The Prime Minister's Employment Generation Programme (PMEGP) is a government initiative aimed at promoting self-employment opportunities across India. It provides financial assistance to individuals and groups to set up new ventures in manufacturing, service, and business sectors. The scheme is designed to empower entrepreneurs by providing them with easy access to loans and subsidies to start or expand their businesses.
Government provides a subsidy ranging from 15% to 35%, depending on the applicant's category and the location of the project.
Competitive interest rates are offered by various partnered banks, ensuring affordability for the borrowers.
In most cases, no collateral is needed for loans up to ₹10 lakh, making it easier for small entrepreneurs to access the loan.
The loan repayment tenure ranges from 3 to 7 years, providing ample time for businesses to grow and succeed.
The scheme's primary objective is to create self-employment opportunities by promoting new ventures in manufacturing and service sectors.
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