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MUKHYAMANTRI YUVA UDYAMI YOJNA (MMYUY) FOR MADHYA PRADESH

 

 

 


Mukhyamantri Yuva Udyami Yojna in introduced by the Madhya Pradesh government mainly focusing on the young entrepreneurs of the state. Under the scheme, the government gives financial benefits and support to young and emerging entrepreneurs. Young people are motivated to start entrepreneurship with the aid given by the government. The project was started on August 1, 2014, by chief minister Shivraj Singh Chauhan. Unemployment has been a big problem faced by the government and the scheme provides a solution to the unemployed youth to start their own business with innovative ideas. The scheme is really a help and boosts many youths who is thriving to do business but without money. Under the scheme loan amount between 10 lakhs to 1 crore will be provided by the government. The scheme is to empower the young people in the state to fulfill their careers and at the same time contribute to society.

Eligibility for the scheme

·       The applicant has to be a resident of Madhya Pradesh state.

·       The age of the applicant should be between 18 to 40 years.

·       Applicant must have completed the 10th class of education.

·       The scheme is provided only to start the manufacturing or service industry.

·       Applicant will get the benefits of the scheme only once.

·       The applicant must have clear records in nationalized banks, cooperative banks, or any other financial institution. He must not be a defaulter in these banks.

·       If the applicant is already receiving any financial benefits under a state level scheme such as udyami/swarozgar, then that person is not eligible to get the benefits.

 

How to apply for the scheme?

·       Application form is made available at the respective district offices.

·       Application form is free and the interested candidates can get the form from their district offices.

·       The applicant has to fill the form along with attaching all the required documents and should submit the form to the district office. The application will be reviewed by authorities.

·       The applicant is also asked to submit a project report for the expected project along with the application form.

·       The application form is then presented to the selection committee who will review and examine the forms.

·       Non-eligible applications will not be qualified for the benefits of the scheme.

·       Loans for the selected applications will be released 15 days after the acceptance of the application.

 

 

 

Financial terms under Mukhyamantri Yuva Udyami Yojna Scheme

·       The amount of the proposed project by the applicant must be between 10 lakhs to 1 crore Rupees.

·       Interest subsidy at the rate of 5% for the cost of the project will be provided by the government for 7 years per year.

·       For 7 years the guarantee fee will be paid at the current rate.

·       15% of the project cost will be paid in the form of margin money by the state government, a maximum of Rs 12 lakhs.

Loan repayment under the scheme

As per the rules of the scheme, the loan amount has to be paid by the applicant apart from the government supplied margin money. The loan has to be repaid within 7 years from the date of approval of the application. The initial loan payment can be postponed up to 6 months by the applicant.

Documents required for the application of the scheme

·       Applicants certificate of residence for Madhya Pradesh

·       Project report

·       Photograph of the applicant

·       Aadhaar card of the applicant

·       Academic qualification certificate of the applicant

·       Applicants birth certificate

·       Applicants caste certificate

·       If the land is rented for the business, then that certificate

·       The current quotation rate of machinery, furniture, equipment, etc. for the enterprise.

·       Training certificate for enterprise development. (if applicable)

·       P.L. certificate

 

Loan rules under Mukhyamantri Yuva Udyami Yojna scheme

·       Minimum amount of loan – The state government will give the loan to the applicants based on the requirements and scope of the project plan. The minimum amount under the scheme is Rs 1 lakh.

·       Maximum loan amount – The maximum loan amount that an applicant can get is Rs 1 crore. This depends on the applicant’s project requirements and scope.

·       Guarantee fee – Applicants are charged a guarantee fee on the credit amount. It will be charged on the basis of the current rate for7 years.

·       Collateral security – Under the scheme, there is no need to keep any collateral security against the credit. The applicants have to only produce the paperwork of their proposed enterprise establishment.

·       Margin money – The candidate will also get 12 lakhs or 15 % of the total expense for the business whichever is less.

·       Training for the applicants – Under the scheme the state government has also included training for all the applicants to make their business more successful.

 

Subsidy rate and loan tenure of the scheme

There will be a subsidized interest rate for all selected applicants. The candidates will have to pay interest at the subsidized rate of 5%. The loan tenure is for 7 years. All candidates should pay back the amount within 7 years. The first payment of the loan amount can be extended to six months.

How to register for the scheme?

Interested candidates can apply via both online and offline. The government has offered the facility to apply both online and offline. Interested candidates can visit the website and apply to the scheme online or can go directly to the district office and fill the application form. The processing of the application in both formats is the same and the candidate can also check the status of his or her application online.

Online application

·       For filling the online form, the candidate should click on the authorized site link.

