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What Are the Eligibility Criteria to Get a PMRY Loan?

What Are the Eligibility Criteria to Get a PMRY Loan?

The PMRY full form Pradhan Mantri Rozgar Yojana is a credit scheme by the central government that aims to fight unemployment by providing convenient financial support to educated but unemployed youth.

Under the PMRY scheme, you can apply for subsidised loans to set up your own enterprises in the trade, service, and manufacturing sectors. However, you can only avail of this facility if you fulfil certain criteria. Here are the PMRY loan eligibility criteria and the documents you will need to get a PMRY loan.

Eligibility criteria for a PMRY loan

To avail of the benefits of the PMRY scheme, you must fulfil the following PMRY business loan eligibility criteria:

  • Educational Qualification: You must have passed the 8th standard. Moreover, if you’ve received training in any trade for 6 months from a government-recognised institution, you’ll be given preference.
  • Residence: You must be a permanent resident of the area you currently live in for at least 3 years.
  • Age: You must be between 18 and 35 years old. For women, physically challenged, SC/ST and ex-servicemen applicants, there is an age relaxation of 10 years. Also, applicants from the seven North-Eastern states have an upper limit of 40 years of age.
  • Credit status: Your repayment history must be clean without any loan defaults. Moreover, you won’t be eligible for a PMRY loan if you’ve already received financial assistance under another subsidy-linked government schemes.
  • Family net income: Your family’s income, including the income of your spouse or your parents, must not exceed Rs. 40,000 per annum.
  • Reservation: The scheme also offers reservation for certain sections, including women, SC, ST and OBCs.

Additional Read: All You Need to Know about PMRY Loans

Here are the eligibility criteria for the Prime Minister Rozgar Yojana loan in a tabular format.

Sr No.CriteriaRequirement
1.Educational QualificationStd. 8 pass with a preference for candidates with vocational training from a recognized-government institution
2.ResidencePermanent resident in the area for three years
3.Credit HistoryClean without loan defaults or granted government subsidies
4.Family Net IncomeNot over Rs. 40,000
5.ReservationWomen, SC, ST, OBCs

Documents required for a PMRY loan

You need the following documents to apply for a PMRY business loan:

  • Proof of Identity – Passport, PAN Card, driver’s license, etc.
  • Certificate of qualification – technical and academic
  • Experience certificate (if any)
  • Income certificate (where applicable) issued by the Mandal Revenue Officer (MRO)
  • Proof of residency for three years (ration card or any relevant documents)
  • A copy of the scheme/project report of the proposed venture
  • Proof of date of birth – birth certificate, Higher Senior Certificate (HSC)/Secondary School Certificate (SSC)/ Transfer Certificate (TC) from the school in which you studied
  • Caste certificate issued by the MRO (if applicable)
  • Entrepreneurship Development Programme (EDP) certificate
  • Affidavit duly countersigned by the NOTARY
  • Any other document required by a particular lender

Additional Read: List of Documents You Must Have to Get Your Business Loan Approved

In conclusion

Want to start your own business but worried about a shortage of funds? Avail of a quick business loan from Tata Capital. With business loan interest ratesstarting at 19% and tenure ranging up to 36 months, you can choose from our Flexi EMI options for hassle-free repayment.

What’s more, you can get a loan amount of up to Rs. 75 lakhs with simple documentation and speedy processing. Use our business loan EMI calculatorhere to understand how your potential EMIs will look like. Get in touch with us today!

Know your eligibility

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