A Guide to the PMEGP Loan Scheme
May 13, 2023
What is the PMEGP loan scheme?
The Ministry of Micro, Small and Medium Enterprises (MSMEs) has introduced the Prime Minister’s Employment Generation Programme (PMEGP), a credit-linked subsidy initiative. This programme began on March 31 2008, combining the previous Prime Minister Rozgar Yojana (PMRY) and Rural Employment Generation Programme (REGP).
The programme aims to provide financial assistance to entrepreneurs to set up new micro-enterprises and small businesses or expand existing ones. The Khadi and Village Industries Commission (KVIC), State Khadi and Village Industries Board (KVIB), and District Industries Center (DIC) work together to carry out the programme.
The PMEGP strives to create openings for employment in rural and urban areas by supporting entrepreneurship and the expansion of the micro, small, and medium enterprise sector. The programme’s goal is to promote chances for independent work.
If you are an entrepreneur, a PMEGP loan can provide the funding you need to launch a new project.
Features of the PMEGP loan scheme
The key features of the PMEGP scheme are as follows:
- Credit-Linked Subsidy: PMEGP is a credit-linked subsidy programme, which implies that beneficiaries receive financial support through loans and subsidies to start new small businesses or grow existing ones.
- Subsidy Component: Depending on the project cost and beneficiary type, the PMEGP scheme’s subsidy component might range from 15% to 35%. The government offers the subsidy to reduce the burden of business loan repayment on the recipients.
- Eligibility Requirement: People over 18 from economically disadvantaged social groups can apply for the PMEGP scheme. The scheme is open to both rural as well as urban areas.
- Priority Sectors: PMEGP prioritises several industries, including those focused on agriculture, food processing, textiles, handicrafts, and other traditional industries. However, the programme includes the service, manufacturing, and trading industries.
- Loan Amount: Depending on the project cost, the loan amount offered under the PMEGP scheme ranges from ₹50,000 to ₹25 lakhs. You must provide margin funding equal to at least 10% of the project’s total cost.
- Implementation: The scheme operates through various financial organisations like banks and non-banking financial firms (NBFCs), which provide loans to qualifying recipients.
- PMEGP Online Application: Prospective beneficiaries can apply online for the PMEGP through the PMEGP portal. The PMEGP application process is simple and can be done through the official website of the Ministry of MSME.
- Monitoring: A state-level task force committee and a district-level implementation committee monitor the programme to ensure proper implementation and prompt delivery of loans and subsidies.
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How much subsidy can you get through the PMEGP loan scheme?
Based on the project cost and the recipient category, the PMEGP offers different subsidy amounts. The PMEGP scheme details about the subsidy amount are as follows:
|Beneficiary Category||Category Share||Urban Subsidy rate||Rural Subsidy rate|
You should know that the subsidy only covers a portion of the project’s overall cost; you must make arrangements for the balance through contributions or business loans from financial institutions. Here at FlexiLoans, we can help you gather the necessary funds at competitive interest rates in just a few clicks.
The programme aims to financially support Micro, Small, and Medium Enterprises (MSMEs) nationwide. The government offers a subsidy on the margin money needed for an entrepreneur to start a project under the PMEGP plan.
The margin money subsidies may make up between 15% and 35% of the total project cost depending on the project’s category and location. You can use an additional MSME loan or such to pay for the remaining cost.
The PMEGP scheme includes all practical economic activities, including agricultural and related activities, manufacturing, the service sector, and informal sector activities. The project’s maximum cost for manufacturing projects is ₹25 lakhs, while for projects in the service industry, it is ₹10 lakhs.
The entrepreneur has two options for applying the PMEGP scheme: either online through the PMEGP e-portal or in person at the district office of the State Khadi and Village Industries Board (KVIB) or KVIC.
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Objectives of PMEGP
The primary goals of PMEGP are:
- Promote independent employment initiatives in the country’s urban and rural areas to create employment opportunities.
- To provide unemployed youth and educated individuals with long-term and consistent employment.
- To improve domestic production of goods and services to support the expansion of the country’s economy.
