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You Must Know the Eligibility Criteria to Get A PMRY Loan

by AlishaAntil

The Pradhan Mantri Rojgar Yojana is an initiative of the Central Government that primarily aims to combat unemployment prevailing in the country by extending financial assistance to educated unemployed youths. Under this scheme, beneficiaries can avail subsidised credits to build their own business ventures in the service, trade, and manufacturing sectors. However, aspiring applicants need to fulfil specific eligibility parameters to apply and get the benefits of this scheme.

What are the eligibility criteria to qualify for the PMRY scheme?

Here are the following eligibility criteria that individuals need to fulfil to avail the benefits of  Prime Minister Rozgar Yojana:

  • Individuals must have a minimum education qualification of being 8th standard passed.
  • This scheme gives preference to candidates who have received trade-related training for 6 months from government-approved organisations.
  • Applicants must be permanent residents of their current residential area for a minimum of 3 years.
  • Applicants’ age limit must be between 18 to 35 years. This age limit is relaxed to 10 years for women, ex-servicemen, Scheduled Castes and Scheduled Tribes and physically challenged individuals. The maximum age limit is 40 years for applicants from seven North-eastern states.
  • Individuals’ repayment history should be clean without any record of repayment default to any nationalised financial institution.
  • Applicant’s family income, including earnings of parents and spouse, must not be above Rs.40,000 per year.
  • This scheme extends reservations for Scheduled Castes, Scheduled Tribes, Other Backward Classes and women. 

If you fail to meet the eligibility criteria mentioned above, you can opt for a secured credit instrument like a loan against property to start your business

Explanation to qualify for the PMRY scheme

In a loan against property, individuals can mortgage a property they own to access a sizeable fund and meet several financial obligations without worrying about the end usage of the sanctioned fund.

Selected leading financial institutions offer a high-quantum loan against property at an attractive interest rate and convenient repayment tenor against meeting simple eligibility criteria. 

Further, these financial institutions extend pre-approved offers on secured and unsecured financial products. These pre-approved offers are available for existing borrowers, which expedite their loan application process. Willing individuals can check their pre-approved offers by providing their names and contact numbers. 

However, applicants must be aware of the dos and don’ts when taking a loan against property for a hassle-free borrowing experience. 

Now, applicants who successfully meet the eligibility parameters of PMRY need to furnish relevant documents to apply for this scheme.

What are the documents required to apply for PMRY?

Keep the following documents ready to apply for the Pradhan Mantri Rozgar Yojana:

  • Identity proof such as PAN card and Aadhaar card
  • Technical and academic qualification certificate 
  • Income certificate issued by the MRO or Mandal Revenue Officer
  • Experience certificate (if any)
  • Residential proof such as ration card
  • A copy of the project report of the concerned business venture
  • Date of birth proof such as Higher Senior Certificate, birth certificate, Secondary School Certificate 
  • Transfer certificate from the educational institution in which an applicant has received his education
  • Caste certificate issued by the Mandal Revenue Officer (if required)
  • EDP or Entrepreneurship Development Programme 
  • Duly signed affidavit by the NOTARY
  • Application form along with passport-sized photographs

This list is indicative, and a lender may ask for additional documents as and when required.

How to apply for the Pradhan Mantri Rojgar Yojana?

Follow the simple step-wise guide to apply for this PMRY scheme:

Step 1: Navigate to the official portal of PMRY

Step 2: Download the application form and fill it in with relevant and correct information. Submit this duly filled form to a financial institution that is covered under the PMRY scheme. 

Thus, keep these pointers about Pradhan Mantri Rojgar Yojana in mind to apply for this scheme without facing any inconvenience.

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