Madhyapradesh Mukhya Mantri Swarozgar Yojna is a scheme that offers loans up to 25 lakhs for promoting entrepreneurship in Madhya Pradesh without the need for collateral security.

Who is eligible for this scheme?
  • Applicant must be a permanent resident of Madhya Pradesh
  • Applicant should be 18 years old 
  • No education qualification for availing of the loan
Do I get any subsidy in this scheme?
  • Yes, a 5% Interest subsidy for an initial 5 years is subject to a certain limit.
How much margin money Govt will be raised for this scheme?
  • The State Government will provide 20% of the project cost as Margin Money or a Maximum of Rs. 10000 on a one-shot basis for project costs up to Rs. 50000
What is the interest rate for this scheme?
  • For Loans up to Rs. 10 lac: Bank interest rate+0.50%(Guarantee fee), For Loans above Rs. 10 lac and up to Rs. 25 lac: Bank interest rate +1.00(Guarantee fee), %
Who are the implementing agencies for this scheme in the state?
  • Panchayat and Rural Development Department for Rural Areas and Department of Commerce, Industries and Employment for Urban Areas. 
What is the guarantee fee for this scheme and how has it been allocated?
  • A guarantee fee is a fee paid to the Govt: for being the guarantor for the entrepreneur before the bank. In this scheme, two types of Guarantee fees are there 
  • For loans up to 50,000/- 1% of the loan amount for the first year and @0.50% for the next 4 years, or up to the closure of the account whichever is earlier shall be reimbursable from State Government. Rest 0.50% for 4 years, or up to the closure of the account whichever is earlier will be borne by the Bank.
  • For a loan from 50,000 to 25 lakhs – 1% of the loan amount for the first year and @0.75% for the next 4 years, or up to the closure of the account whichever is earlier shall be reimbursable from the State Government. Rest 0.25% for 4 years, or up to the closure of an account, whichever is earlier will be borne by the Bank.
What are the documents needed for this loan?
  • If you are eligible you can go to the nearest nationalized bank, regional rural banks, state cooperative banks, and other scheduled banks and can collect the application form or contact your nearest district industrial cell or can download the application form from the official website and fill the details along with documents and a project report of the business and can submit the details to the bank itself. 
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