- To promote a spirit of invention and entrepreneurship in the nation’s youth.
- To encourage the development of microbusinesses, which will aid in the fair distribution of wealth and income.
- To improve the technology and abilities of existing micro-enterprises and small firms to increase their competitiveness.
- To support cluster-based business models to promote local and regional development.
- To raise the proportion of micro and small-scale businesses in the nation’s overall industrial output and exports.
Overall, the PMEGP aims to foster a culture of entrepreneurship and self-employment among the people of India and provide them with a sustainable source of income and livelihood.
Procedure for PMEGP application
Applying for PMEGP online
The PMEGP loan online application process is as follows:
- Before beginning, you must choose a project qualifying for PMEGP financing. On the PMEGP website, you may find a list of eligible industries and activities.
- You must prepare a detailed project report (DPR) outlining the proposed business, market potential, financial projections, and other relevant data.
- You can then go to the PMEGP online portal / official website at https://www.kviconline.gov.in/pmegpeportal/pmegphome/index.jsp#.
- Select ‘online application form for individual’ or ‘online application form for non-individuals’ from the home page.
- Fill out the application form with the following information:
- Aadhaar number of the applicant
- Name of Applicant: exactly as it appears in the Aadhaar Card
- To submit the application form (per the streamlined approach), select Agency – KVIC, KVIB, DIC.
- Choose State & District from the drop-down menu.
- Choose District from the drop-down menu.
- Choose Sponsoring Office from the drop-down menu.
- Select the Legal Type
- Choose your gender and date of birth.
- Choose the applicant’s Social Category and Special Category from the drop-down menus.
- Qualifications and Contact Information
- Select Unit Location (i.e. Rural OR Urban)
- Address of the Proposed Unit
- Select the type of activity from the drop-down list (i.e. Service or Manufacturing)
- Choose an industry from the list and provide the product description.
- Details of EDP Training and If EDP Training Undergone enters Training Institute Name in detail.
- Required Loan Information
- Details of Bank
- When you’ve filled out all the required fields, click the Save Applicant Data button to save the details.
- After selecting “Save Applicant Data” to complete the application, you must upload the aforementioned files.
- After the final submission, your listed phone number will receive an email with the applicant ID and password.
Applying for PMEGP offline
If you wish to apply for the PMEGP loan scheme, follow the steps mentioned below:
- Before beginning, you must choose a project qualifying for PMEGP financing. On the PMEGP online portal, you may find a list of eligible industries and activities.
- You must prepare a detailed project report (DPR) outlining the proposed business, market potential, financial projections, and other relevant data.
- Visit https://mpmsme.gov.in:8080/mpmsmecms/Uploaded%20Document/Documents/1_Application_Form_PMEGP.pdf to get the PMEGP scheme application form.
- Provide all the information required, as outlined above.
- Next, you must submit the completed full PMEGP application form to the nearest network bank with the DPR and other necessary papers, including identification, proof of address, and documentation of your education.
- To determine the viability of the proposed plan, the authorities will examine your PMEGP application and conduct a feasibility study.
- If the authorities approve your application, you will receive the training and counselling required to launch your business.
- After completing the programme, you can approach the banks to apply for a PMEGP loan.
- After obtaining the loan, you will need to start your business and follow the PMEGP scheme guidelines and regulations.
The PMEGP application process consists of several steps, so it’s important to ensure you complete all the requirements and provide all the required paperwork to boost your chances of receiving money for your company.
Subsidy and funding under PMEGP
The Khadi and Village Industries Commission (KVIC) and the District Industries Centre (DIC) are two organisations that the Ministry of Micro, Small, and Medium Enterprises (MSME) uses to carry out the programme. The PMEGP loan scheme offers eligible beneficiaries subsidies and funding to launch their own micro or small businesses.
The subsidy component of the PMEGP scheme forms part of a capital subsidy, which is a percentage of the project cost, depending on the category and location of the project. The subsidy rates in urban areas are 15% for general category beneficiaries and 25% for special category beneficiaries.
