All You Need to Know about Mukhyamantri Yuva Udyami Yojana
Mukhyamantri Yuva Udyami Yojana Application Process: Central and state government launch various schemes from time to time. These schemes are meant for the benefits of citizens. In this article, we are going to discuss one such scheme called Mukhyamantri Yuva Udyami Yojana (MMYUY) in Madhya Pradesh. This scheme came into existence on 1st August 2014.
This scheme was launched by chief Minister of Madhya Pradesh. The main aim of the scheme is to fund the young talents which have great business ideas. The government of Madhya Pradesh will give a business opportunity to youth living in MP through this scheme. This is one of the good schemes that will help in improving the economy of India by decreasing unemployment.
Main Objective of the Scheme
With this scheme, the government tries to give financial support to youth with innovative business ideas and would help them creating more industries and hence more job opportunity in the state. To set up an industry, a loan from Rs. 10 Lakh to Rs. 1 crore can be taken.
Main Features of the Scheme
The scheme stresses on a development of youth by providing them with a necessary loan to start up their own business.
Unemployment is one of the main problems of our country. There are talented young people who cannot work on their dreams due to lack of finances. With MMYUY scheme, residents of Madhya Pradesh can now start their own business or industry.
Under this scheme, the government will give interest grant, loan guarantee and margin money that would be of great use to the young talent.
Under the scheme, a government will also give training facilities for few beneficiaries.
Eligibility Criteria for the Scheme
This scheme is only available for the permanent resident of Madhya Pradesh.
The applicant should be at least 10th pass and between the age of 18 to 40 years.
The applicant should not have been declared as a defaulter by any national or private bank. If so, an applicant is not eligible for the loan.
When a person applies for the loan he/she should inform about the type of industry or work they wish to start up with the given loan. A business that is either service or manufacturing will be funded under this scheme.
The applicant should not be getting support through any other scheme. If so, he/she is not eligible for this scheme.
Financial Help through the Scheme
Under the scheme funding will be between Rs. 10 Lakhs to Rs. 1 Crore
Under the scheme, the grant interest will be at 5% of the cost per years until 7 years.
The guarantee fee at the rate of 7 years will be paid.
The government of MP will give 15% of the project money as Margin Money.
How can You Apply for the Scheme
The application forms for the scheme can be obtained from the district office.
Forms once submitted will be sorted and reviewed and if there is any missing information found, an applicant will be called to fill it.
Along with the form the applicant has to submit the general project report of their wished work.
Forms will then be sent to the selection committee of the respective department.
Ineligible applicants will be rejected and those who are selected will be sent the loans within 15 days of acceptance of the application.
The applicants who successfully gets a loan will be given training as to how to setup and grow one’s business. However, the training will not be compulsory.
Mukhyamantri Yuva Udyami Yojana is one of the very beneficial schemes launched by a state government. Young talents, who fail to fulfill their dreams just because of lack of finances, will be highly benefited.
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