How to Get PMEGP Scheme Loan?

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PMEGP Scheme Loan?
PMEGP Scheme Loan?

Do you dream of starting your own business but financial obstacles are preventing him from becoming a reality? So, the Prime Minister Employment Generation Program (PMEGP) can be a great option for you! It is a government -run scheme that provides financial assistance to individuals to set up a micro industry or to expand the existing industries.

In this article, we will provide you with the entire process, eligibility criteria, required documents and other important information of Get PMEGP Scheme Loan.

What is PMEGP scheme?

PMEGP, as its name suggests, is an initiative of the Government of India that aims to create employment opportunities in the country. It tries to reduce the problem of unemployment by promoting the development of the micro industry sector.

Under this scheme, eligible persons are provided loans ranging from Rs 1 lakh to Rs 25 lakh to establish enterprises in areas such as manufacturing, service and trade.

Benefits of PMEGP scheme

The PMEGP scheme provides many benefits to entrepreneurs, including:

  • Financial Assistance: The scheme encourages individuals by providing loans at low interest rates, including people of economically weaker sections, women, scheduled castes and tribes.
  • Government Support: The scheme is supported by the Central and State Governments, providing technical guidance, skill development training and other assistance to entrepreneurs.
  • Employment creation: Micro -industries established with PMEGP create millions of employment opportunities in the country, which gives impetus to economic development.
  • Self -reliance: The plan gives individuals an opportunity to be independent for their livelihood and improves their financial condition.

Who is eligible for PMEGP loan?

The following individuals are eligible for PMEGP loan:

  • Age limit: Any Indian citizen above 18 years of age
  • Educational Qualification: It is mandatory for a project of more than Rs 10 lakh in the manufacturing sector to have at least eighth pass, but no educational qualification is mandatory in service and business sector.
  • Income limit: The annual income in the last three years should not exceed Rs 10 lakh.
  • Other criteria: No government loan scheme has been availed in the past, no bankerpasi proceedings are going on, etc.

How to apply for PMEGP loan?

Application for PMEGP loan can be done in two ways:

Online: through PMEGP portal (https://www.kviconline.gov.in/PMEGPeportal/jsp/eligibility_criteria.jsp).

Offline: District Industries Center (DIC) or Khadi and Village Industries Commission (KVIC) regional offices.

Under the MeGP scheme, an online application to upgrade existing units can be made through the PMEGP online portal. Here is a step-by-step guide to apply online:

  • Go to the official website of PMEGP

APPLY LINK

  • Fill your personal information, business details, project reports and necessary documents in the application form.
  • After filling all the necessary information and uploading the documents, click “Submit“.
  • After submitting the application, you will receive a confirmation email that will include your User ID and password.

How to check the status of PMEGP loan application

  • Go to the official website of PMEGP and click on “Login Form for Registered Applicants”.
  • Enter your application ID and password.
  • Click “Login”.
  • Click “Show Details”.

PMEGP scheme is an important scheme that helps in reducing unemployment in the country and promoting the development of micro enterprises. If you are dreaming of starting your own business, consider taking advantage of the PMEGP scheme.

Also, Read How to apply PMEGP loan online

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