Special categories include Scheduled Caste (SC), Scheduled Tribe (ST), Other Backward Class (OBC), Women, Ex-servicemen, and Physically challenged. The subsidy rate in rural areas for all categories of beneficiaries is 25%.
PMEGP loan scheme provides funding in the form of a bank loan granted by the member banks. The loan amount can be up to 90% of the project cost, with the beneficiary contributing a minimum of 10% in the general category and 5% in the special category.
The PMEGP loan interest rate is concessional, less than the going rate in the market. You must be 18 years old and have completed eighth grade to be eligible for a PMEGP loan.
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Eligibility criteria for PMEGP loans
You must fulfil the below criteria to be eligible for a PMEGP loan:
- You must be above 18 years of age.
- You must have completed eighth grade in school.
- The programme is for unemployed people who desire to launch their businesses. Therefore, you must not work in any government or private sector organisation when applying for a loan.
- You must be a permanent resident of India.
- Your project cost must not exceed ₹25 lakhs in the manufacturing sector and ₹10 lakhs in the service sector.
- Self-help groups are eligible for this loan.
- Institutions registered under Societies Registration Act,1860
- Production Co-operative Societies
- Charitable Trusts
- Existing units (under PMRY, REGP, or any other plan of the Government of India or State Government) and units that have already received government subsidies under other such programmes are not eligible.
The PMEGP loan is available for setting up new projects in the manufacturing or service sectors or expanding existing ones.
Financial assistance provided by PMEGP loans
The PMEGP loan is a term loan provided to businesses under the PMEGP scheme at a fixed rate and discounts on their overall project cost. Many variables affect the exact details of a PMEGP loan.
The following are some of the more significant specifics about the level of financial help a PMEGP loan provides:
- Loan Amount: Based on the industry and total project cost, the Indian government provides the details of PMEGP loan amounts. PMEGP Loan amounts are available for projects in the commercial or service sectors in quantities up to ₹10 lakhs. This loan’s maximum size for manufacturing-related projects is ₹25 lakhs.
- Self-investment: A portion of the entrepreneur’s investment is also required under the PMEGP financing programme. This share has a 10% mark for the General category and a 5% mark for the Special category. Thus, if your project falls within the upper limit, the government may approve up to 90% to 95%.
- Subsidy (Rural): The programme offers a portion of subsidy or margin money for your project in addition to the PMEGP loan. This subsidy proportion for rural businesses is 35% for the Special category and 25% for the General category.
Subsidy (Urban): Urban businesses receive a 15% general category subsidy and a 25% special category subsidy. Aside from these various factors, all PMEGP loans have standard interest rates of 11% and 12% annually.
Additionally, this loan has a 3 to 7 years repayment period with a six-month moratorium. All PMEGP loans up to ₹10 lakhs are exempt from the requirement for collateral under Reserve Bank of India standards.
You must note that businesses have rising funding and credit needs. You can consider availing of additional credit by applying for loans through other channels and platforms.
Documents required for PMEGP loans
Certain documents must be part of the PMEGP loan application process under the PMEGP Scheme. The following documents are necessary when applying for a loan:
- A detailed report on the project highlights financial projections, market analysis, business details, etc.
- Completed application form
- Passport size photos
- Proof of Identity, for, e.g. Aadhar card, PAN card, driving licence, Voter ID, etc.
- Address proof, e.g., your electricity bill, telephone bill, property tax receipt, etc.
- Proof of educational qualification of the applicant, e.g. mark sheet or degree certificate
- Rural Area certificate, if applicable
- Cost of project and means of finance.
- Scheduled Caste (SC) / Scheduled Tribe (ST) / Other Backward Class (OBC) / Women / Ex-servicemen / Physically challenged certificate, if applicable
- Partnership deed, if applicable
- Bank account statement for the last six months
- Any other documents requested by the lending institution.
You must note that the specific requirements may differ based on the financing institution and the nature of the project.
Ways to apply for a PMEGP loan
The following are the methods for applying for a PMEGP loan:
- Online application: You can apply to the PMEGP loan scheme online by logging into the PMEGP e-portal. First, you must create an account on the e-portal and fill in the application form as required. Secondly, you must upload the required documents and apply online. Your PMEGP loan status can also be checked through the online portal.
