Background of the scheme
The Government of India announces various schemes to encourage self-employment, which is a thriving factor for India’s economy.
Objective of the scheme
The State Government of Madhya Pradesh introduced MukhyamantriYuvaUdyami Yojana on August 1, 2014 with an aim to spread an entrepreneurial culture among the youth of the state and to engage them in gainful employment. The prime intention of MukhyamantriYuvaUdyami Yojana is to extend support in areas of enterprise creation and skill development training to generate employment by offering financial assistance to people of all categories.
Concerned bodies in charge of Scheme Implementation
The Department of Commerce, Industry and Employment is the nodal department to implement this scheme.
Quantum of benefits available under MMYUY scheme
As margin money, the State Government will grant 15% of the project cost or a maximum of Rs.12 Lakhs. The interest subsidy is 5% of the cost of the project & 6% of the cost of project for women per year till 7 years. As per the scheme, the loan amount should be paid by the applicant apart from the margin money supplied by the Government. The loan should be repaid within 7 years from the date of approval of the loan. The payment can be initially postponed upto 6 months from the loan approval date.
Cost of project
The scheme renders financial support to set up one’s own business in the form of loan. To take advantage of the scheme, the project should cost between Rs. 10 Lakh and 1 Crore. The loan will be disbursed within 15 days from the acceptance of the application.
Eligibility criteria
Entrepreneurs who satisfy the following criteria can apply for this scheme:-
1.To exploit the scheme benefits, the applicant should be a permanent resident of Madhya Pradesh.
2.The applicant should have qualified 10th standard to be eligible.
3.The age limit of the applicant should be from 18 to 40 years to be applicable.
4.The applicant referred to as a defaulter by any of the nationalized or private sector banks is not eligible.
5.Applicant who is already a beneficiary of any State Government schemes or any other entrepreneur schemes is not allowed to apply for this scheme.
6.Apart from establishing a manufacturing or service industry, the scheme is made unavailable for any other business activities.
How to apply under MMYUY Scheme
The application for this scheme can be submitted either online or offline.
Online Application Process
Step 1: The applicant can apply online by visiting the official website of MSME, Madhya Pradesh.
https://msme.mponline.gov.in/portal/Services/DCI/Index.aspx
Step 2: The candidate should register in case of being a new user. The candidate can directly login if registered already by selecting the scheme from the drop-down list.
Step 3: On logging in, the application form should be filled with appropriate details and submitted after uploading the necessary documents.
Offline Application Process
The application form is available in every district office which should be submitted along with the project report and prescribed documents. Download the application form by clicking on the given link.
https://www.indiafilings.com/learn/wp-content/uploads/2018/07/MYUY_Application-form.pdf