Mukhyamantri Yuva Udyami Yojana, launched on 01 August 2014 in Madhya Pradesh, the scheme is aimed to provide financial support to all categories of people for setting up manufacturing or service industry. Under the scheme, MP government will provide margin money help, interest grant, loan guarantee and training for setting up the industry.
Objective of Mukhyamantri Yuva Udyami Yojana
The main objective of the scheme is to provide financial support to the entrepreneurs and help creating more industries and jobs in the state. Under the scheme, a loan from Rs. 10 Lakh to Rs. 1 Crore can be taken to set up any industry.
Eligibility for Mukhyamantri Yuva Udyami Yojana
- Only the permanent residents of MP are eligible to avail the scheme benefits.
- The applicant should have passed at least 10th Standard.
- Age of the applicant should be between 18 to 40 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 manufacturing or service industry.
Financial Assistance Under the Scheme
- The project cost under the scheme should be between Rs. 10 Lakh to 1 Crore.
- The government will grant interest at a rate of 5% of the cost of project per year till 7 years.
- The guarantee fee will be paid at the current rate for up to 7 years.
- State Government will provide 15% of the project cost as Margin Money or Maximum Rs. 12 Lakh.
How to apply for Mukhyamantri Yuva Udyami Yojana
- The application forms are available the related district office for free.
- 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.
The successful beneficiaries of the scheme will then be given training by the state government to help setup and grow their business. However, this training will not be mandatory for the beneficiaries.
The detailed guidelines of Mukhyamantri Yuva Udyami Yojana are available at http://www.mpindustry.gov.in/MYUY_Scheme.pdf