PMEGP Loan Scheme 2024: The Central Government continues to implement various schemes for the welfare of the citizens of the country. Continuous efforts are made to overcome the problem of unemployment and promote self-employment opportunities.
Recently, the Central Government has launched the “Pradhan Mantri Employment Generation Program” (PMEGP), which aims to facilitate people wishing to start their own businesses in obtaining loans. If you want to start your own enterprise but do not have enough funds, you can apply for PMEGP loan online through this program and avail it at concessional rates.
How much subsidy will be given in PMEGP scheme?
Under the Pradhan Mantri Employment Generation Programme, general category applicants are required to contribute 10% of the total project cost, while the subsidy is 15% for urban areas and 25% for rural areas. Similarly, beneficiaries belonging to special categories (SC/ST, Backward Class, etc.) have to contribute 5%, while the urban subsidy is 25% and the rural subsidy is 35%.
How much loan will be available under PMEGP scheme?
The loan amount under the program can be up to a maximum of ₹50 lakh, with a maximum limit of ₹20 lakh for business or service sectors. Additionally, beneficiaries are required to contribute 10% for the general category and 5% for the special category, with the remaining 90% to 95% of the amount being funded by the bank.
Interest Rate for PMEGP Loan 2024
Interest rates for PMEGP loans range between 11% to 12% with repayment tenure ranging from 3 to 7 years.
Documents Required for PMEGP Loan 2024
To apply for the Prime Minister’s Employment Generation Programme, applicants have to submit various documents including caste certificate, category certificate, residence proof, Aadhar card, project details and educational certificates.
- How to Apply for PMEGP Loan 2024
- Visit the official PMEGP website.
- Click on the option of online application.
- Fill the complete personal details, agency details and bank related information.
- Upload scanned copies of required documents.
- Submit the PMEGP Loan Form 2024 along with the required documents.
Finally, all interested applicants can visit the official website to get detailed information and apply for loan under PMEGP scheme.
