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PMRY scheme – What is Pradhan Mantri Rozgar Yojana?

by tanvibajpai1718
Pradhan Mantri Rozgar Yojana

The Pradhan Mantri Rojgar Yojana is a social welfare scheme initiated by Central Government in 1993 to strengthen the employment opportunities in India. This scheme aims to educate the unemployed youth of India and make them skilled in various fields.

PMRY is a financing scheme that allows individuals to set up their startups or small busines. 

Besides offering financial assistance, this scheme has multiple objectives to aid Indian youths.

What are the objectives of PMRY?

Individuals planning to apply for the PMRY scheme should know the two essential objectives of the same:

  1. It uses incentives to encourage business owners to generate more employment. 
  2. This scheme makes it easier for unemployed youth to secure a job in their field of interest. Moreover, they can gain social security benefits by working in an organised sector.

However, beneficiaries have to fulfil specific eligibility parameters to gain the benefits of this scheme.

What are the eligibility criteria for PM Rojgar Yojana?

The eligibility parameters of the Pradhan Mantri Rojgar Yojana are as follows-

  • An applicant must fall in the age bracket of 18 to 35 years.
  • Applicants must have passed 8th grade.
  • An individual must not be a recipient of any Government employment subsidy programmes.
  • Trained individuals from any Government institution will get preference.
  • The annual income of a beneficiary’s family should not exceed Rs.40,000.
  • Applicants must have a permanent residency. They must be residing in a locality or a region for at least three years.
  • Individuals shouldn’t have any history of defaults or illegal conduct.

Besides meeting the eligibility parameters, individuals must submit documents for easy application. These include:

  • Caste certificate 
  • Address proof – Aadhaar card, utility bills, ration card, passbook, Voter ID card, Passport
  • Birthdate proof – Birth certificate and school certificates
  • Educational qualification proof or training certificate
  • Family income income
  • A detailed plan of the proposed project

Individuals who fulfil the said parameters can proceed with online applications with simple steps.

How to apply for the Pradhan Mantri Rojgar Yojana?

Following are the steps to apply for PM Rojgar Yojana:

Step 1- Visit the official PMRY website.

Step 2- Individuals have to download the application form.

Step 3- They have to fill application form with relevant information.

Step 4- Individuals have to scan and upload mentioned documents with the filled application.

Step 5: They can complete the application process by submitting this form and documents to the selected financial institution.

Though Pradhan Mantri Rojgar Yojana is a lucrative scheme, running a business requires substantial funds. In this regard, individuals can look for high value secured credit forms like a loan against property.

This credit offers borrowers multiple benefits that make it apt to run a business or startup.

What are the benefits of availing a loan against property?

  • Competitive interest rates

The said credit form offers substantial funds against an affordable interest rate. The secured nature of LAP can be attributed to this cause. However, individuals have to fulfil simple loan against property eligibility criteria to receive compatible terms.

Additionally, maintaining a 750+ CIBIL score will leverage the benefit scale.

For instance, many reputed financers extend customised offers and quality service to credible borrowers. They extend pre-approved offers that streamline this loan application process. 

These offers are available on financial products like a LAP, home loan, etc. Individuals can check their pre-approved offers by submitting their contact details.

  • Flexible tenor

LAP borrowers also receive the flexibility to choose their preferred tenor. Ideally, selecting a short tenor reduces the overall interest outgo but increase the EMI repayment.

A long tenor would reduce the EMIs but increase the interest outgo. Hence, it is crucial to choose the right tenor to make adequate savings on the overall borrowing. Individuals with credible repayment history and high CIBIL scores have the power to select preferred tenor against LAP.

One can always use a loan against property EMI calculator and evaluate the possible savings for an informed choice. 

  • Tax benefits

Individuals should check their eligibility to avail loan against property tax benefit and increase their savings. Ideally, Section 24(b) allows individuals to claim tax benefits on interest paid if the loan was taken to buy a house. Borrowers can claim up to Rs.2 lakh as a deduction under this section

Moreover, Section 37(1) allows individuals to gain tax exemptions on interest repayment against LAP.

Apart from the mentioned features, LAP gives borrowers the flexibility of usage. They can spend the funds on big-ticket expenses like marriage, medical costs, travel and more.

The Pradhan Mantri Rojgar Yojana is an initiative that aims to strengthen India’s economy by supporting talented youths in their business goals. Hence, eligible candidates should keep the documents handy and a tab on application dates.

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