Seeking funds to open or grow your small enterprise in Gujarat? Vajpayee Bankable Yojana may be the solution. This scheme that is supported by the government is to ensure that unemployed youths and entrepreneurs in the economically weaker groups receive bank loans easily.
This scheme will provide you with financial assistance in terms of lucrative subsidies whether you intend to start a manufacturing unit, a service-based setup or a trade business. Here in this blog, we will demystify all that you need to know about it, including the most significant advantages and eligibility requirements, as well as the very procedure of applying to enable you to apply with confidence.
What is Sri Vajpayee Bankable Yojana, Gujarat?
Sri Vajpayee Bankable Yojana (VBY) is a major financial aid scheme by the Gujarat Government in order to help unemployed youths and craftsmen of cottage industry in the entire state. The scheme introduced in memory of the Late Shri Atal Bihari Vajpayee who was the former Prime Minister is aimed at encouraging self employment through bank loans with subsidy benefits to the eligible applicants in both rural and urban regions.
Under this plan, one can get financial assistance in the form of nationalized banks, cooperative banks, public sector or the private banks to begin or to expand the small businesses. It is particularly helpful to those artisans who work in cottage industry and even to the disabled and visually impaired people who want to achieve some financial stability.
In case you are applying, make sure that you do your Vajpayee Bankable Yojana online registration and prepare a clear project report for VBY, as it is very crucial in availing your loan. Be it a new trade, manufacturing unit or a service business, Vajpayee Bankable Yojana in Gujarat presents you with an opportunity to be an entrepreneur with dignity and encouragement.
What are Targets of the Vajpayee Bankable Yojana?
- Eliminate the problem of unemployment in the state.
- Empower the youth of the state with entrepreneurship skills.
- Encourage the youth to become self-reliant and financially independent.
- Provide financial assistance to those persons, disabled due to an accident or by birth.
What is the loan limit of Vajpayee Bankable Yojana?
- Industrial sector loan amount – INR 8 Lakhs.
- Service sector the loan amount is – INR. 8 Lakhs.
- Trade sector the loan amount is – INR 8 Lakhs.
What is the Maximum Limit of Subsidy?
| SECTOR | LIMIT OF SUBSIDY AMOUNT |
|---|---|
| Industries | ₹.1,25,000/- |
| Service | ₹.1,00,000/- |
| Business | From ₹.60,000/- to ₹.80,000/- |
In business, the limit for subsidy amounts is different in general and reserve categories. For the general category, the limit for subsidy amount will be 75,000 and 60,000 for rural and urban areas respectively. For the reserve category, the limit will be 80,000.
Note: The maximum limit of subsidy per beneficiary in any sector will be ₹.1,25,000/- for blind or handicapped persons.
What are the Eligibility Criteria for Vajpayee Bankable Yojana?
- The applicant’s age limit must be between 18-65 years of age.
- Standard 4th pass is the minimum education qualification.
- The applicant should have completed training for at least three months from a private establishment or at least one month from any government-approved Institute.
- The field of the proposed company must be an ancestral craftsman or should have experience of a minimum 1 year in the same field.
- There are no criteria in terms of family income.
What are the Documents Required for Vajpayee Bankable Yojana?
- Aadhar Card
- Ration Card
- Photograph of the applicant
- Birth certificate of the applicant
- Project Report/Business Plan
- Caste Certificate (if applicable)
- Educational Certificate (4th standard Qualified)
- Proof of training course.
Where to Apply for Vajpayee Bankable Yojana?
Interested applicants who want to avail the benefits of the Vajpayee Bankable Yojana in Gujarat can fill the online registration form available at the official site of the Commissionerate of Cottage & Rural Industries, Government of Gujarat. It is the official place for Vajpayee Bankable Yojana online registration and you can apply, upload and track the progress there.
A well-prepared Project Report for VBY will be required before applying. This report has to describe your business concept, investment terms, income projection and repayment schedule. This project report will be reviewed by banks and only then they will approve your loan.
Do you need assistance to develop a professional Vajpayee Bankable Yojana project report? Then platforms such as Finline can make the task much easier. Most banks in Gujarat accept their ready-to-use templates and use them in the local languages.
How Finline can Help You to Prepare a Project Report for Bank Loans?
Vajpayee Bankable Yojana is an extraordinary program of the Gujarat government to enable youth, artisans, and differently-abled people to receive financial assistance to become entrepreneurs. But, a business plan or project report is one of the most significant pieces of documents in your application process. This report assists banks to estimate the viability of your business.
It is no longer a pain to develop a strong and bank-approved project report using Finline. You will be able to write your project report for Vajpayee Bankable Yojana within 10 minutes – in your own language. Are you ready? Now click to make your project report with Finline.