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What Is The PMEGP Scheme And How Can You Get It?

Posted on
Feb 17, 2021
What Is The PMEGP Scheme And How Can You Get It?

If you are looking forward to setting up your Startup, you would need substantial financial assistance. Obtaining a monetary loan from a secured source is too good to be true. However, you would need to fulfill several formalities before you apply for the Prime Minister’s Employment Generation Programme or PMEGP. Here is everything you want to know about the PMEGP Scheme and how to get a loan.

What is the PMEGP Scheme?

The PMEGP is a brainchild of the government of India to generate employment opportunities by merging Prime Minister’s Rozgar Yojana (PMRY) and Rural Employment Generation Programme (REGP). The scheme encourages unemployed youth to take initiative to set up self-employment micro-enterprises or ventures. At the national level, the KVIC or Khadi and Village Industries Commission enforces the scheme. The KVIC is a statutory body under the MSME (Ministry of Micro, Small and Medium Enterprises). On the other hand, the state level collaborates with the implementing agencies, such as State Khadi and Village Industries Board, KVIC Directorates, District Industries Centres (DICs), and banks for the execution of PMEGP.  The objective of the PMEGP Scheme is to provide sustained employment to widely dispersed unemployed artisans and youth. The PMEGP scheme inspires them with financial assistance enabling them to utilise their talent in their respective area and setting up new self-employment projects.    

How to get a PMEGP loan? 

The beneficiaries can enjoy the perks of the schemes when they follow the application procedure of the PMEGP scheme. The prospective candidates desirous of establishing a unit under PMEGP would need to submit their application mentioning the details of their project supported with necessary documents. Based on their proposal and the categories, the beneficiaries receive financial assistance. Here is a list of documents you should carry with your application form.

  • Aadhar card
  • PAN card
  • Project report
  • Caste/Special category (if needed)
  • Rural Area certificate
  • Letter from the authority
  • Educational certificate and others

What is the Eligibility Criteria for PMEGP Scheme?

The desirous beneficiaries must satisfy the following conditions to become eligible for funding.

  • The applicant‘s minimum age should be 18 years.
  • The candidate’s minimum educational qualification should be his/her 8th standard’s passing mark sheet. The candidate would be eligible for a business project of more than 5 lakh or a manufacturing unit of more than 10 lakh. 
  • Candidates belonging to BPL who have not availed any other scheme benefits.
  • Candidates who fall under Self-Help Groups.
  • The candidates who are registered under the Societies Registration Act, 1860, Charitable Trusts, and Production Co-operative Societies.
  • Eligible candidates who are under PMRY, REGP, or any other existing government scheme can also apply.

Assistance For FlexiLoan

FlexiLoan is a system that understands your unexpected financial requirements and is prepared to serve you with loans and financial assistance. Whether you are setting up a chemist shop or grocery store, FlexiLoans cater to all your financial needs without the hassle. The expert staff is at your disposal to guide you through the line of credit, loan approval, etc. It provides a comprehensive facility to obtain Flexi loans easier and faster. You will directly receive the transferred loan amount in your bank account after you get your documents verified.

Benefits of having a loan from FlexiLoans

You can enjoy a plethora of benefits when you apply for Flexi Loans.

  • The minimal documentation process for a FlexiLoan helps in obtaining the loan faster and reduces stress.
  • Easy availability of loan amount allows you to withdraw need-based funds.
  • The easy repayment terms and conditions are flexible and add the least burden on repayment.
  • It allows you to withdraw funds as many times as you require within the stipulated credit limit. You can secure cash within a few hours by satisfying the criteria for pre-payment for earlier borrowed amounts. 
  • You can enjoy a low-interest rate on FlexiLoans. The borrower only pays interest on the borrowed amount instead of the sanctioned amount. Thus, relieving you from the burden of repayment.
  • Entrepreneurs can reap tax benefits as the interest amount is deducted from the gross income before calculating the taxes.

Eligibility Criteria of FlexiLoans

FlexiLoan offers services to a wide category of customers. We have served clients across the country and catered to more than one thousand cities. You can avail of a loan within five minutes with four easy steps. The following are the eligibility criteria to avail the benefits of FlexiLoans.

Age Criteria

The candidate should be 21 years of age or more to become qualified to take advantage of FlexiLoan facility.

Business Life

Any business who has crossed 12 months of its establishment becomes eligible for FlexiLoan. FlexiLoan is instrumental in expanding business and enables growth.

Monthly Turnover

Candidates are eligible to apply for FlexiLoan based on their monthly turnover. If their minimum monthly turnover is 2,00,000, they are entitled to availing FlexiLoan.

Bottom Line

If you are planning on setting up an enterprise, FlexiLoans is your key to success. Apart from flexible funds, you can receive peace of mind. It enables you to execute a stress-free business and allows your business to flourish.

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