The Government of India has come out with a very useful scheme for those citizens who wants to start their own business. For this the Government has come out with a scheme as Apply PMEGP Loan Online. Under this scheme the government will provide financial assistance to the citizens of India who wants to start their own business. To apply PMEGP Loan online applicants can visit the website through official link at https://www.kviconline.gov.in/pmegpeportal/pmegphome/index.jsp. In this article we will discuss about this programme in details including Key Highlights, Objectives, Benefits & Features, Eligibility Criteria, Required Documents, Application Procedure for PMEGP Loan Online, etc.
Table of Contents
About PMEGP Loan Online
PMEGP (Prime Minister’s Employment Generation Programme) is a central sector scheme which is managed by the Ministry of Micro, Small and Medium Enterprises (MOMSME). At the national level, the scheme is executed by Khadi and Village Industries Commission (KVIC) functioning as the nodal agency and at the state level the scheme is implemented through State KVIC Directorates, State Khadi and Village Industries Boards (KVIBs), District Industries Centers (DICs) and Coir Board. Under the PMEGP Loan scheme 2024 the financial assistance of Rs. 25 Lakh will be provided to the citizens of India who wants to start their own business. The financial assistance will be directly transferred to the applicant’s bank account.
Key Highlights of PMEGP Loan Online
| Name of the Scheme | PMEGP Loan Online |
| Launched By | Government of India |
| Objective | To provide loan to start their business |
| Beneficiaries | Small Scale and Medium Scale Business owner |
| Benefits | Financial assistance of Rs. 25 Lakh |
| Mode of Transfer | DBT (Direct Benefit Transfer) |
| Form of Benefit | Financial Aid |
| Hosting Site | NIC (National Informatics Center) |
| Mode of Application | Online |
| Official Website | https://www.kviconline.gov.in/pmegpeportal/pmegphome/index.jsp |
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Objectives of PMEGP Loan Online
The objectives of the PMEGP Loan Online Scheme are as follows:
- The primary objective of launching PMEGP Loan Online is to provide financial assistance to the citizens of India who wants to start their own business.
- To produce employment opportunities in rural as well as urban areas of the country through setting up of new business or self-employment ventures.
- This scheme aims to increase the wage-earning capacity of craftsperson.
- This scheme contribute to increase in the growth rate of rural and urban employment.
- This will provide continuous and sustainable employment to a large segment of standard and potential craftsperson.
- To provide self-employment opportunities to the unemployed youth of rural and urban areas specially who are traditional artisans.
Benefits & Features of PMEGP Loan Online
Here are some benefits & features of the PMEGP Loan Online, which are as follows:
- The employment rate will be increased across the country.
- Financial assistance will be provided to the citizens of India who wants to start their own business.
- Under the PMEGP Loan scheme 2024 the financial assistance of Rs. 25 Lakh will be provided to the citizens of India.
- This will increase the wage-earning capacity of craftsperson and will contribute to increase in the growth rate of rural and urban employment.
- The financial assistance will be directly transferred to the applicant’s bank account.
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PMEGP Loan Interest Rate
- The interest rate under PMEGP Loan is 11% to 12% according to the amount of loan that the applicant has applied for.
Duration of PMEGP Loan
- The duration to repay the loan amount is 3 to 7 years depending on the amount of loan that the applicant has applied for.
Eligibility Criteria
To avail the benefit under PMEGP Loan Online, you should fulfil these eligibility criteria:
- Candidate should be a permanent citizen of India.
- Any individual across the country.
- Age of the applicant should be 18 years old or above.
- Educational qualification is not required for project cost up to Rs. 10 Lakh for manufacturing and up to Rs. 5 Lakh for service sector.
- Applicant should have at VIII class pass educational qualification for setting up of project cost up to Rs. 10 Lakh in manufacturing sector and above Rs. 5 Lakh in service sector.
- Self-Help Groups
- Institutions registered under Societies Registration Act, 1860
- Production Co-operative Societies
- Charitable Trusts
- Those who have availed any other Government Subsidy under any other scheme of Government of India are not eligible.
Documents Required
Candidates should have these following documents to avail the benefits under this scheme:
- Aadhar Card
- Caste certificate
- PAN card
- Duly filled application form with passport size photograph
- Project documents
- Identity and deal with proof of the applicant
- 8th Class pass certificate
- Special category certificate, if important
- EDP certificate of training
- Academic and technical path certificates, if any
Application Procedure for PMEGP Loan Online
To apply under PMEGP Loan Online, interested candidates should follow the below mentioned steps:
- Visit the Official Website at https://www.kviconline.gov.in/pmegpeportal/pmegphome/index.jsp.
- On homepage click on “Application For New Unit” option.
- On another page fill the required details that are asked.
- Attach the relevant documents.
- Click on “Save Applicant Data” option to complete the process.
Contact Details
- Email ID: pmegpeportal[dot]kvic[at]gov[dot]in
FAQs
The primary objective of launching PMEGP Loan Online is to provide financial assistance to the citizens of India who wants to start their own business.
Under the PMEGP Loan scheme 2024 the financial assistance of Rs. 25 Lakh will be provided to the citizens of India who wants to start their own business.
Any individual across the country of age 18 years old or above are eligible for PMEGP Loan Online.
PMEGP (Prime Minister’s Employment Generation Programme) is a central sector scheme which is managed by the Ministry of Micro, Small and Medium Enterprises (MOMSME).