Prime Minister’s Employment Generation Program (PMEGP) is the self employment scheme of the Central Government. Under PMEGP, Rs 25 lakh on setting up the industry and Rs 10 lakh for the service sector. If you also take loan under PMEGP and you are a nominal applicant, then you get 15% subsidy on loan amount and up to 25% reservation for reserved caste recipients. If you employ industries in rural areas, then this subsidy amount increases to 25 and 35 percent.
The Central Government wants to promote self employment among the youth through this scheme. Its purpose is that people can start small businesses in rural, town, or urban areas where on one side they can make a tool for their livelihood, but at the same time they can create a tool for their livelihood by putting two to four people on the job.
Subsidy from KVIC and the bank finance depends on the cost of project as per details given below.
|Bank finance||Subsidy from KVIC(Urban)||Subsidy from KVIC(Rural)||Promoter’s contribution|
|General Category beneficiary/institution||90%||15%||25%||10%|
|Special category beneficiary/institution||95%||25%||35%||5%|
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