PMEGP Loan Apply- Scheme, Online Application, Eligibility: Launched in 2008 and implemented by the Khadi & Village Industries Commission (KVIC), the scheme provides credit up to Rs 50 lakh (increased from earlier up to Rs 25 lakh) to aspiring entrepreneurs for launching their new manufacturing units and up to Rs 20 lakh (from Rs 10 lakh earlier) for new service units. The scheme was also extended over the 15th Finance Commission Cycle from 2021-22 to 2025-26 with an outlay of Rs 13,554.42 crore.
Since its inception till March 13, 2023, over 8.58 lakhs enterprises were assisted, generating a total estimated employment of around 70 lakhs, with around Rs 21,509 crore disbursed as margin money subsidy. The scheme helped create 8.25 lakh employment with 1.03 lakh units set up during FY22 while in FY21, 5.95 lakh jobs were created with 74,415 new enterprises launched. Before Covid, 5.33 lakh jobs were generated in FY20 with 66,653 new units set up.
Also read: PMEGP: Over 4 lakh jobs generated by micro enterprises under govt’s job scheme during April-Jan FY23
The scheme was allocated Rs 2,700 crore in this fiscal’s budget vis-a-vis Rs 2,484 crore (revised estimate) in FY23.
Here are the steps to apply for PMEGP loan scheme online:
- Visit www.kviconline.gov.in/pmegpeportal/pmegphome/index.jsp and click on the box ‘Application for New Unit’
- The form PMEGP ONLINE APPLICATION FOR INDIVIDUAL APPLICANT will come up
- Enter your Aadhaar number or EID number in case you have enrolled for Aadhaar but haven’t received it yet
- EID is a 14-digit number displayed on the top of your Aadhaar enrolment/update acknowledgement slip
- Enter your name and sponsoring agency among KVIC, KVIB, DIC and Coir Board
- Select the agency you want to submit your application
- Fill in other details including state, district, sponsoring office, legal type, qualification, address, unit location, activity type (manufacturing/service/trading), project cost, bank details and more
- Accept the declaration and click on ‘Save Applicant Data’
- Upload documents for final submission of application
- After the final submission of the application, the applicant ID and password will be sent to your registered mobile number
- Fill up the Score card, verify your details and submit them
- Your application is submitted and can be tracked for disbursement of the loan
Also read: PMEGP: KVIC releases Rs 100 crore in subsidy to over 3,000 beneficiaries
While general category beneficiaries can avail of margin money subsidy of 25 per cent of the project cost (new business) in rural areas and 15 per cent in urban areas, beneficiaries belonging to scheduled castes, scheduled tribes, OBCs, minorities, women, ex-servicemen, physically handicapped, northeastern region, hills & border areas, and other categories, the subsidy provided is 35 per cent in rural areas and 25 per cent in urban areas.
Among the documents required for the scheme include scanned copies (up to 1 MB) of the highest educational qualification, project report summary/ detailed project report, social/ special category certificate, if applicable, rural area certificate if applicable and passport-size photo.
