PMEGP Loan Yojana is a scheme launched by Prime minister Narendra Modi to offer subsidies on Business loans. Here we are Going to Discuss pmegp loan bank list 2022,pmegp loan yojana in Hindi,pmegp loan yojana 2022,pmegp loan yojana login, how to get the loan under pmegp scheme, how to get a loan from pmegp, and more How to Apply online for the loan.
PMEGP loan Yojana 2022
PMEGP Loan Yojana 2022 which is the short form for, full form Prime Minister Employment Generation Programme.
This subsidy loan scheme is provided by the central government of India too offers Loans to unemployed youth to start a business.
Under this scheme, the beneficiary can get a loan from 9.50 Rupees to 23.75 lakh Rupees for the tenure of 3 to 7 years.
The interest rates generally for this type of loan are 11% to 12%, depending largely on the credit agency where the borrower gets the loan.
But, the Government of India will offer borrowers the subsidy of 15% to 35%.
So in essence, after deducting the subsidy amount the Beneficiary has to pay even less amount than he borrowed from the Bank/Credit agency.
Who can apply for a PMEGP loan?
Are you wondering about requirements, Do you want to know Who can apply for a PMEGP loan?
Here are the main eligibility requirements for the Applicant to be eligible for this loan-
- Any Indian citizen who is above 18 years.
- The person who is going to apply at least has a mark sheet for Passing class 8th, In case they want a loan above 10 lakh rs.
- Apart from Individuals, the institutions can also apply but they should be registered under the societies registration act, 1860.
- Charitable trusts, Production co-operative societies can also apply.
- Applicant should have a minimum of 5% to 15% of the project cost.
Documents required for PMEGP loan application?
Documents required for PMEGP loan application may differ from Banks to Banks.
However, Generally the following Document the Applicant has to submit to Borrow this Bussiness loan –
- Income certificates to prove income.
- Aadhaar Card, Pan Card, Voter Identity card for address and Name.
- Marksheet for at least class 8th, if you want to get more 10 Lakh rupees loan.
- Copy of Passbook.
Depending on the mode of Applying you have to submit/upload these documents while being asked along with the Application form.
The Major benefits of Scheme
Here the aim of the government is not only to offer Loans at highly attractive rates and with a subsidy to the Unemployed youth but encourage the self-employed and small businesses Just like Pradhan Mantri Rozgar Yojana.
Apart from that here are the Major Benefits, objectives and aim for Prime Minister Employment Generation Programme –
- The borrower can get 15 to 35 percent of the subsidy on the total project cost from the central government.
- In general project Applicant just had to provide a 10% Down payment and in the special project, this amount is only 5 percent.
- The government will offer a subsidy of 15% to 25% in the urban areas.
- For the rural areas government will offer a subsidy rate of 25% to 35%.
- The loan will be completely collateral-free, there will be no need to submit any kind of guarantee.
- The applicant can apply for this loan from any Indian bank or registered credit agency online. Depending on the Loan agency amount can distribute in even in just 24 hours.
Loan amount, Repayment & EMI’s
The PMEGP loan limit is from Rs. 9.5 to Rs.23.75 lakh. This limit can be varied from bank to bank.
If you are plan to start a business in the service sector then this loan will be a Maximum of Rupees 10 Lakh.
If you plan for the Manufacturing business then you can avail the loan for a maximum of 25 Lakh Rupees.
While sectioning the loan the Beneficiary only has to provide a total of 5% to 10% of the project cost.
The rest of the project cost will be provided by the Bank/Credit agency and the Government.
What is the Loan Limit?
For the Service sector, the Max cap is Rupees 10,000,00.
If Applicant planning to start out the Manufacturing business then they can avail the maximum rs 25 lakh rs loan.
Here Bank will provide you a loan of 60% to 70%, Government will provide a 15% to 35% amount and the rest 5% to 10% will have bear by you.
What will be the interest rates
The Loan which borrowers get under the PMEGP Scheme will have interest rates between 11 to 12%.
The exact interest rate will depend on the Loan agency, from you are getting the loan.
PMEGP Loan bank list 2022
Almost all of the Nationalized and the private bank will offer this loan.
There is also a credit agency like Bajaj finance, DMI finance who will offer this loan.
Some of the Best banks to get this loan is HDFC Bank, ICICI Bank, SBI Bank, IDFC Bank, Kotak Mahindra Bank, Axis personal Bank, Canara Bank, and so on.
You don’t need the PMEGP Loan bank list 2022, You just have to visit the official site of the Bank and you’re can Apply for this personal loan there.
Download PMEGP Scheme PDF
If you want complete information regarding this scheme before Applying for the loan then you can Download the PMEGP Scheme PDF which contains all of the information about this Yojana.
You can Download Offical PDF circular from the official site www.kviconline.gov.in.
You can also download the online Application form for individuals, an Online Application form for Non-Individual, a log-in form for Registered Applicants, and a feedback form for applicants.
The Beneficiaries who already paid their loan EMI’s Completely can Apply for the 2nd loan of up to 1 Crore rs online from there.
How to apply online for a pmegp loan?
Any eligible Person/Institution can apply for the Loan under Prime Minister’s Employment Generation Programme.
If this is your first loan under this scheme then you can apply for it from the official website of any bank.
Along with that you also have to submit the Application form on the official site https://www.kviconline.gov.in.
How to get a loan from PMEGP
As I mentioned it’s a two-step process, You have to Apply for a loan from your financial institution and then apply for a Subsidy on the government side.
Once you applied and sectioned loan from the Authorized Banks then you can proceed to Fill up the PMEGP Online Application.
Here is the Complete process you have to Follow –
- Just head over to the online Application form here is the links: For Individual Applicant and for Non-Individual Applicant.
- Fill up all of the required information.
- Choose the Banking institution name, From where you are getting a personal loan.
- Upload the required document.
- Tick right on “I hereby declare that information given above is true to the best of my knowledge. Any information to be found incorrect /false/wrong, I shall be liable for suitable Action”
- Hit the Save Applicant Data Button.
That’s it that how to register for subsidy. Once you register successfully there on the official portal, the next step will be to Login in to your account.
PMEGP loan yojana login
If your application is accepted, and your margin money is released then you can Submit an online feedback form.
Here is How to use the Login form for Registered Applicant.
- First, you need to head over to Login Page
- There enter your user id in the user id field and password in the password field.
- HIt the login button there.
If you forgot your password, You can use forget password option to reset your password.
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How to Check PMEGP Status?
You can PMEGP Status on the official site using the login form.
Remember that the login form on www.kviconline.gov.in only works if you successfully registered for this scheme.
If you face any trouble, the problem then you can contact the official helpline number that I mentioned in this article.
