Aadhar Card Loan: The problem of unemployment is on the rise in the country. Recognizing this challenge, the government is launching multiple initiatives to empower youth as entrepreneurs. One such initiative is the PMEGP Aadhaar Card Loan Scheme.
This initiative offers loans up to 50 lakh rupees for business ventures to eligible individuals. Moreover, subsidies of up to 35% are provided on these loans, varying based on different sectors. Keep updated for further details about this scheme.
PMEGP Aadhar Card Loan 2024
The Prime Minister’s Employment Generation Programme (PMEGP) Aadhaar Card Loan Scheme is a pivotal endeavor aimed at providing easy loan access for entrepreneurial ventures in various sectors. Under this scheme, individuals can receive loans up to 50 lakh rupees for establishing enterprises in the manufacturing sector and up to 20 lakh rupees in the service sector.
Rural beneficiaries are eligible for subsidies up to 35%, while urban beneficiaries can avail subsidies up to 25%. Additionally, the repayment period for loans spans between 3 to 7 years, and projects up to 10 lakh rupees are exempt from requiring any collateral.
Benefits and Features of PMEGP Aadhar Card Loan
A person taking a loan up to Rs 10 lakh under this scheme will not have to provide any kind of guarantee.
The government is giving a subsidy of 25% to 35% on this scheme.
It is given under the Prime Minister Employment Generation Program (PMEGP).
Under this, youth can set up their own employment.
The interest rate on PMEGP Aadhar Card Loan is also fixed.
After applying online, the beneficiary can get the loan from the listed banks.
Under this scheme, the government also provides 7 days training to the beneficiaries.
The cost of the project will not include the cost of land.
Eligibility for PMEGP Aadhar Card Loan
The person wishing to get the loan must be an Indian citizen.
The age of the applicant should be more than 18 years to get the loan.
The person must be at least eighth pass to start a business in any sector, be it manufacturing sector or service sector.
The applicant should not have availed any subsidy scheme issued by the government earlier.
The applicant must have an active Aadhar card number.
How to apply online?
You can apply for the Prime Minister’s Employment Generation Programme (PMEGP) Aadhaar Card Loan through two methods: online and offline. The online application system is more convenient and recommended. Follow the steps outlined below:
First of all, visit the official website of Pradhan Mantri Employment Generation Program (PMEGP).
Click on “Apply for New Unit” on the home page of the website.
If you already have a unit and want to take additional loan, then click on “Apply for Existing Unit” and fill the required information.
After clicking on “Apply for New Unit”, the application form will appear in front of you.
Before filling this form, see carefully what all necessary information is asked, and keep all these things with you.
Fill the application form carefully and click on “Save Application Data”.
Now, upload all the required documents asked.
Finally, click on “Final Submission”.
After the application form is submitted, an application ID will be sent to your registered email ID, which you have to keep safe.
Your application form and documents will be sent to the concerned department. Your loan will be approved if all the details are correct.
