A boost after support to your entrepreneurial dream
The Prime Minister Employment Generation Programme (PMEGP) gives you the wings to take off while the PMEGP 2nd LOAN gives you an additional boost to take your business to the new heights of your dream.
A helping hand is extended by PMEGP to set up your business as one can avail loan amount up to Rs. 25 lakhs for manufacturing unit and up to Rs. 10 lakhs for service units.
When it comes to 2nd Loan, it is about stepping up and scaling up your business.
PMEGP 2nd Loan with a subsidy is meant for upgrading existing units which will take you closer to your dreams. The loan facility is available for existing PMEGP/MUDRA Loans availed businesses and are performing very well. Such establishments would be selected for upgradation.
Under 2nd Loan option, manufacturing sector can avail loans up to Rs 1 crore, while it is Rs 25 lakhs for service sector.
A subside of 15% can be availed up to Rs 15 lakhs for manufacturing units and up to Rs 3.75 lakhs for service units.
The performance criteria is that the units availing 2nd Loan should run profitably at least for 3 years. The Government envisages generation of additional employment with the provision of the 2nd Loan facility under PMEGP.
Eligibility criteria for PMEGP Loan Scheme 2021
Are you an Indian would be the first question to avail loan as in all other cases. Only a permanent resident of India can avail this loan scheme and is also mandatory that the age should be above 18. A minimum education of at least 8th Standard is mandatory to get benefited by this scheme. This scheme is also applicable for religious organisations or public organisations. PMEGP is only for starting a new business while 2nd Loan supports it further expansion plans. As the industry becomes further competitive, an advisory like BEquip can support business in its setting up and scaling up, and much more after incorporation. equipping you to succeed.