Mukhyamantri Yuva Swarozgar Yojana (MMYSY), started on 1st August 2014 is a financial assistance scheme help people get loans from banks to setup their own small business. The MP Government under the scheme provides margin money assistance, interest subsidy, loan guarantee and training to the beneficiaries. The main objective of the scheme is to promote entrepreneurship in the Madhya Pradesh without the need for collateral security.
Eligibility for Mukhyamantri Yuva Swarozgar Yojana
- Only the permanent residents of MP are eligible to avail the scheme benefits.
- The applicant should have passed at least 5th Class.
- Age of the applicant should be between 18 to 45 years.
- The applicant should not have been declared defaulter by any of the nationalized or private sector banks.
- The applicant should not already be getting assistance under any state run schemes.
- The scheme is available only to set up industry/service company/business.
Financial Assistance Under the Scheme
- The project cost under the scheme should be between Rs. 20 thousand to 10 Lakh.
- The government will grant interest at a rate of 5% of the cost of project (Max. 25K) per year till 7 years.
- The guarantee fee will be paid at the current rate for up to 7 years.
- State Government will provide 20% of the project cost as Margin Money or Maximum Rs. 10000 one shot basis for project cost up to Rs. 50000.
How to apply for Mukhyamantri Yuva Swarozgar Yojana
- The application forms are available for free in the related district office.
- The application forms will then be reviewed and sorted. Applicants with incomplete forms will be called to complete the missing details in the forms.
- The applicants are required to submit the general project report of proposed project along with the application form.
- Application forms will then be presented to the selection committee of respective department elected under the scheme.
- Non-Eligible applications will be rejected.
- Loans for the accepted applications will be disbursed within 15 days after the acceptance of the application.
After the loan disbursement, the applicants will be given training for the development of their industry/businesses by the government.
The detailed guidelines of Mukhyamantri Yuva Swarozgar Yojana are available at http://www.dif.mp.gov.in/schemewiseTarAllo/MMYSYojana.pdf