Cm Yuva Udyami Scheme: The government is giving an interest-free loan of Rs 5 lakh to the youth, know the application process
Cm Yuva Udyami Scheme: Yogi Adityanath, the chief minister of Uttar Pradesh, introduced the Yuva Udyam Vikas programme. Under this, the state government lends individuals up to Rs 5 lakh to launch their own businesses. The unique aspect of this is that there is no interest required while taking out a loan up to 5 lakhs. The Yogi administration claims that since the programme’s inception, about 1 lakh young people in Uttar Pradesh have benefitted from it annually and launched their own businesses.
Who is going to gain from this plan?
A person must have at least an eighth pass in order to be eligible for the CM Yuva Udyam Yojana. The recipient must be between the ages of 21 and 40 in order to be eligible to apply for it. You may also take part in the government-run training programme under this system if you’d like. The bank will provide a 5 lakh rupee interest-free loan after all requirements have been met. After taking out the loan, there is no need to make any form of EMI payments to the bank for six months.
Which Uttar Pradesh district benefitted the most from the programme?
To date, the Maharajganj district’s youngsters in Uttar Pradesh have benefitted the most from this programme. Under this programme, a goal of starting 1000 new projects in Maharajganj was established. According to CM Yogi, no young person who is qualified for this programme and wants to launch their own company should be excluded. Following that, the Bank of Maharajganj authorised 1028 additional projects. Additionally, this interest-free borrowing opportunity was made available to 911 personnel. In this manner, the district made this plan a reality and approved more projects than the goal.
What is the bank with the highest loan volume?
State Bank of India is the bank that has provided the most number of loans to individuals under this programme. Based on the available data, the bank has received over 33,000 applications to participate in this programme. Of these, about 7159 persons had their applications accepted, and 4532 people received loans from the bank after the verification of their documentation.
Bank of Baroda comes in second on the list of companies offering the largest loans under this programme. About 3945 persons received loans here.
- More than 3300 individuals received loans from India Bank, which came in third.
- PNB Bank ranks fourth in this category, having authorised loans for 2982 individuals.
- Gramin Bank, which ranked fifth, provided loans to around 2646 individuals.