Offline application: You can also apply to the PMEGP loan scheme offline by downloading the full PMEGP application form from the official website or obtaining it from the District Industries Centre (DIC) or Khadi and Village Industries Commission (KVIC) offices.
Afterwards, you must submit the filled-in application form and the required PMEGP loan documents to the respective DIC or KVIC office.
- Common Service Centres (CSC): Additionally, applicants may apply for a PMEGP loan through Common Service Centres (CSC), which are permitted to offer digital services to residents of rural areas.
- Khadi and Village Industries Commission (KVIC) website: Applicants can apply for a PMEGP loan through the KVIC website by creating an account and filling out the application form online.
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How to check the status of your PMEGP application
You can follow the instructions below to find out the status of your PMEGP loan application:
- Go to https://www.kviconline.gov.in/pmegpeportal/jsp/pmegponline.jsp to access the official PMEGP e-portal.
- Click on the “Applicant Track” option from the homepage.
- Choose the correct option: “Application status” or “Loan disbursement status”.
- Enter the relevant information, such as the application number or acknowledgement number, date of birth or cellphone number, and the security code displayed on the page.
- Click on the “Submit” button to get your PMEGP loan status.
It is advisable to monitor the status of your application and follow up with the relevant officials if there are any updates or questions about your PMEGP loan application.
Banks that provide funding through PMEGP
PMEGP enables you to start your own business providing funding. With the help of the PMEGP scheme, many banks and financial institutions in India offer funding. Some of the banks that provide funding through PMEGP as of 2023 are as follows:
- IDFC First
- Indian Bank
- Bank of Baroda
- Bank of India
- Kotak Mahindra Bank
- Canara Bank
- Punjab National Bank
- Central Bank of India
- State Bank of India
- HDFC Bank Ltd.
- United Commercial Bank (UCO)
- ICICI Bank Ltd.
- Union Bank of India
- Axis Bank
Loan limit under the PMEGP loan scheme
The PMEGP scheme has a loan ceiling that ranges from ₹9.5 lakhs to ₹23.75 lakhs. The upper limit for project costs in the manufacturing industry has been fixed at ₹25 lakhs.
This upper limit has been restricted to ₹10 lakhs in the business or service sector. In all situations, the programme’s beneficiary must contribute 5% to 10% of the total, with the bank covering the remaining 90% to 95%.
However, government subsidies, known as Margin money, range from 15% to 30% of the loan amount. Ultimately, the bank provides a term loan for 60% to 75% of the overall project cost.
Sectors that can avail of a PMEGP loan
The PMEGP scheme offers loans to the following businesses or sectors:
- Services and textiles
- Handmade fibres and paper
- Mineral based products
- Agro-based food processing
- Forest-based products
- Rural engineering
- Rural biotech
- Polymer-based products
- Chemical based products
List of activities allowed under PMEGP
The following possible projects may be eligible for funding through the PMEGP programme:
- Cement and allied products
- Cold storage
- Cold chain solutions
- Electronics and electrical equipment
- Forest Industry
- Paper and allied products
- Service sector
- Textile and apparel
- Agro-based food processing
- Chemical, polymers and minerals
- Dairy and milk products
- Food processing
- Organic farming
- Plastic and allied products
- Small business models
- Waste management
List of activities not allowed under PMEGP
The following businesses are among those prohibited under the PMEGP scheme:
- Manufacturing or sale of items like beedis, cigars and cigarettes
- Tapping of toddy for sale
- Cultivation of crops
- Floriculture, sericulture or horticulture
- Manufacture of polythene bags thinner than 20 microns
- Manufacture of containers made from plastic
- Canning, processing or serving meat
- Hotel, shop or dhaba that serves alcohol
- Production or preparation of tobacco as raw materials
- Rubber, coffee or tea plantations
- Animal husbandry like fish and poultry farming
Latest updates on the PMEGP loan scheme
In February 2023, the government reported that a total of 3,083 recipients had received loans totalling 296.19 crores from the central government through the PMEGP scheme.
