Government Interest-Free Loans: Today, every young person wants to start their own business and become self-reliant instead of working under someone else. However, lack of funds often becomes the biggest obstacle. Taking a loan from a bank involves paying heavy interest, which becomes difficult for those starting small businesses. Considering this problem, the Rajasthan government has launched the Chief Minister’s Youth Self-Employment Scheme (MYSY) for the youth.
The state’s Chief Minister, Bhajanlal Sharma, launched this scheme on January 12th, and the complete guidelines were released on January 15th. The objective of this scheme is to provide employment to the youth of the state and make them self-reliant.
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The government will provide interest-free loans
Under the Chief Minister’s Youth Self-Employment Scheme, the government will provide interest-free loans of up to Rs 10 lakh to the youth. This means that the government will bear the entire interest on the loan, and the youth will only have to repay the principal amount. In addition, the government will also provide margin money of up to Rs 50,000 and will also reimburse the CGTMSE (Credit Guarantee Fee).
The scheme aims to benefit approximately 1 lakh young people. Through this loan, young people can start their own small or micro-enterprises in the manufacturing, service, and trade sectors.
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Who can avail of the scheme?
Only permanent residents of Rajasthan between the ages of 18 and 45 years can avail of the benefits of the Chief Minister’s Youth Self-Employment Scheme. HUFs, societies, partnership firms, LLPs, or companies can also apply under the scheme. At least 51% ownership of the institution must be held by individuals between the ages of 18 and 45 years.
How much loan will be provided?
Under the CM Youth Self-Employment Scheme, loans will be provided to the youth based on their educational qualifications. Youth who have completed 8th to 12th grade will receive a loan of Rs 3.5 lakh for business and Rs 7.5 lakh for the manufacturing sector. They will also receive margin money of up to Rs 35,000. Meanwhile, young people with a graduation degree, ITI certificate, or higher qualifications will receive a loan of up to ₹5 lakh for business, those in the manufacturing sector will receive a loan of ₹10 lakh, and a margin money of ₹50,000.
How to Apply
To avail of the scheme, first go to the Citizen app of your SSO ID.
Then select the ‘Chief Minister Youth Self-Employment Scheme (MYSY)’ option.
Now fill in your general information in the application form.
Enter your district, type of industry, and the address of the proposed workplace.
Upload information related to your business and the necessary documents.
Fill in the details of the bank branch from which you want to take the loan and submit the form.
The District Industries and Commerce Center will review the applications through weekly meetings, and eligible applications will be forwarded to the bank.