It is a special type of loan under Pradhan Mantri Employment Generation Programme (PMEGP). Here the Bank will sanction term loan 90% of project cost in case of General Category and 95% of project cost in case of Special Category. Bank will finance Capital expenditure in form of Term loan and Working Capital in form of Cash Credit. The maximum Project cost under PMEGP is Rs. 25 lakh.
This is a unique scheme where Subsidy is approved before the approval of loan. Therefore, as soon as loan is disbursed, subsidy is also credited to the customer. It is a very lucrative scheme and provides upfront subsidy to the entrepreneur which is a huge benefit.
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