Mukhyamantri Yuva Udyami Yojana (MMYUY) in Madhya Pradesh
The Mukhyamantri Yuva Yojana aimed on funding talented youths who want to set up an industry with their innovative business ideas. It is a scheme launched by the Chief Minister of Madhya Pradesh and in this scheme the government of Madhya Pradesh will provide business opportunity to the residents of Madhya Pradesh.
Below listed table describes the basic details about Yuva Udyami Yojana
|S.No||Things need to know about Yuva Udyami Yojana||Detailed Information|
|1||Yuva Udyami Yojana||Yuva Udyami Yojana – One of the strong initiatives to boost Indian economy in near future by reducing unemployment among talented youths.|
|2||Main Objective for launching Yuva Udyami Yojana||Yuva Udyami Yojana was in practice state wise in order to offer financial support to young talented youths to become entrepreneurs with their innovative business ideas.|
|3||What are all the benefits youths can attain by Yuva Udyami Yojana?||Under this scheme, talented youths may get loan amount of Rs. 10 Lakhs to 1 Crore in order to set up an industry or start new business.|
|4||Where was this Yuva Udyami Yojana in practice in India?||In India, Madhya Pradesh government successfully launched this yojana couple of years back and it gains huge popularity among talents youths with innovative business ideas.|
Features of the scheme
- The main goal of the scheme is to support the people of the state financially so that they can set up new businesses and thus create more jobs in the state.
- Employment has always been a problem in many state of India. Due to this people want to start their own business, but are not able to due to the lack of finance. Now with this scheme the people in Madhya Pradesh will be able to start manufacturing or service industries with the loan provided by the government.
- Under this scheme the government of MP will provide interest grant, loan guarantee, and a margin money help to the aspiring entrepreneurs. The loan amount under this scheme would range from Rs.10 lakhs to Rs.1 crore.
- The MP government has announced to give an interest grant of 5% of the total cost of project per year for the coming 7 years. The state government will also be giving 15% of the project cost.
- Training option is available for the selected beneficiaries, to grow their business.
- The applicant needs to be a permanent resident of the state of Madhya Pradesh. Only MP residents are applicable for this scheme.
- To apply or the scheme the applicant should be at an age between 18 to 40 years. Before applying for the scheme the applicant needs to be a class 10 passed at least.
- The people who are not a defaulter by any of the national or private banks will be applicable for applying loan under this scheme. No defaulters can apply.
- The loan will be provided under this scheme for business which will belong to service or manufacturing industry. While applying one has to mention the type of business that he or she will be establishing with the loan money.
- The people who are already being assisted by any such similar scheme run by the state cannot apply for this scheme.
Applying for the scheme
Applying for the scheme is not at all difficult. The application is available for free in any district office in Madhya Pradesh. Also application forms are available online, in the official website of the scheme. You need to fill the form details and submit it in the district office.
The application will be reviewed by the officials and in case there is any information missing in the form, you will be called to fill it. Now along with the application form, the applicant needs to submit a rough project report of his/her business plans. The forms and report will be presented to the selection committee. If forms are accepted, loans will be disbursed with 15 days.