MSME? Get up to 25 Lacs through PMEGP

PMEGP: Prime Minister Employment Generation Program

The program has been launched to provide financial assistance to set up new enterprises.

Implementation:

1. At the national Level: Khadi and Village Industries Commission (KVIC)
2. At the state level:

• State KVIC Directorates
• State Khadi and Village Industries Boards (KVIBs),
• District Industries Centres (DICs)
• Authorized Banks

The government subsidy will be routed through KVIC through identified banks under this scheme. The allotted amount will be transferred in the entrepreneur’s account.

Financial Assistance:

1. Allotted Amount:

• For Manufacturing Unit/Project : Maximum 25 Lacs
• For Business/Service Sector: Maximum 10 Lacs

2. Levels of Funding:

Categories of Beneficiaries	Beneficiary’s Contribution of Project Cost	Rate of Subsidy of           Project Cost
Area		Urban              Rural
General category	10%	15%                   25%
Special (OBC, SC, ST, Women, Ex-Servicemen, Physically Handicapped, etc.	5%	25%                    35%

Note: The balance amount will be provided by banks as a term loan as well as working capital. A special task force in each district under the chairmanship of District Magistrate will be formed for the consideration and viability of the beneficiaries’ project. Banks will have their own credit decision.

Eligibility:

1. Any individual above 18 years of age.
2. He or she should be 8^th pass for the consideration of loans for the projects costing above 10 Lacs in the manufacturing sector and 5 Lacs in the service sector.
3. Only new projects will be considered under this scheme.
4. Self Help Groups, Institutions registered under Societies Registration Act 1860, Charitable Trust, and Production Cooperative Societies are also eligible under this scheme.

Procedure:

From time to time, the authorized agency will call for the proposals through electronic and print media. One has to submit his/her project proposals and the concerned institution after consideration will guide the banks to issue the loans.

Online Application:

The beneficiaries can submit their application online and after taking the print out they need to submit the same to respective offices with other required documents and detailed project report.

For online application visit at: https://www.kviconline.gov.in/pmegp/pmegponlineapp/

For information on application Procedure: https://msme.gov.in/Web/Portal/PMEGPAP.aspx

For detailed information and guidelines: https://msme.gov.in/mob/SPMEGP.aspx