Hello everyone today we share with you a simple explanation about Who is not eligible for PMEGP Loan 2024. PMEGP loan is a government program that helps people start their own businesses. But some People not eligible for this loan. This also includes People who have already received benefits from PMEGP or other government subsidy programs. People who currently owe income tax.
Category | Not Eligible |
|---|---|
Previous Beneficiaries | Individuals who have already availed benefits under PMEGP or any other government subsidy scheme for employment generation |
Tax Liabilities | Individuals with current income tax liability |
Defaulters | Persons who are defaulters to any bank/financial institution/ co-operative societies |
NRIs | non-resident Indians |
Institutional Borrowers | Institutions registered under the Societies Registration Act 1860, Charitable Trust Act or any other body/institution constituted by the Government |
Minors | persons under 18 years of age |
Government Employees | Persons who are government servants or semi-government servants |
Which Business are not under pmegp scheme?
Category | Not Eligible |
|---|---|
Non-Manufacturing | Trade, manpower supply, perishable goods. |
Polluting Industries | Industries that involve hazardous materials or cause environmental pollution |
Non-viable Business | Any business that is not considered economically viable or sustainable |
Real Estate | Purchase/construction of buildings or acquisition of premises |
Conventional Sectors | Traditional sectors like rice milling, flour milling. |
Service Enterprises | Service enterprises like beauty parlors, consultancy firms. |
Prohibited Activities | Activities prohibited by law or against public policy |
Restricted Items | Manufacture of items reserved for special production in micro and small enterprise sector |
Pmegp eligibility criteria 2024
PMEGP loan is for anyone above 18 years of age who wants to start their own small business with an investment of Rs. Rs 25 lakh for manufacturing. Rs 10 lakh for services. It is open to individuals, groups and various organizations but your business idea must be new and not previously funded by the government. Visit the Ministry of Micro, Small and Medium Enterprises website for more information on how to apply.
Read Also : Which Bank Is Best For Pmegp Loan 2024 Latest Updates
which business comes under pmegp scheme?
Category | Businesses Type |
|---|---|
Manufacturing | Agro-based, Polymer and Re-engineering, Bio-seed, Textile, Electrical and Mechanical |
Service | Hospitals, Pathology Labs, Diagnostics Centres, Boutiques, Spas, Beauty Parlors, IT Units |
Food Processing | Bakery, Pickles, Papad, Murabba, Dairy Products, Snack Food |
Agriculture & Allied | Poultry, Fishery, Horticulture, Floriculture, Herbiculture, Sericulture |
Handloom & Handicrafts | Wood, Bamboo, Jute, Khadi, Silk, Coir Products |
Renewable Energy | solar panel manufacturing, biomass, windmill |
Engineering | Machine Tools, Electrode Manufacturing, Fabrication Units |
Packaging | paper, plastic, tin containers |
what are the documents required for pmegp loan?
- ID and Age Proof: Aadhar Card, PAN Card, Voter ID, Passport or Birth Certificate
- Proof of Address: Aadhar Card, Voter ID Card, Utility Bill or Rent Agreement
- Education Certificate: Marksheet, Degree/Diploma
- Caste Certificate (if applicable): Issued by the concerned government authority
- Disability Certificate (if applicable): Issued by certified medical authority
- Ex-Serviceman Certificate (if applicable): Discharge Certificate/Book.
- Project Plan: Detailed report explaining the technical and financial aspects of your business
- Cost Estimating: Quotes for machinery, equipment and other project costs
- Land/Premises Documents: Ownership proof or lease agreement for your business space Partnership Deed (if applicable): For Partnership Firms.
- Company Registration (if applicable): Legal document for companies
- Bank account details: canceled check or bank statement
- Licenses/Permits (if required): Permits relevant to your type of business
- Udyam Registration: Registration on Udyam Portal for MSME units
which bank is best for pmegp loan 2024?
Bank Name | Interest Rate | Loan Amount |
|---|---|---|
State Bank of India (SBI) | 7.30% - 9.95% | Up to Rs. 25 lakh |
Punjab National Bank (PNB) | 7.25% - 9.75% | Up to Rs. 10 lakh |
Bank of Baroda (BOB) | 7.25% - 9.75% | Up to Rs. 10 lakh |
Canara Bank | 7.30% - 9.95% | Up to Rs. 10 lakh |
Union Bank of India (UBI) | 7.25% - 9.75% | Up to Rs. 10 lakh |
how to apply for pmegp loan 2024
Step 1: Make your project plan
Write down what you want to sell or make, who will buy from you, how much money you need, and other important details.
Step 2: Prepare Documents
Your ID card (Aadhar, PAN) – Proof of where you live (utility bill, rent agreement) – Education and Work Certificate – Caste/Community Certificate (if required for subsidy) – Rent agreement or ownership papers for your business space.
Step 3: Pay your share
You have to pay 5-10% of the total project cost from your own money, depending on the loan amount.
Step 4: Visit the Bank
Visit any participating bank like SBI, PNB, UBI, or others. Give them your plan, application form and documents.
Step 5: The bank checks your plan
The bank will check whether your business plan is good and whether you can get a loan. Once approved, they will tell you how much loan you can get.
Step 6: Get the loan amount
After some paperwork, the bank will give you the loan amount. The subsidy portion will be deposited into your account later.
Step 7: Start Your Business
Use the loan money to start or expand your business.
Step 8: Pay off the loan
Start paying the loan as per the agreed schedule and terms. You have up to 7 years to pay it back, with a possible break of up to 18 months.
How to Make Project Report for Pmegp Loan
Step 1: Basic Information | Details |
|---|---|
Step 1: Basic Information | Name of Business (for example, ABC Garments), Readymade Garments Manufacturing Business, City/State of Establishment |
Step 2: About You | Your name, education in apparel/manufacturing, previous work experience in apparel |
Step 3: Products and Customers | Types of readymade garments (men/women/kids), target customers (families, working people), similar businesses and unique benefits |
Step 4: Project Cost and Funds | Total Project Cost, Funding Source: Your Investment, PMEGP Loan, Other Fund Sources |
Step 5: Setting Up the Business | Production facility arrangement, machinery installation and testing, staff hiring and training, expected timeline for commercial production |
Conclusion
In the last PMEGP loan is not for everyone as it has its rules. If you make a lot of money, already own a business or have enough money, you may not be able to get this loan. Additionally if you do not have the required education you will not be able to qualify. Be sure to check out who can apply. If you’re not sure whether you can get a loan ask for help from someone who knows.
Read Also : How to Make Project Report for Pmegp Loan Step-by-Step Guide
FAQ's
Who is not eligible for PMEGP Loan
It usually takes about 1 to 3 months to get a PMEGP loan after applying. The exact time may vary depending on your paperwork and the bank’s processing speed. Make sure your application is complete to avoid delays.
To repay the PMEGP loan, follow the repayment schedule prescribed by your bank. Typically, you can make monthly payments through bank transfer, check or online payment. Always check with your bank for specific repayment methods and any additional guidance.
Check your PMEGP loan status by visiting the official website and logging into your account. The Application section will display the current status of your loan. You can also contact your bank for updates.
To apply for PMEGP loan online, visit the official website and select the PMEGP e-Portal option. Complete the application form with your information and upload the required documents. Once you submit the form, wait for your application to be processed.
PMEGP loans offer subsidies ranging from 15% to 35% which is depending on your category (General, Scheduled Caste, Scheduled Tribe, Other Backward Class, Minority, or Women) and whether you live in an urban or rural area.This subsidy amount is deducted from the total project cost. For detailed information on eligibility criteria visit the official PMEGP or KVIC website.