A margin subsidy of 100.63 crores was distributed to 3,083 beneficiaries under the PMEGP scheme by Manoj Kumar, the chairman of KVIC (Khadi and Village Industries Commission).
According to a statement made public by Ministry of Micro, Small and Medium Enterprises experts, 25,000 individuals would be able to find new jobs as a result of the distribution of this subsidy.
The PMEGP scheme made establishing 1.03 lakh new manufacturing and services units easier, giving rise to 8.25 lakh jobs in FY 2022. This was the highest point ever in the last 14 years of this programme.
In Jammu & Kashmir, the PMEGP scheme developed more manufacturing units than in Maharashtra, Gujarat, and Karnataka combined.
Key highlights of the PMEGP scheme
- The PMEGP scheme is being implemented by the Khadi and Village Industries Commission (KVIC) at the nodal level and the Khadi and Village Industries Board (KVIB) and District Industries Centre (DIC) at the state level.
- The Ministry of Micro, Small, and Medium Enterprises (MoMSME) manages the PMEGP, a central sector programme.
- This scheme requires you to be above 18 years with no income ceiling as an eligibility criterion.
- According to RBI norms, banks would not require collateral security for loans up to ₹10 lakhs.
- The interest rate on loans can vary between 11% and 12%.
- The repayment tenure on the PMEGP loans is 3 to 7 years after the preliminary moratorium period.
- Individuals and institutional beneficiaries must submit a one-page online application form on the e-portal. The PMEGP MIS portal and application form are both mobile-friendly. At each stage of the application process, the system or the relevant officials will automatically send you SMS or email alerts.
- The Indian government has established an online system for applying for and distributing Margin Money to financing branches.
- Subsidies are available for various activities, including Agriculture and related activities, manufacturing, Service sector enterprises, repair and maintenance services, and Transport and environmental-related projects.
- You must note that the PMEGP loan scheme is not an option for individuals who have not completed the 8th standard.
- According to the project’s viability, the bank will evaluate it and make its judgement for an appraisal.
- Existing units under the PMEGP scheme whose margin money claim has been adjusted and the initial loan has been repaid on time without any defaults are eligible to avail of the benefits of a 2nd loan under the PMEGP scheme.
- The project’s maximum cost for upgrading in the manufacturing sector is ₹1 crore; in the service/trade sector, it is ₹25 lakhs.
- For a 2nd loan, banks require the beneficiary to contribute 10% of the total project cost for all categories.
- The subsidy rate on 2nd loan is 15% for all except individuals in Hill states and North Eastern Regions (NER).
- For individuals in Hill states and North Eastern Regions (NER), the subsidy rate will be 20% of the project cost.
- Only new projects officially sanctioned under the PMEGP are eligible for assistance under the scheme.
- For the benefit of potential beneficiaries, model projects for various KVI activities have been posted on the PMEGP e-portal. Projects created by NSIC for Model Village Industries are also accessible on the website (www.kviconline.gov.in).
- The respective financing bank will receive the Margin Money subsidy claim from the Nodal Bank.
- The term deposit should hold the margin money subsidy for three years. No interest will be paid on TDR or added to loans up to the same amount as TDR. Margin Money will refund the advance if it becomes “bad” before three years.
- Existing units (under PMRY, REGP, or any other plan of the Government of India or State Government) and units that have already received government subsidies under any other such programme are not eligible.
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Q. 1 What are the components of a project’s cost?
Ans: The components of a project’s cost are included under 4 categories:
- Material costs: Costs incurred on equipment, machinery, tools, raw materials, etc.
- Human resources: The manual labour costs or the staff costs fall under this category. Managers, team members, wage workers, cleaners, security, etc.
- Pre-planning costs: The expenses made on budgeting, market surveys, needs analysis, vendor payments, etc. Costs of licences, certificates and permits may also be included in this.
- Operating costs: The expenses you will face in the day-to-day functioning of the business. Rental costs, energy costs, travelling, pickup and delivery costs, insurance, maintenance, etc.
Q.2 What does “village industry” mean?
