Are you an aspiring entrepreneur with a dream of creating employment opportunities in your local community? Look no further than the Prime Minister’s Employment Generation Programme, facilitated by Uttar Bihar Gramin Bank. Here’s how we can help you turn your entrepreneurial vision into reality.
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Loan Purpose
The Prime Minister’s Employment Generation Programme aims to generate employment opportunities in rural, semi-urban, and urban areas by supporting the establishment of new self-employment ventures, projects, and micro-enterprises.
Eligibility
- To be eligible for this program, you should meet the following criteria:
- Any individual above 18 years of age.
- Possess at least an eighth standard pass educational qualification.
- Self-help groups, including those belonging to Below Poverty Line (BPL) households, provided they haven’t availed benefits under any other scheme.
- You should not have a history of defaulting on loans from any bank or financial organization.
- You must be a resident of the bank’s service area.
Type of Loan
The program offers both term loans and working capital jointly.
Quantum of Loan
For the manufacturing sector, the maximum project/unit cost is Rs. 25.00 Lacs.
For the business/service sector, the maximum project/unit cost is Rs. 10.00 Lacs.
The bank will sanction 90% of the project cost for General Category beneficiaries/institutions and 95% for special category beneficiaries/institutions, whichever is less.
Rate of Interest
The interest rate is set at 12% monthly compounded (subject to change).
Repayment of Loan
You have a flexible repayment period ranging from 3 to 7 years, including the moratorium period. Payments are made through equated monthly installments, with CC renewal every year.
Subsidy
General Category beneficiaries receive a subsidy of 15% in urban areas and 25% in rural areas.
Other Category beneficiaries receive a subsidy of 25% in urban areas and 35% in rural areas.
Insurance
Comprehensive insurance of stock and machinery is necessary to protect your investment.
KYC
Completion of Know Your Customer (KYC) requirements is required.
Uttar Bihar Gramin Bank, in collaboration with the Prime Minister’s Employment Generation Programme, is your partner in creating job opportunities and fostering entrepreneurship. Our casual and customer-friendly approach ensures that you can discuss your unique business ideas with us, and we’ll help you navigate the path to success.
Don’t let your entrepreneurial dreams remain unfulfilled. Reach out to Uttar Bihar Gramin Bank today and be the change-maker in your community by participating in this transformative program.
