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Tag: Prime Minister’s Youth Business Loan Scheme Process and Details for business Plan

Prime Minister’s Youth Business Loan Scheme Process and Details for business Plan and Purpose of Scheme:

Prime Minister’s Youth Business Loan Scheme  Process and Details for business Plan 

Purpose of Scheme:

To provide small business loans in shape of Term loan focus on (but will not restricted to) unemployed youth, especially educated youth looking for establishing or extending business enterprise.

Eligibility Criteria

Females age between 21 to 45 year having ability to start their own business or intend to expand the existing business. Applicant should have some experience of relevant field or holds a business related diploma/certificate pertaining trade of proposed business setup.

Pricing / Markup Rate : 8%

Tenor

Maximum  7  years.  The  tenor  will  depend  upon  the  nature  of  business,  pattern  of  income  and repayment capacity.

Finance Limit

Minimum : 500,000 Rs.

Maximum : 2,000,000 Rs.

Processing Time:

Processing  time will  not exceed 15 working days after  submission of  complete basic documents by the applicant.

Borrower’s Capital : 10% of Loam Amount

Collateral / Security:

From Rs. 500,000/- to Rs 749,999/- will be secured against Hypothecation of stocks/Assets & two personal guarantees of high net/credit worthy individuals including one of government servants minimum in BPS 17.

From Rs. 750,000/= up-to Rs 2,000,000/= will be secured against tangible securities such as Lien on deposit certificates, property mortgage, pledge of gold ornaments, Pledge of stocks.

Repayment of the Loan

Equal monthly installments with grace period of 6 months for principal payment Sector and Products

Sectors and Products

All sectors. Borrowers will be encouraged to obtain standardized schemes/projects/undertakings from SMEDA or any other body but this will not be mandatory for the borrower.

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