To empower the young generation of the country and encourage them toward self-employment, the government of India has launched Pradhan Mantri Rozgar Yojana 2022. The aim of this program is to provide loans at a minimum interest rate to young entrepreneurs who want to start their business.  The government is taking this scheme as a major step to eradicate unemployment from society. Please note that the facility of loans through this program is just for the candidates between 18 and 35 years of age. Complete details regarding the Pradhan Mantri Yojana Loan 2022 are available in this post.

Main Highlights of Pradhan Mantri Rozgar Yojana 2022

Let’s take a look at some of the major highlights of this scheme given in the table below.

Pradhan Mantri Rozgar Yojana 2022 Eligibility Criteria

To apply for this program, a candidate must meet the eligibility criteria listed below.

Technical Education

• Candidates who have got technical education under Prime Minister Kaushal Vikas Yojana (PMKVY) can apply for this loan.

Education Qualification Requirement

• Priorities are given to those 8^th pass candidates who had taken training of at least 6 months duration from government recognized/ approved institute in any business.

Age Limit

• The age of an applicant should be 18 to 35 years. 10 years relaxation will be given to Women, SC/ ST, Ex-servicemen, and Physically handicapped candidates.

Residence

• The applicant needs to be a permanent resident of the area for at least 3 years.

Bank Defaulter

• A candidate should not be a defaulter to any nationalized bank/financial institution/ cooperative bank.
• Those who are already assisted under other subsidy linked government scheme can not apply for Pradhan Mantri Rojgar Yojana 2022.

How to apply?

Interested candidates can apply to this scheme in online mode. The Pradhan Mantri Rojgar Yojana Application Form 2022 can be accessed from the official website. Important details regarding the application form are as follows.

• First of all, the aspirants need to visit the official website.
• The link to the application form will be available on the official website itself.
• Candidates need to click on that link to open the application form.
• After opening the application form, you have to enter all the required details in the form such as name, phone number, address, etc. very carefully.
• The application can be rejected in case of entering incorrect information.
• Click on the submit button once you are done with entering all the necessary details.

Amount available under Pradhan Mantri Rojzar Yojana 2022

The available amount depends upon the sector of the project in which the candidate is looking to invest.

• For business sector – the Loan amount is Rs. 1,00,000/-
• For other activities – the Loan amount is Rs. 2,00,000/-
• In case two or more eligible persons join to start a partnership project: Up to Rs. 10,00,000/-

Subsidy & Margin money

• The maximum subsidy a candidate can get is 15% of the total project cost (maximum 7500/- per entrepreneur).
• Banks can take margin money from the entrepreneur varying from 5% to 16.25 % of the project cost.

Bank Interest and Loan Repayment time

• The initial moratorium period will be 6 to 18 months.
• After that, the loan needs to be repaid within 3 to 7 years.
• As per the guidelines, the rate of interest will be applied based on the amount of loan applicable from time to time

Selection Process for Pradhan Mantri Rozgar Yojana 2022

The process of selection for this program is given below.

• To select the candidate for loan payment at the district level, the applicants are called for an interview and document verification.
• Then, the applications of the candidates are forwarded to the banks for evaluation and approval.
• The banks will then provide loans based on the original notification of Pradhan Mantri Rozgar Yojana 1993.

PRMY 2022 Reservation Policy

The reservation policy under this scheme is explained below.

• SC/ ST Candidates: 22.5%
• OBC Candidates: 27%
• Priorities are also given to women and candidates from weaker sections.

Other important information regarding Pradhan Mantri Rozgar Yojna 1993

• 15% of the loan amount (maximum Rs. 7500/-) are provided in cash.
• Candidates have to invent 5% of the total project cost by itself.
• The progress of the project will be monitored. Relaxation of 6 to 8 months is given in the loan repayment time.