The Prime Minister’s Employment Generation Programme is a great scheme for people who want to start their own business. If you are searching for ‘PMEGP loan apply’ or ‘PMEGP tracking’, you’re at the right place.
This part of the article will give you a step by step guide if you were searching for ‘PMEGP loan apply online’ or ‘how to apply PMEGP loan’ -
STEP-1: Go to the official PMEGP website and click on the ‘Apply’ button under the ‘Application for New Unit’ option.
STEP-2: Fill in the form that opens up carefully and click on ‘Save Application Data’.
STEP-3: Take a note of the application ID and the password that you see on the screen.
STEP-4: Then, click on ‘Proceed’ to start uploading your documents. Click on ‘Upload’ beside the type of document mentioned, click on ‘Choose File’ and select the file from your computer.
STEP-5: Click on ‘Upload’ to finally upload it. Upload all documents one by one using the same process.
STEP-6: Once done, click on ‘Score Card’ which will help you understand the chances of you getting the loan.
STEP-7: Answer all questions, tick on the checkbox, and finally click on ‘Save’.
STEP-8: Go over to the ‘EDP’ section, and choose how you would like to take the training, if you have not already taken it.
STEP-9: Click on the ‘Final Submission’ on the menu bar, and finally click on ‘Final Submission of Application to Sponsoring Agency’.
STEP-10: Then you will get an option to ‘Print Application’. Once you have printed the form, attach photocopies of all documents that you uploaded and visit the bank that you chose in your form.
You will need to submit the application form along with the documents to the bank. After about 30 to 45 days, you will get a call from the bank if your application is approved.
The PMEGP is a scheme that allows new entrepreneurs to take subsidized loans to invest in their business.
Before May 2023, the limit for the manufacturing sector was Rs.25 Lakh, and the limit was Rs.10 lakh for the service sector.
Learn More About: PMEGP Loan Scheme Details 2024
But now, the government has increased the limits for both the sectors. The following are the new limits and features of the PMEGP loan -
Rs.50 Lakh limit for a manufacturing unit and Rs.20 lakh limit for starting a business in the service sector
Any more funds, if required, will be provided by the bank as a normal loan; this extra amount will not have any subsidy
The special category mentioned in the scheme includes women, SC, ST, OBC, ex-servicemen, TG, differently abled, and people belonging to aspirational districts or hilly or border areas
The margin money for the general category is 10% and it is 5% for the special category
If the applicants belonging to the general category want to start a business in the urban area, they will get a subsidy of 15%
Applicants belonging to the general category starting a business in the rural area will get a subsidy of 25%
If people of the special category want to start a business in the urban area, they will get a subsidy of 25%
Special category applicants starting a business in the rural area will get a subsidy of 35%
Upgradation loan is possible under this scheme, which means a second loan for the same business
All upgradations loans will require a margin of 10%
Upgradation loans will have subsidy of 15% and it will be 20% for populations from the hilly or border areas
Are you searching for ‘PMEGP loan apply - eligibility’? You can find the criteria listed below -
Applicant’s age must be 18+, there is no upper age limit under this scheme
Applicant must have at least passed standard VIII
Applicant must take the loan to start a new business, existing businesses are not eligible to take loans under this scheme
There is no income ceiling, anyone from any background may apply for a loan under this scheme
The most important aspect of a government loan is the documentation. Thus before you start searching for ‘PMEGP loan apply online’, collect the following documents -
Passport size photo of the applicant
Detailed and professionally made project report or summary of the business
Cast certificate, if you belong to the special category
Aadhaar card
Population certificate, duly attested
Education certificates
PAN card
Residential address proof
Business address proof
Family income proof
MSME registration
Income Tax Returns of the past 3 years, if possible
After the application process is completed, you must keep checking your PMEGP application status regularly. PMEGP tracking can be done easily by following these steps -
STEP-1: To check your ‘PMEGP online application status’, go to the official PMEGP website and click on the ‘Apply’ button under the ‘Registered Applicant’ option.
STEP-2: The ‘Login Form for Registered Applicant’ will open in front of you.
STEP-3: Enter your User ID, password, and click on ‘Login’. If you have forgotten your password, you can click on ‘Forgot Password’ to reset it.
STEP-4: On the next page, click on ‘View Status’ for PMEGP tracking. You will be able to see the status of your loan.
You can keep an eye on the local advertisements that invite applications to process your PMEGP loan. It can also be done online, and by taking a printout of the online application and submitting it to the respective office. A detailed project report must be submitted with the application in both cases.
Any individual above the age of 18 or a Self-help Group is eligible for a PMEGP loan. The only other eligibility criteria for PMEGP loan application is that the candidates should have passed standard VIII.
You will be eligible for a subsidy as soon as you apply for a PMEGP loan. Once your application is approved, you can get a subsidy of 25% to 35% depending on the other criteria.
Ans: It changes for every candidate dependent on their qualification and a few different components. When all is said and done, the public authority appropriation goes from 15%-35% of the complete undertaking cost.
In general it takes 30-45 days to process a PMEGP application.
For tracking your PMEGP application status, just login to the official website and fill in the ‘Login Form for Registered Applicant’. Then, simply click on ‘View Status’ after logging in with your ID and password.
The PMEGP or the Prime Minister’s Employment Generation Programme is a subsidized loan scheme launched by the Ministry of Micro, Small and Medium Enterprises. Its purpose is to generate employment in rural and urban areas, by encouraging new businesses. Subsidies can be up to 35% under this scheme.
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