The Government of India has taken up quite a few initiatives to provide loan options and subsequently employment to the unemployed youth of India.
These different schemes and loans for unemployed are discussed in detail underneath –
1. Property loans
Unemployed individuals can avail a loan against property, which offers up to Rs.3.5 crore. Along with high financing, additional features like convenient tenor options, additional top-up loans, etc. are also offered on such schemes.
2. Prime Minister Rozgar Yojana
This scheme was launched in the year 1993. It offers up to Rs.1 lakh for businesses while other types of enterprises are offered up to Rs.2 lakh. Entrepreneurs can avail a subsidy of up to 15% on the project costs.
3. Prime Minister’s Employment Generation Programme
Launched in the year 2008, this scheme offers loan for unemployed youths who intend to establish their business. While there are specific slabs based on the academic qualifications of the individuals, a maximum of Rs.10 lakh is offered for businesses while it goes up to Rs.25 lakh for the manufacturing sector.
4. State government initiatives
A few state governments have also launched financing schemes for unemployed youth. One of the major initiatives by a state government was that of New Entrepreneur cum Enterprise Development schemes (NEEDS) by the Tamil Nadu government. This scheme does not just provide loan to the unemployed but also provides them with industry-specific training.
While these loan schemes offered by the Government of India or State Governments have a few benefits like subsidised rates of financing or lower rates of interest, they have a few drawbacks too. Usually, the amount of money offered in financing can be quite low. Hence, availing a loan against property can be more beneficial.
Know about Different Kinds of Loans against Property in brief
These different schemes and loans for unemployed are discussed in detail underneath –
1. Property loans
Unemployed individuals can avail a loan against property, which offers up to Rs.3.5 crore. Along with high financing, additional features like convenient tenor options, additional top-up loans, etc. are also offered on such schemes.
2. Prime Minister Rozgar Yojana
This scheme was launched in the year 1993. It offers up to Rs.1 lakh for businesses while other types of enterprises are offered up to Rs.2 lakh. Entrepreneurs can avail a subsidy of up to 15% on the project costs.
3. Prime Minister’s Employment Generation Programme
Launched in the year 2008, this scheme offers loan for unemployed youths who intend to establish their business. While there are specific slabs based on the academic qualifications of the individuals, a maximum of Rs.10 lakh is offered for businesses while it goes up to Rs.25 lakh for the manufacturing sector.
4. State government initiatives
A few state governments have also launched financing schemes for unemployed youth. One of the major initiatives by a state government was that of New Entrepreneur cum Enterprise Development schemes (NEEDS) by the Tamil Nadu government. This scheme does not just provide loan to the unemployed but also provides them with industry-specific training.
While these loan schemes offered by the Government of India or State Governments have a few benefits like subsidised rates of financing or lower rates of interest, they have a few drawbacks too. Usually, the amount of money offered in financing can be quite low. Hence, availing a loan against property can be more beneficial.
Know about Different Kinds of Loans against Property in brief
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