PMEGP Loan Scheme 2024: Eligibility and Apply Online

PMEGP Loan Eligibility Criteria and how to Apply Online Steps are given below

A lot of people want to start their own businesses, but they need money to do it. Middle-class and lower-class people don’t always have enough money to start a business. They want to do it, but they don’t have the confidence to borrow money from private lenders because they charge high interest rates.Top of Form

The Government of India has started a PMEGP Loan scheme to provide loan upto 25 lakh to the common people to give them financial Assistant to start and developed small business and medium seized business. Those who are interested to take this loan can apply for the loan online or offline.

The details for the PMEGP Loan has given below.

Also read: CSIS Scheme: Education Loan By Government, All About to know

PMEGP Loan Scheme 2024:-

Prime Minister’s Employment Generation Programme (PMEGP) Scheme loan is a central sector scheme which is administered by the Ministry of Micro, Small and Medium Enterprise. The Scheme announced by Prime Minister of India in 2008. The Scheme is implemented by khadi and Village Industries Commision (KVIC). It is a loan scheme for the people who wanted to open their own business.

PMEGP Loan Scheme 2024

Benefits of PMEGP Scheme Loan

1. Create new job opportunities in both rural and city areas by starting small businesses.
2. Bring together local artisans and unemployed young people, giving them chances to work for themselves, right where they live.
3. Provide long-lasting jobs for many artisans and young people in both rural and city areas, aiming to stop rural youth from moving to cities.
4. Help artisans earn more money and boost the number of jobs available in both rural and city areas.
5. You can get upto 35% in rural areas and 25% in Urban areas subsidy in bank loan.

Also read: Jan Samarth Loan Yojana 2024: Get Upto 10 Lakh loan without Guarantee

Eligibility Criteria of PMEGP Loan Scheme 2024

• Any individual, above 18 years of age
• There will be no income ceiling for assistance for setting up projects under PMEGP.
• For setting up of project costing above Rs.10 lakh in the manufacturing sector and above Rs. 5 lakh in the business /service sector, the beneficiaries should possess at least VIII standard pass educational qualification.
• Assistance under the Scheme is available only for new projects sanctioned specifically under the PMEGP.
• Self Help Groups (including those belonging to BPL provided that they have not availed benefits under any other Scheme) are also eligible for assistance under PMEGP.
• Institutions registered under Societies Registration Act,1860;
• Production Co-operative Societies, and
• Charitable Trusts.
• Existing Units (under PMRY, REGP or any other scheme of Government of India or State Government) and the units that have already availed Government Subsidy under any other scheme of Government of India or State Government are not eligible.

Interest rate of The loan

The interest rates and subsidies available under the PMEGP scheme can vary from one financial institution or loan provider to another. They depend on factors like the applicant’s documents, credit history, ability to repay, how long the business has been operating, and the total cost of the project. Banks such as SBI, Bank of Baroda, Canara, and Bank of India, as well as other private and public sector banks and loan institutions, offer loans under the PMEGP scheme.

Document needed to apply for PMEGP Loan Scheme

1. Passport Size Photo
2. Aadhar Card
3. 8^th pass certificate
4. Pan Card
5. Caste Certificate
6. EDP certificate of training
7. Highest Educational Qualification
8. Project Report Summary/ Detailed Project Report
9. Social/ Special Category Certificate, if applicable
10. Rural area certificate if applicable

Who can’t Apply for the Loan

1. Any industry/ business connected with Meat(slaughtered), i.e. processing, canning and/or serving items made of it as food, production/manufacturing or sale of intoxicant items like Beedi/Pan/ Cigar/Cigarette etc., any Hotel or Dhaba or sales outlet serving liquor, preparation/producing tobacco as raw materials, tapping of toddy for sale.
2. Any industry/business connected with cultivation of crops/plantation like Tea, Coffee, Rubber etc. sericulture (Cocoon rearing), Horticulture, Floriculture. Value addition under these will be allowed under PMEGP
3. Any industry/business connected with Animal Husbandry like Pisciculture, Piggery, Poultry, etc.
4. Manufacturing of Polythene carry bags of less than 20 microns thickness and manufacture of carry bags or containers made of recycled plastic for storing, carrying, dispensing or packaging of food stuff and any other item which causes environmental problems.

How to Apply for The PMEGP Loan Scheme Online

To apply for, first of all you have to register yourself in Jana Samarth portal.

1. · For this, first of all you have to go to the official website of JanSamarth Portal or https://www.kviconline.gov.in/, there you have to register yourself through the registration option.
2. · As you click on the registration option, a new page will open in front of you. Here you will have to enter your mobile number, captcha code and OTP.
3. · After verifying your mobile number through OTP. An application form will open in front of you in which you will have to enter all your personal information. After doing all this, you will get an ID password through which you can login
4. · After this you have to click on the people option and login through your ID password.
5. · After logging in, an application form will open in front of you in which all the information asked will be correct and carefully prepared.
6. · After this you will ask to scan and upload some documents, please scan them and upload them carefully.
7. · After uploading all the documents, you will have to re-check your application form to see if there are any mistakes, after which you can submit it.
8. · Within 15 days of submitting the application form, your form will checked by the bank and as per your eligibility the loan will transferred to your account which you can repay through installments.