Prime Minister Employment Generation Program (PMEGP) – Credit Linked Subsidy

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Prime Minister Employment Generation Program (PMEGP) – Credit Linked Subsidy

With the help of the Prime Minister Employment Generation Program (PMEGP), the Central Government is planning to remove unemployment from the country. Through this program, the central government will provide loans at a low-interest rate to 15 lakh small and medium entrepreneurs. Through this article, you can get complete information about the Prime Minister Employment Generation Program.

Prime Minister Employment Generation Program (PMEGP) – kviconline.gov.in

PMEGP was launched by the central government in 2018 to promote the employment of people. And also in 2020-2021 central government has now continued this Scheme. The Prime Minister Employment Generation Program (PMEGP) helpful for unemployed and capable entrepreneurs will be able to set up their own business. The main objective of this scheme is to develop micro, small and medium enterprises and to provide PMEGP loans at 25% subsidy to their entrepreneurs. Interested beneficiaries can apply online for this PMEGP Scheme through the official site kviconline.gov.in.

Four-fold Objectives of the PMEGP

  • Give the self-employment to the entire rural and urban micro entrepreneur.
  • Central government wants to give the employment to the entire person on the some ground and also give the employment for the widely dispersed traditional artisans and unemployed youth.
  • Those who leave their village for employment and come to the city should not do so, so the center government has made this plan. This is especially applicable for traditional and prospective artisans and rural and urban unemployed youth.
  • It is helpful to increase the income earning capacity of artisans and the growth rate of rural and urban employment.

Prime Minister Employment Generation Program (PMEGP) – Eligibility Criteria

The central government made some eligibility criteria for all the person and organizations who want to apply for the PMEGP Scheme. So all the interested beneficiaries are required to fulfill the below mentioned requirements:-

  • The candidate who wants to apply for this scheme is must have 18 year or above age.
  • Under PMEGP there will be no amount to provide for establishment of the project.
  • If candidate wants to start their business then it is required to complete minimum 8th class passed.
  • BPL Can also apply for this scheme who already not taken any benefits from other schemes.
  • Societies who are registered under the Societies Registration Act, 1860 can also apply for PMEGP.
  • Production Co-Operative Societies and Charitable Trust can also apply.

PMEGP Interest Rate and Subsidy

This scheme offers various subsidy rates for people who are under the different categories. In this special categories are covered those people who are under SC/ST/OBC, minorities, women, ex-defense employees, physically challenged persons, and people from the North East region, hills and border areas, among others.

Category Beneficiary Share Subsidy Rate – Urban Subsidy Rate – Rural
General 10% 15% 25%
Special 5% 25% 35%

           

Document required for the PM Employment Generation Program

  • Aadhar Card
  • Caste Certificate
  • Qualification Certificate
  • Photograph of the Candidate
  • Other documents which is mentioned in the online application form.

The PM Employment Generation Program (PMEGP) is very useful for those people who want to start their own business but they can’t do it because of some financial issues. So central government gives this scheme for those people so they can start their own business.

 

 

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Vijendra Choudhary is the Author & Co-Founder of the Arealnews.com. He has also completed his BCA & MCA in Computer Engineering from RTU Rajasthan. He is passionate about Blogging & Digital Marketing. He has 5+ years of experience in Digital Marketing.

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