Ans: Any village industry, excluding those on the “negative list”, that is situated in a rural area, that produces any goods or provides any services, whether or not they require the use of electricity, and where the fixed capital investment for the head of a full-time craftsperson or worker does not exceed ₹1 lakh in a flat area, ₹1.5 lakhs in a hilly area, and ₹4.5 lakhs in the case of Andaman and Nicobar Island and Lakshwadeep.
Q.3 Can I submit more than one project for my PMEGP loan application?
Ans: You will not be allowed to submit multiple projects for an application.
Q.4 Can I jointly finance a project from two different financial institutions or banks?
Ans: You are not eligible to finance a project jointly from a bank / financial institution and the PMEGP loan. If you apply for the PMEGP loan, you can only utilise it and not borrow from another institution.
Q.5 What is an EDP training centre?
EDP stands for Entrepreneurship Development Programme (EDP). This online training initiative has been undertaken by the Khadi and Village Industries Commission (KVIC), the nodal agency for PMEGP and other related Ministry of Micro, Small and Medium Enterprise programmes. It aims to educate and inform the Implementing Agencies on various managerial and operational functions, including finance, production, marketing, taxation, business management, banking procedures, bookkeeping, etc.
Q. 6 Is collateral mandatory for the security of a PMEGP loan?
Ans: Projects costing up to ₹10 lakhs are exempt from collateral security under PMEGP loans, according to RBI standards. The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTSME) granted collateral guarantees for projects under the PMEGP scheme that cost more than 5 lakh rupees and up to 25 lakh rupees.
Q. 7 How is a capital expenditure loan/cash credit limit used?
Ans: Within the three-year lock-in period of the Margin Money (subsidiary), the working capital should touch the 100% limit of the cash credit sanctioned amount at least once. Even otherwise, the utilisation of the sanctioned amount should not be below 75% of the amount.
Q. 8 What is the PMEGP subsidy?
Ans: The government of India provides the PMEGP subsidy, which is a credit-linked subsidy. Beneficiaries receive a subsidy on the project’s overall cost ranging from 15% to 35% as part of the subsidy. People and MSMEs throughout the nation are eligible for the subsidy.
Q. 9 What are the main criteria for a project seeking PMEGP funding?
Ans: Projects seeking PMEGP funding should meet the requirements for rural areas (for Rural Area projects), per capita investment, own contribution, and negative list. In addition, the unit should be new.
Q. 10 How are the unit’s land and rent/lease costs treated as parts of the project cost?
Ans: If it is less than three years old, the rent or lease cost is considered a component of the project cost. However, it is not considered part of the project cost to include the land cost.
Q. 11 What is Udyami Portal and is it an accredited institution?
Ans: KVIC administers the EDP portal, which serves as the Nodal Agency for the MoMSME by Samadhan. As part of a public-private partnership (PPP) with the government, “Samadhan,” a renowned name in entrepreneurship development and skill development, has been granted authorisation to offer online PMEGP EDP courses through the portals at http://www.kvic.udyami.org.in and http://www.udyami.org.in.
The EDP training materials are according to the KVIC’s criteria. This training occurs on a mobile device by downloading the “Udyami” app from the Google Play store.
Q. 12 Where can I submit my business plan for application to the Prime Minister Employment Generation Programme (PMEGP)?
Ans: You can submit your business plan and apply to the Prime Minister Employment Generation Programme (PMEGP) simply by logging on to the official website of KVIC- www.kvic.org.in / kviconline.gov.in/pmegpeportal. You can then follow the steps mentioned in this blog post to apply online successfully. You can also visit the nearest KVIC / KVIB / DIC office.
Frequently Asked Questions:
Q1. Which bank is best for the PMEGP loan?
State Bank of India (SBI) is the most popular bank for PMEGP loans. Due to the widespread of this bank, PMEGP Loan in SBI is easily accessible by both rural & urban populations.
Q2. How long does it take to process the PMEGP loan?
The PMEGP Loan process time is approximately two months.
Q3. What collateral is acceptable for availing PMEGP Loan?
There is no prescribed collateral limit or type for availing PMEGP Loan.