PMEGP loan update | Micro Small Medium Enterprises collateral Free loan

PMEGP loans became easier to apply for now. You all might have known that earlier it was a lengthy process, and after applying, you might have visited the small banks to bigger banks.

Small-medium scale enterprises that really want to start up a new business, after facing this lengthy process, new businesses get demotivated.

We are going to know the latest updated PMEGP government scheme for micro small medium enterprises. we will also know about, how to apply for PMEGP loan subsidy details in this blog.

Table of content:

• About PMEGP loan:
• What is the PMEGP loan limit:
• What is the PMEGP loan limit:
• What are the PMEGP potential project example:
• PMEGP scheme loan subsidy:
• Know what is the existing entrepreneurs’ PMEGP loan limit now:
• What is the PMEGP existing entrepreneur’s loan subsidy:
• What is the minimum required qualification for PMEGP loan applies | Minimum required qualification for PMEGP:
• PMEGP loan update:
• PMEGP e portal for online application:
• PMEGP training online program:
• Conclusion:

About PMEGP loan:

PMEGP means the Prime minister employment generation program. It was made for new MSME and startups, who really wants to do something, and who has got a complete business step-by-step plan, and skill, including business with current market demand. Now it is eligible for the manufacturing sector and service sector:

What is the PMEGP loan limit:

The manufacturing sector can apply up to:

 25lakh,

The service sector can apply up to:

10 lakh,

What are the PMEGP potential project example:

Paper-related industry examples: paper napkin production, paper bag manufacturing, paper plate making, paper making, etc.

Electronics led light manufacturing, inverter making, battery making, etc.

Rubber molding, rubber processing unit.

Mustard oil production, other oil manufacturing, etc.

Honey production,

KOIR base demandable industry,

Surgical gloves manufacturing, other industrial use gloves production,

The horticulture-related project, organic farming,

Dairy and milk production, waste management projects, bakery industry, automobile industry, cement production, agro-based food processing, textiles manufacturing, fruit juice production, and other service sectors.

You must have the skill and deep market knowledge. If you want to know more about small-medium scale international business demands, then you may visit my other article under blog-Small medium international business on www.powerlinekey.com.

PMEGP scheme loan subsidy:

• General -Urban: 15% special category: 25%
• General -Rural: 25% Special category: 35%

Know what is the existing entrepreneurs’ PMEGP loan limit now:

Additionally, the PMEGP scheme has been upgraded for existing manufacturers and service providers.       

For existing entrepreneurs who have succeeded and completed the 1st PMEGP credit process and established their business to the secondary level.

Existing entrepreneurs in the Manufacturing sector can apply up to 1 crore,

Existing entrepreneurs in the Service sector can apply for up to 25 lakh,

What is the PMEGP existing entrepreneur’s loan subsidy:

Subsidy equal for all 15%

For northeast and hilly areas 20%

What is the minimum required qualification for a PMEGP loan applies | Minimum required qualification for PMEGP:

Minimum 8th pass.

10%  own margin required for general,

5% own margin required for special categories,

As per government instructions, you can apply for up to 10 lakh collateral-free loan

Entrepreneurship development training is required. Now you can join an entrepreneurship program online and offline too.

PMEGP loan update:

Important part :

Resolving the PMEGP credit complaints from entrepreneurs and bankers side, the recently Government has updated the PMEGP credit process to make it a more transparent process. By following the score method entrepreneurs and bankers can easily know their applicant loan score. Here you must have a minimum of 50 to 60% out of 100%.

You may find it on the government PMEGP e-portal.

PMEGP e portal for online application:

www.kviconline.gov.in/pmegpportal

PMEGP training online program:

www.udyami.org.in

Conclusion:

Ensure that before applying for a PMEGP loan, you have the right skill and business practical step-by-step plan, then you are just before reaching your target.

Additional tips from powerlinekey.com, before entering a business sector you may research and analyze your own market present demand-supply properly. Ready-Study-Go.You can – You can do anything.

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