
In response to the growing issue of unemployment, the government has introduced various schemes aimed at promoting entrepreneurship among the youth. One of the key initiatives is the PMEGP Aadhar Card Loan scheme, which offers loans of up to ₹50 lakhs to help individuals start their own businesses. Additionally, the scheme provides a subsidy of up to 35%. The loan amount and subsidy percentage may vary based on your location. For further details about this scheme, stay connected with us.
The Prime Minister’s Employment Generation Programme (PMEGP) Aadhar Card Loan is a crucial initiative designed to provide easy access to loans for entrepreneurs across various sectors. Under this scheme, loans of up to ₹50 lakhs are available for setting up industries in the production sector, and up to ₹20 lakhs for businesses in the service sector. Beneficiaries from rural areas can avail a subsidy of up to 35%, while those from urban areas can receive up to 25%. The loan repayment period ranges from 3 to 7 years, and no collateral is required for projects up to ₹10 lakhs.
Benefits and Features of the PMEGP Aadhar Card Loan
- No collateral is required for loans up to ₹10 lakhs.
- The government provides a subsidy of 25% to 35%.
- Loans are offered under the Prime Minister’s Employment Generation Programme (PMEGP).
- This scheme empowers youth to create self-employment opportunities.
- The interest rate on PMEGP loans is fixed.
- After applying online, loans can be availed from partner banks.
- Beneficiaries receive 7 days of government-provided training.
- The cost of land is excluded from the project expenditure.
Eligibility for PMEGP Aadhar Card Loan
- The applicant must be an Indian citizen.
- Minimum age requirement is 18 years.
- For starting a business in the production or service sector, the applicant should have at least passed the 8th grade.
- The applicant should not have benefited from any other government grant scheme previously.
- An active Aadhar Card is required.
Documents Required for PMEGP Aadhar Card Loan
- Aadhar Card
- Income Certificate
- Caste Certificate
- Proof of Address
- Educational Certificates
- Bank Statement
- Project Report
- Mobile Number
- PAN Card
- Passport-sized Photograph
How to Apply Online for PMEGP Aadhar Card Loan
The PMEGP Aadhar Card Loan can be applied for both online and offline, but the online method is more convenient. Here’s how to apply online:
- Visit the official Prime Minister’s Employment Generation Programme (PMEGP) website.
- On the homepage, select the “Apply for New Units” option.
- If you already own a unit and need additional funding, click on “Apply for Existing Units” and fill in the required details.
- After selecting “Apply for New Units,” the application form will appear.
- Make sure you have all necessary documents ready and verify the required information while filling out the form.
- Complete the form carefully and click on “Save Application Data.”
- 1Upload the required documents.
- Click on “Final Submission” to submit your application.
- Once submitted, you will receive an application ID at your registered email address. Keep this ID safe, as it will be used for future reference. Your application and documents will be reviewed by the relevant department, and if everything is in order, your loan will be approved.
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