Business Loan: In today’s world, as finding a job becomes increasingly difficult, it has become essential for young people to create their own employment and start their own businesses. However, the biggest obstacle for young people is often a lack of funds. Understanding this challenge, the Uttar Pradesh government has launched a special scheme for the youth, called the Chief Minister Youth Entrepreneurship Development Campaign. Under this scheme, even young people who have only passed the 10th grade can start their own business and avail a loan of up to Rs. 10 lakh, without any collateral and with interest subsidies.
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Scheme’s Objective and Importance
The CM Youth Scheme is being run by the Uttar Pradesh government. The main objective of this scheme is to encourage self-employment among the youth, promote small businesses and micro-industries, and create new employment opportunities in both rural and urban areas. The government aims for 1 lakh young people to start their own businesses every year and for 10 lakh young people to become self-reliant in the next 10 years. The minimum educational qualification for this scheme is only 8th or 10th grade pass. A degree from a major college is not required; a skill certificate from a recognized institution is sufficient. Young people holding certificates in ITI, computer courses, tailoring, electrician training, mobile repairing, or any other skill training are eligible for this scheme.
Loan and Grant Details
Under the scheme, loans are provided to young people based on the type of their business. For small businesses or service-related ventures up to Rs. 5 lakh, 100% interest-free loans are available without any collateral. For loans up to Rs. 10 lakh, significant interest subsidies and easy installment payment options are provided. In addition, the government also provides a grant of 10% to 15% of the project cost, which does not need to be repaid. For example, if your business is worth Rs. 5 lakh, the government provides approximately Rs. 50,000 as a grant.
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Eligibility for the Scheme
To avail of this scheme, the applicant must be a permanent resident of Uttar Pradesh and their age should be between 21 and 40 years. The applicant must have a minimum educational qualification of 8th or 10th grade pass. A skill certificate from a recognized institution is mandatory, and the applicant should not be currently availing of any other government loan scheme.
Application Process
The application process for the Chief Minister Youth Entrepreneur Development Scheme is entirely online. To apply, young people need to visit the msme.up.gov.in website. There, they can register, fill out the form, and upload the required documents.
Adarsh P
Adarsh Pal is a content writer at Timesbull Media. He specializes in writing news related to industry updates, the automotive sector, banking, telecommunications, the travel sector, and personal finance. Adarsh has previously worked with several digital media channels. He is skilled at presenting news accurately and disseminating information based on...
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