The Indian government has launched the Pradhan Mantri Formalisation of Micro Food Processing Enterprises (PMFME) Scheme 2024. PMFME Scheme 2024 aims to support the growth of the food sector. The scheme empowers small-scale enterprises, provides credit and loan facilities for upgrading machinery and technology, and allows applicants to apply for PMFME Scheme 2024 online. Eligibility criteria can be met through the official website. This scheme aims to help small-scale enterprises grow without facing significant challenges.
PMFME Scheme 2024 Highlight
| Type of Facility | Term Loan |
|---|---|
| Margin | Minimum of 10% of the project cost. |
| Quantum of Loan | Minimum loan: No ceiling Maximum loan: No ceiling |
| Repayment | Max. 10 years including maximum moratorium of 6-24 months. |
| Security | As per the Bank’s extant guidelines, subject to revision by the bank from time to time. |
| Interest Rate | |
| – For Eligible MSME Entities | Loan up to Rs. 2 Cr: EBLR (External Benchmark based Lending Rate) +200 bps A loan above Rs. 2 Cr: As per the Bank’s extant guidelines. |
| – For Other Categories: FPOs/ SHGs/ Producer Cooperatives | For MSME: – CGTMSE for collateral-free loan up to Rs. 5 Cr. Other categories: For loans under the MUDRA credit guarantee of CGFMU. |
| Upfront Fee | Loan up to Rs. 50 lakhs: EBLR +360 bps A loan above Rs. 50 lakhs: As per the Bank’s extant guidelines. |
| Subsidy/Grant | Individual Micro Enterprises: Capital Subsidy @35% of the eligible project cost with a maximum ceiling of 10.00 lakh per unit. FPOs/ SHGs/ Co-operatives: @35% of eligible project cost. Common Infrastructure Development: @35% of eligible project cost. |
| Credit Guarantee | For MSME: – CGTMSE for collateral-free loan up to Rs. 5 Cr. Other categories: For loans under MUDRA credit guarantee of CGFMU. |
PMFME Scheme 2024
The PMFME Scheme 2024 is a government initiative in India aimed at formalizing the country’s food sector. This scheme provides credit-linked capital subsidy at 35% of eligible project costs, with a maximum ceiling of Rs.10 lakh per unit. This scheme enables small entrepreneurs to set up the latest technology and increase production with machinery. Additionally, applicants receive seed capital at INR 40,000/- per SHG member.
PMFME Scheme 2024 Required Documents
- PAN Card
- Email ID
- Mobile Number
- Aadhar Card
- Electricity bill
- Address Proof
PMFME Scheme 2024 Apply Online
Step 1: Open The official PMFME website in a Web browser.
Step 2: Now click on the option register under the option login.
Step 3: The applicant must fill in all the required details in the application form.
Step 4: Attach all the required documents.
Step 5: Quickly review your application form and hit on submit button.
PMFME Scheme 2024 Status Check
Step 1: Open The official PMFME website in a Web browser.
Step 2: Click on Track Application Form.
Step 3: Enter your Application No. or User ID and click on search.