What is Mukhyamantri Yuva Udyami Yojana?
The Mukhyamantri Yuva Udyami Yojana is developed by the MSME Department of the Madhya Pradesh Government & incorporated this scheme to provide loans through banks to the unemployed Youth of Madhya Pradesh to help them set up their own industry (manufacturing) / (service enterprises). Under the scheme, the benefit of margin money assistance, interest grant, loan guarantee and training will be given to the beneficiaries by the government. The Mukhyamantri Yuva Udyami Yojana has priority for agro-based industries such as agro processing, food processing, cold storage, milk processing, kettle feed, poultry feed, custom hiring centres, vegetable dehydration, tissue culture, pulses mill, rice mill, oil mill, floor. Priority will be given to mills, bakeries, spice making, seed grading /shorting and other agro-based / subsidiary projects.
Who all are eligible for Mukhyamantri Yuva Udyami Yojana?
- For Mukhyamantri Yuva Udyami Yojana applicant must be resident of Madhya Pradesh.
- Educational Qualification: Minimum 10th grade pass.
- The age of applicant should be between 18 to 40 years on the application date.
- The applicant should not be a defaulter in any national bank.
- If a person is getting assistance under any government entrepreneur / self-employment scheme, then he will not be eligible under this scheme.
What are the benefits of Mukhyamantri Yuva Udyami Yojana?
- The project cost under this scheme will be minimum Rs 10 lakh to maximum Rs one crore.
- Under this scheme, 15% (maximum Rs. 12 lakhs) margin money will be payable on the project cost.
- Under this scheme, interest subsidy will be payable at the rate of 5 percent for a maximum of 7 years on the project cost.
- Under this scheme, the guarantee fee will be payable at the prevailing rate for a maximum period of 7 years. Business activities will not be eligible under this scheme.
Assistance and loan repayment:
- 15 percent (maximum Rs. 12 lakhs) on the project cost. Margin money will be payable by the beneficiary on behalf of the government / corporation, and the balance margin money will have to be deposited by the beneficiary himself, if necessary.
- The minimum period of moratorium will be 6 months.
- After the initial moratorium, the loan repayment will be between 5 and 7 years.
- For Mukhyamantri Yuva Udyami Yojana ,applicant’s Resident certificate of Madhya Pradesh
- Project Report/Business Plan
- Caste Certificate of the applicant
- Applicant’s photograph
- Birth certificate of the applicant.
- Academic qualification certificate of the applicant.
- Enterprise Development Training Proof
- Current rate quotation of machinery/equipment/furnishing etc. for the enterprise, If applicable
- PL Certificate
Following website should be visited to apply for the Mukhyamantri Yuva Udyami Yojana.