Mukhyamantri Yuva Udyami Scheme: Youth are getting loans up to Rs 5 lakh, know the application process
Mukhyamantri Yuva Udyami Scheme: Do you want to start your own company as well? This is a great moment for you if you too dream of working for others instead of doing your own job. Actually, the Uttar Pradesh government just launched a fantastic program called the Chief Minister Yuva Udyam Yojana Vikas Abhiyan (CM-Yuva), which would provide interest-free loans to all young people in the state to help them launch their own businesses. In addition to not having to provide a guarantee, there is no need to pay EMI for the first six months.
The state government’s program allows young people to launch their own businesses with up to Rs 5 lakh. In this case, please provide us with all the details of the Mukhyamantri Yuva Udyam Yojana in this post today.
The Mukhyamantri Yuva Udyam Yojana’s goal
- to encourage young people in the state to launch their own companies by providing them with quality training.
- to assist young people between the ages of 21 and 40 in starting their own businesses.
- to provide 1 lakh individuals with self-employment options annually and 10 lakh chances over a ten-year period.
- This program offers interest-free loans for launching a company.
- In order to prevent young people from being burdened by debt, the terms for loan repayment are likewise quite simple.
- The government will provide a margin money subsidy equal to 10% of the project cost.
The youngsters have received approval for a project worth up to Rs 5 lakh in the first phase. In the second step, it was informed. A loan plan of up to Rs 4.50 lakh would be accessible in the second phase after the repayment of the first phase’s loan. The project cost of up to Rs 10 lakh has been sanctioned for this.
- Margin money is set based on the category.
- For those in the general group, the margin money has been set at 15%.
- OBC has a fixed rate of 12.5%.
- 10% margin money has been set for SC, ST, Divyang, backward class, and Chitrakoot, Chandauli, Fatehpur, Balrampur, Siddharthnagar, Shravasti, and Bahraich.
Mukhyamantri Yuva Udyami Yojana Eligibility
- The candidate must be an Uttar Pradesh permanent resident.
- The candidate must have completed at least the eighth grade and be between the ages of 21 and 40.
- The candidate must possess a skill-related certificate, diploma, or degree from an accredited educational institution in addition to having completed training under government-run programs.
Documents needed for the plan
The youngsters should have a few key papers for this fantastic state government plan:
- Passport-size color picture
- Certificate of age
- Certificate of educational qualification
- Certificate of caste
- report on the project,
- The PAN card
- Form for self-declaration
- Certificate of skill
Remember that if you are from a rural location, you will also need to provide the first page of the bank’s statement or passbook, along with a certificate from the Sarpanch or Ward Councilor.
How to apply for the program online
Step One
- Registration is required prior to submitting an online application for the CM-Yuva Yojana.
- Visit the MSME Portal’s New User Registration page at https://msmeup.iid.org.in/.
- Choose the ‘Mukhyamantri Yuva Udyam Vikas Abhiyan’ strategy.
- After entering the Aadhaar number, click Validate to confirm the OTP.
- The box below will automatically display your name, birthdate, and father’s name.
- Enter the captcha code, choose your email, district, and cellphone number, and then click “Submit.”
- Have a printout of the form on hand.
Step Two
- You must describe the project of the company you want to launch in depth in the second phase.
- The “Check CBIL Score” option will appear; choose it and enter your CIBIL score.
- You will also need to input the details of the task you want to begin, including the product or service, the amount of money needed, the amount of the term loan needed for plant and equipment, and the charge card limit.
Complete all of these fields, and if you have a business certificate, provide its data as well. In the third stage, you must also provide your bank account information.
