Mukhyamantri Yuva Udyami Yojana: Central and state governments run several government schemes to advance the poor and middle class. Some schemes provide financial assistance, while others provide loans for starting businesses. Similarly, the Yogi Adityanath government in Uttar Pradesh has launched the Mukhyamantri Yuva Udyami Yojana. Under this scheme, young people who have passed the eighth grade receive loans of up to Rs 5 lakh.The unique feature of this scheme is that there is no interest to be paid for repaying the loan, and there is no guarantee of any kind.
The Uttar Pradesh government is running this special scheme to empower youth and economically disadvantaged families to become self-reliant.
What is the objective of the scheme? The Uttar Pradesh government, led by Chief Minister Yogi Adityanath, launched the CM Yuva Scheme on March 3, 2024, and it has been in operation ever since. Through this scheme, the government aims to connect more youth with self-employment and nurture new entrepreneurs in the state.Can even 8th pass take a loan?
Young people applying under this scheme and seeking a loan of up to ₹5 lakh must be between 21 and 40 years of age. The minimum educational qualification required is an 8th-grade pass. They must also possess a skill training certificate or degree from an accredited institution. Applicants should not be receiving benefits from any other central or state government scheme (including interest or capital) other than the PM SVANidhi Scheme.
Know how to apply?
1. Application for this scheme is completely online.
2. First of all you have to apply by visiting the MSME portal msme.up.gov.in.
3. After this, the District Industry Promotion and Entrepreneurship Development Center will scrutinize the application.
4. After the verification is complete, the application will be sent to the bank.
5. After reviewing the loan proposal by the bank, the loan will be approved and the amount will be released.Keep these things in mindLoans under this scheme are interest-free and require no guarantees. The loan term is fixed at four years. However, beneficiaries will be required to make a contribution based on their category—General Category: 15%OBC: 12.5%SC/ST and Divyang: 10%Under the scheme, the government also provides a 10% margin money on the project cost. If the beneficiary successfully operates their business for two years, this margin money is converted into a subsidy. This means this amount does not have to be repaid.
