Mukhyamantri Yuva Udyami Yojana: The Uttar Pradesh government had launched the Mukhyamantri Yuva Udyami Vikas Yojana some time back to motivate the unemployed youth of the state for self-employment. Although till now only a loan of 5 lakhs was being given under this scheme, but now a proposal to extend the loan limit of the scheme has been passed. The age limit under Mukhyamantri Yuva Udyami Yojana is also being increased from 40 to 45 years. Meaning now under this scheme, any person between the age of 21 to 45 years will be able to get a loan of up to Rs 25 lakh and start his own employment.
For the information of the readers, let us tell you that the Mukhyamantri Yuva Udyami Yojana is being successfully operated in Uttar Pradesh. Due to this scheme, many youths of the state are being provided interest-free loans and they are being motivated for self-employment so that they can start their own employment and get rid of the hassle of job. Under this scheme, till now more than 68000 youth have been given interest free loan so that they are starting their own employment. Under the scheme, the state government also gives margin money subsidy of up to 10% so that the youth can raise initial capital to start a startup.
For better operation of Mukhyamantri Yuva Udyami Yojana in the state, now the government has decided to increase the loan limit. This limit was till now ₹ 5,00,000 which has now been increased to Rs 25 lakh. At the same time, under this limit, 50% interest free facility will be provided as per the old phase, meaning that in the coming time, now the youth will be able to take a loan of up to ₹ 25 lakh with the age of not 40 years but up to 45 years, in which they will also be able to get subsidy.
New eligibility criteria of the Mukhyamantri Yuva Udyami Scheme
- No eligibility criteria have been added under this scheme
- Now the age of application has been made 21 to 45 years instead of 21 to 40 years.
- The applicant must have passed at least 8th class.
- Apart from this, if the applicant is an ITI diploma or degree holder, then they are given priority.
- The applicant must be a resident of Uttar Pradesh.
- The applicant should not be a defaulter of any other loan scheme before this.
New structure of the Mukhyamantri Yuva Udyami Yojana
Under this scheme, in the first phase, the applicant will be given a loan of 5 lakhs, which will be 100% interest free loan. This loan will be given for 4 years. Under the second phase, the applicant will be able to take a loan of 10 lakh to 25 lakhs, in which 50% subsidy will be given and the loan period will be 3 years.
Application process for Mukhyamantri Yuva Udyami Yojana Loan
Let us tell you that to apply for this loan, the applicant will have to go to the official website msme.up.gov.in and register. The applicant will have to go here and upload all the documents. After uploading the documents, the applicant will also have to submit the project report here. After reviewing the applicant’s project report and overall idea, the margin money will be inspected.
After this, the documentation process will be taken forward, the applicant will be given training and guidance and after that the loan will be approved by the bank. Overall, more expansion is being done under this scheme in which the loan amount has been increased from 5 lakhs to 25 lakhs. At the same time, the age limit of the applicant has also been extended by 5 years so that more and more people can take advantage of this scheme and become self-reliant.