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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