakh small traders in the country. And in today’s era, every educated person is also inclined towards business. Everyone has a desire to have their own business more than a job. Nowadays, young people are working very hard to promote startups or small businesses. However, due to the lack of finances, many young people have to abandon their dreams. Keeping this in mind, the government has started a new Aadhaar card loan scheme.

The Prime Minister’s Employment Generation Programme (PMEGP) merges two previous schemes, namely the Prime Minister Rojgar Yojana (PMRY) and the Rural Employment Generation Programme (REGP), both of which aimed to create employment opportunities for young people.

The Parameters used by the Central Government to frame the scheme are as follows – 

  • The backwardness of the state
  • State population
  • Availability of traditional skills and raw materials
  • Unemployment within the state

PMEGP Loan Scheme 2024: Features

Under this scheme, the government plans to allocate 75 projects in every district. Higher subsidies will be granted to women, SC, ST, OBC, physically disabled, and NER applicants. The entire process of this scheme will be conducted online, from the distribution of application forms to the final step of crediting the money to the respective accounts.

Amendments to PMEGP Loan Scheme 2024:

The Prime Minister’s Employment Generation Scheme will be operational until the fiscal year 2025-26, according to the government. The government is expected to spend ₹ 13554.42 crore on this project. With the expansion of this scheme, approximately 40 lakh citizens will gain employment. according to the Minister for Micro, Small, and Medium Enterprises.

The Central Government has also made some other changes as part of this scheme. The maximum project cost for manufacturing units has been increased from ₹ 25 lahks to ₹ 50 lakh, and the maximum project cost for service units has been increased from ₹10 lahks to ₹20 lahks as a result of these amendments. In addition to this, transgender applicants will now be kept in a special category and will receive more subsidies under this scheme.

Subsidy Under PMEGP Loan Scheme 2024

  • Unemployed individuals from the general category will receive a 25% subsidy to establish a rural sector industry and a 15% subsidy to establish an urban sector industry under this program. It is expected that you will contribute 10% towards the venture.
  • On the other hand, ex-servicemen from the Special Category / OBC (SC, ST, OBC) will receive a 35% subsidy for initiating a rural department industry and a 25% subsidy for commencing an urban department industry, with your contribution being only 5%.

PMEGP Loan Scheme 2024: Eligibility

  • Applicants must be an Indian resident
  • The age of the applicant should be more than 18 years 

The applicant should have at least cleared the 8th-grade examination from a recognized school 

  • Under the PMEGP Loan Scheme 2024, the loan will only be given to start a new business. This loan is not given to bring an old business back to life
  • In this scheme, the person who has received training from a government institute will be given first priority.
  • If the applicant is already receiving benefits from another subsidy scheme, he is ineligible to apply for the Prime Minister’s Employment Generation Program Loan Scheme. 
  • Cooperative and charitable institutions can also benefit from this scheme.

PMEGP Loan Scheme 2024: Documents Required

  • Aadhaar Card
  • PAN card,
  • Caste certificate
  • Residence certificate
  • Certificate of educational qualification
  • Mobile number
  • Passport-size photo.

PMEGP Scheme 2024: How To Apply

  • First of all, you have to visit the official website of the PMEGP scheme 
  • Now the home page will open in front of you. After this, you have to click on the option of Online Application Form for Individual 
  • Now the application form will open in front of you
  • You have to enter all the important information asked in the application form including your Aadhaar Number, Applicant Name, Agency, State, District, etc
  • Now you have to click on the option of Save Applicant Data
  • Your application will now be verified and processed online

Important Links:

PMEGP Guidelines PDFDownload Here
Apply OnlineCLICK HERE

Greetings, my friends! I am Syed Arbana, a seasoned and meticulous Professional Content Writer. I am dedicated to ensuring the thorough verification of every piece of content before it gets uploaded, maintaining complete transparency throughout the process.

Leave a Comment

WhatsApp Icon