Mukhyamantri Yuva Swarozgar Loan Yojana (MMYSY) in MP


Mukhyamantri Yuva Swarozgar Loan Yojana (MMYSY) in MP

Madhya Pradesh state government is trying to improve the employment condition in the state by launching various schemes to cover unemployed youths. Even then lot of young people are still unemployed, to get work they either move outside the state or involved in wrong task. To solve this problem government is trying to give many offers to young’s so that they can set up their own work and will not move to other places for employment. To complete this plan MP government introduced a new plan for young called Mukhyamantri Yuva Swarozgar Yojana (MMYSY) in Madhya Pradesh.

S.No Facts about Yuva Swarozgar Yojana Detailed Information
1 Scheme Name Mukhyamantri Yuva Swarozgar Yojana (MMYSY)
2 State Which Launched this Scheme Madhya Pradesh
3 Launched on 1st August 2014
4 Launched by Madhya Pradesh Chief Minister Shivraj Singh Chouhan
5 Loan Amount Rs 20,ooo to Rs 10 Lakhs

Mukhyamantri Yuva Swarozgar Yojana (MMYSY) in MP

This Yojana is started in Aug 2014, Under this people get financial help in form of bank loan to setup their small business. Under this scheme government provides different facilities like margin cash help, interest subsidy, loan assurance and guidance for business to the receiver. The basic purpose of this scheme is to put the state as business enterprises on the map of India. This scheme is to promote entrepreneurship in the MP without the required for guarantee security.

Under Mukhyamantri Yuva Swarozgar Yojana (MMYSY) in Madhya Pradesh, the government gives loans up to Rs 20,000/- to Rs. 10,00,000/- to the eligible applicants of MP state.

To get loan for their business young’s also having not to do more efforts. It is easy process and one who follows the eligibility criteria can easily get the loan. And can become owner of its own work.

Eligibility criteria to get loan under Mukhyamantri Yuva Swarozgar Yojana

  • Only the MP resident’s person can apply for this scheme. People who are outside the MP State cannot apply for the loan under this scheme.
  • The candidate must have at least 5th class certificate. People who are not educated cannot apply for this scheme.
  • Only adult people can apply for this scheme means a person must be above 18 and less than 45 for this scheme.
  • The applicant should not have been confirmed cheater in any of case by any of the state-owned or private sector banks.
  • The candidate should not get benefit from this scheme or some other scheme run under the state government.
  • The scheme is accessible only to startup own manufacturing/service corporation or business.

Financial Assistance that get candidate under the Mukhyamantri Yuva Swarozgar Yojana

  • The complete project cost under the scheme should be between Rs. 20 thousand to 10 Lakh.
  • The guarantee fee will be regularly paid at the current rate for up to 7 years.
  • Interest at a rate of 5% of the cost of project (Max. 25K) per year till 7 years will be granted by the government to candidate
  • Candidate will get the loan within 15 days of approval of application
  • State Government will offer 20% of the project cost as Margin Money or Maximum Rs. 10000 one shot basis for project price up to Rs. 50000.

Document needed to get benefit of this scheme:

  • Residence proof certificate of MP State
  • Aadhaar card copy
  • Proof of education as candidate must pass at least 5th class
  • Document of loan if already taken from any bank by the candidate
  • Photo of candidate
  • Birth certificate proof
  • Any SC/BC certificate if anyone have
  • BPL Rasan Card copy if anyone have

Process to apply for Mukhyamantri Yuva Swarozgar Yojana

  1. First of all candidate have to get application form his concerned district office also Application forms for getting loans under Mukhyamantri Yuva Swarozgar Yojana can be downloaded from the official website of state.
  2. The application forms are accessible without any cost in the related district office.
  3. The application forms will then be reviewed as well as sorted. Applicants with deficient forms will be called to complete the missing details in the forms.
  4. The applicants shall submit the general project report of proposed project together with the application form.
  5. Application forms will then be explained before the selection committee of respective department elected under the scheme.
  6. Non Eligible and incomplete applications form will be rejected so one should take care that application form will be properly filled
  7. Loans for all the accepted applications will be released within 15 days after the acceptance of the application.
  8. After the loan payment, the applicants will be given proper training for the development of their industry/businesses by the government.

No doubt that this is good scheme for the young talented people who seek financial assistance and unemployment rate will decrease once people get started benefits from this scheme. So those who are interested in setting up their own business and have some business ideas in their mind can make use of Mukhyamantri Yuva Swarozgar Yojana by our government.

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