·       Then the candidate should choose any one of the two options. If it is the first time, the candidate should create an ID and log in. If it is already done before then the candidate just needs to sign in.

·       Once the candidate is signed in, he will get the application form for the Mukhyamantri Yuva Udyami Yojna loan scheme, which has to be filled completely.

·       Recheck the information entered and once ready attach all the required documents and click submit.

 

Offline application

·       The applications forms are available in the respective district offices for no charge

·       Candidate has to complete the form and attach all the required documents,

·       The applicants should also submit a complete project report along with the form.

·       The application will be handled to the selection committee who goes through the application form

·       All the invalid applications will be rejected.

·       Loans for all the selected applicants will be given 15 days after the passing of the application form.

 

Purpose of the Mukhyamantri Yuva Udyami Yojna scheme

The main purpose of the scheme is to bring up more entrepreneurs in the state. The scheme is helpful for all the youth in the state who wants to do business but is short of money. It will create more jobs and industries in the state. Ultimately the citizens of the state will have more jobs and unemployment can be eliminated. It helps in the overall well being of the state and country. The chief minister is looking to eradicate the main problem of unemployment from the state and also for the overall development of the infrastructure. The plan is to help the youth become self-reliant and contribute to the growth of the economy.

What will a person get under the scheme?

A successful candidate will get from between 10 lakhs to 1 crore under the scheme. The amount depends on the scope of the business the person wishes to start. All the selected applicants will also get training on how to become a successful entrepreneur. Interest subsidy will also be provided by the government at the rate of 5% for the complete 7 years on the cost of the project. The state government will also pay 15% of the project cost in the form of margin money, a maximum of Rs 12 lakhs.

Loan repayment tenure under the scheme

Under the scheme, a person can repay the loan amount after a minimum of six months and a maximum of seven years. The candidate has to repay the loan amount within a period of seven years under the government’s rule.

The application status of the scheme

The status of the application can be checked online anytime. Once the candidate signs in to the page on the website, the current status of the application can be found. This is helpful in knowing the process and acceptance criteria of the application. The applicant will get a unique ID and password to login to the page and check status.

Eligible projects under the scheme

Under the scheme manufacturing industries and service sector industries are eligible to get the loan. That is if the applicant is applying for the scheme for any other industry it will not be valid. Also, the unit should be new. The loan amount is not available for existing industries and units.

Income rule for the applicant

There is no restriction or limit on income to avail of the loan. However, no industry should have been set up by the applicant or the applicant’s family to avail of the loan. The applicant should not be an income taxpayer.

Benefits of the scheme

The scheme provides huge benefits to the applicants as well as to the government. With more manufacturing industries set up the need to import goods can be reduced and the people will become self-reliant. Also, excess goods can be exported to other countries. Overall, the financial aspects of the state and the country will improve. Foreign countries will start investing in the state and this will be a big boom for the state. Apart from removing poverty and unemployment, the scheme is a pathway to huge economical changes to the state and nation as a whole. Both males and females are benefitted from the scheme. The state will become capable of meeting the needs of the people without depending on external factors or governments. The scheme is a real plan of action for the future of the state. With many young people wanting to start a new business with their great ideas the scheme is just perfect for their needs. The government has done a wonderful job in this regard.

Concluding the Mukhyamantri Yuva Udyami Yojna scheme

The Mukhyamantri Yuva Udyami Yojna scheme is developed by the Madhya Pradesh government in 2014. The scheme is concentrated on giving free loans from Rs 10 lakhs to Rs 1 crore to young people who aspires to become entrepreneurs. The age limit is between 18 years to 40 years. To avail the loan the applicant must be a citizen of Madhya Pradesh and should be 10th passed. The candidate should not have set up an industry earlier. Manufacturing and service industries are only covered under the scheme.

 The family members of the applicant should not have any industries set up. The application form is made available both online and offline. Interested candidates can get the form from their respective district offices. The loan amount is given for a period of seven years within which the amount should be repaid. Training will also be provided by the government to the selected candidates. The candidate will get a maximum of 12 lakhs or 15% of the total expense of the business as margin money. Interest subsidy will be provided at the rate of 5% by the government for a period of seven years.

Mukhyamantri Yuva Udyami Yojna Scheme is a great initiative started by the Madhya Pradesh government. The scheme has helped many youths to start their own business and become self-reliant. The economic condition of the state as well as the country is influenced positively by the scheme. The scheme is yet to provide many job opportunities for young people. The Madhya Pradesh government has thought ahead for the future to come up with this wonderful project. Surely Madhya Pradesh will reap many benefits from the project in years to come. Let us hope many new projects like this come up again in the country.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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