Upto 35% Subsidy on Business loan

🌟Under PMEGP, initiated by Govt. of India, with the help of Banks offers funding assistance to set up new enterprises. The Government has come up with a few changes to the existing scheme by increasing the maximum project cost from the existing Rs Rs 10 lakh to Rs 20 lakh for service units and Rs. 25 lakhs to Rs 50 lakhs for manufacturing units.
➡️Under this scheme, the business owners need to invest only 5%-10% of the project cost while the Government provides a subsidy of 15%-35% of the project based on different criteria. The Banks offer funds in form of Term Loan, Working Capital Loan in form of Cash Credit and Composite Loan.
🔸The Bank sanctions 90% of the project cost in case of General Category of beneficiary and 95% in case of Special Category. However, the credit from the bank shall range between 60-75% of the total project cost whereas the rest of the sanctioned component i.e. 15-35% of the project cost is offered as margin money subsidy under the PMEGP scheme.
➡️Below mentioned are the steps to apply for PMEGP Online for an individual:
Step 1: Visit the official website of PMEGP (Khadi and Village Industries Commission website) to fill out the form online
Step 2: Follow the guidelines for filling out the online PMEGP application and fill in all the required details, as per your information
Step 3: After filling in all the required details, click on ‘Save Applicant Data’ to save the filled derails
Step 4: After you have saved your data you need to upload all the documents for the final submission of the application form
Step 5: Once the application is complete and submitted, the applicant’s ID number and password will be sent to his/her registered mobile number
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