The Chief Minister Youth Entrepreneurship Development Campaign, also known as the MYUVA scheme, is an ambitious initiative of the Uttar Pradesh government. It aims to encourage self-employment among the state’s youth and empower them economically. Under this scheme, the government provides financial assistance to start small-scale businesses so that young people don’t have to abandon their dreams due to a lack of capital.
Who can benefit from this scheme?
Applicants for this scheme must be between 21 and 40 years of age. The minimum educational qualification is set at 8th grade pass, ensuring equal opportunities for youth from rural and general backgrounds. Applicants must also possess a skill training certificate or degree from a recognised institution. Those who have availed of any other central or state government interest or capital subsidy scheme, excluding the PM SVANidhi scheme, will not be eligible.
Loan Amount and Terms
Under the MYUVA scheme, a loan of up to Rs. 5 lakh is provided. This loan is completely interest-free and does not require any guarantee. The repayment period is set at four years, allowing beneficiaries to comfortably stabilise their businesses without undue financial pressure.
Required Contribution
Although no interest or guarantee is required for the loan, beneficiaries are required to contribute a certain percentage based on their category. This contribution is 15 percent for the general category, 12.5 percent for OBCs, and 10 percent for SC, ST, and differently-abled applicants. This contribution reflects the beneficiary’s participation in the business.
Margin Money and Subsidy Benefits
The Uttar Pradesh government also provides a 10 percent margin money on the project cost under this scheme. If the beneficiary successfully operates their business for two consecutive years, this margin money is converted into a subsidy. This means that the amount does not have to be repaid to the government, providing additional support to the business.
What is the application process?
The application process for the MYUVA scheme is entirely online. First, you need to apply through the MSME Uttar Pradesh portal. After the application is submitted, the District Industries Promotion and Entrepreneurship Development Centre verifies the documents. Once the verification is complete, the application is sent to the relevant bank, where the final verification and loan approval process is completed.
Long-term objective of the scheme
The Chief Minister’s Youth Entrepreneurship Development Campaign aims to connect ten lakh young people in the state with self-employment opportunities over the next ten years. The government wants more and more young people to become job creators instead of job seekers and contribute to strengthening the economic condition of Uttar Pradesh.
