New Delhi: The government’s focus is on empowering the middle and poor classes by providing them with financial assistance. Several schemes are being run by the central and state governments for this purpose. Many of these schemes provide financial aid, while others offer assistance through loans. In these changing times, we are going to tell you about a special scheme.
This scheme allows anyone to start a business by taking out a loan. It is called the Chief Minister Youth Entrepreneurship Development Campaign. This scheme provides loans up to Rs 5 lakh without interest and without collateral. You get the loan, and you don’t have to pay any interest. You can take a maximum loan of up to Rs 5 lakh. To apply for a loan under this scheme, you need to know some important conditions.
Who is eligible for the loan?
You can easily get a loan of up to Rs 5 lakh through the Chief Minister Youth Entrepreneurship Development Campaign. If you are thinking of taking a loan, the applicant’s age must be between 21 and 40 years. If the age is outside this range, the loan amount will not be confirmed. The minimum educational qualification required is passing the 8th grade.
A skill training certificate from a recognised institution is also necessary. The applicant should not be a beneficiary of any other scheme except the PM SVANidhi scheme. The scheme aims to empower people and encourage them to start their own businesses. The government intends to create as many entrepreneurs as possible. The Yogi government of Uttar Pradesh runs this scheme. The application process is also easy.
How to apply
The application process for this scheme is also simple.
First, you will need to apply online by visiting the MSME portal msme.up.gov.in.
After that, this online application will be verified at the District Industries Promotion and Entrepreneurship Development Centre.
Immediately after verification, the form will be sent to the bank.
Then the bank will verify the application and approve the loan.
After that, arrangements will be made for disbursing the loan.
No interest required
You won’t have to worry about interest on this loan. You can repay it without any interest. According to the scheme rules, this loan needs to be repaid within 4 years. Furthermore, if you take this loan, you won’t need to provide any kind of guarantee. However, you will have to make a deposit. General category applicants will have to contribute 15%, OBC applicants 12.5%, and SC/ST and disabled applicants 10%.