Pradhan Mantri Gram Parivahan Yojana
Pradhan Mantri Gram Parivahan Yojana
Developing countries like India highly focus on consistently improving its road infrastructure because of its significant role in influencing the economic development. Pradhan Mantri Gram Parivahan Yojana was implemented as an extension of Pradhan Mantri Gram Sadak Yojana, which provided proper roads for proper transportation.
There are rural areas in India that still exist without the basic transportation facilities. Pradhan Mantri Gram Parivahan Yojana was implemented with the objective of enhancing the transport system in the remote areas of the country by providing commercial passenger vehicles at subsidized rates. In addition, it also aims to offer employment to rural youth.
Features of Pradhan Mantri Gram Parivahan Yojana
This scheme renders interest free loans for at least 8000 commercial vehicles in 250 blocks across the country. Tribal women, women below the poverty line, women belonging to Self Help Groups (SHG) are especially given more opportunities to operate such transports thereby enabling them to earn income. In addition to offering a loan, the vehicles are sold at a sponsored rate. Furthermore, training to operate the vehicle with a capacity of 10-12 passengers is provided.
Eligibility Criteria for Pradhan Mantri Gram Parivahan Yojana
There are some conditions to be satisfied by the applicant to be eligible for this scheme, which are as follows.
- As per the scheme, the vehicle purchased from the loan offered by the central government should be a commercial vehicle.
- The vehicle should not exceed 10-12 seats.
- The vehicle should run 20- 22 kilometers connecting at least 12 locations every day.
Loan for PMGPY
The loan for Pradhan Mantri Gram Parivahan Yojana is a short-term loan where the limit of the loan amount for the applicant is Rs.6 Lakhs. The tenure for the loan is 6 months i.e., the loan should be repaid within 6 months.
Subsidy for PMGPY
Adding to the loan, the applicant takes advantage of the scheme from the subsidy offered by the Central Government. The applicant is required to pay only 65 percent of the amount he/she is in account of wherein the remaining 35 percent will be paid by the Central Government.
How to Apply for PMGP
The loan under this scheme is sanctioned by the Government banks. The procedure to avail a loan under this scheme is the same as the procedure for applying for any other loan from a bank.
Details regarding the complete procedure for applying a loan and the documents required for the same will be released once officially notified by the Government.
