The Mukhyamantri Yuva Udyami Yojana was developed by the MSME Department of the Madhya Pradesh Government & incorporated this scheme to provide loans through banks to the unemployed youth of Madhya Pradesh to help them set up their industry (manufacturing) / (service enterprises). Under the scheme, the benefit of margin money assistance, interest grants, loan guarantees, and training will be given to the beneficiaries by the government. The Mukhyamantri Yuva Udyami Yojana has priority for agro-based industries such as agro-processing, food processing, cold storage, milk processing, kettle feed, poultry feed, custom hiring centres, vegetable dehydration, tissue culture, pulses mill, rice mill, oil mill, floor. The government will prioritize mills, bakeries, spice making, seed grading/shorting, and other agro-based/subsidiary projects.
Who all are Eligible for Mukhyamantri Yuva Udyami Yojana?
- For Mukhyamantri Yuva Udyami Yojana, the applicant must be a resident of Madhya Pradesh.
- Educational Qualification: Minimum 10th-grade pass.
- The applicant’s age should be between 18 to 40 years on the application date.
- The applicant should not be a defaulter in any national bank.
- If a person is getting assistance under any government entrepreneur/self-employment scheme, he will not be eligible.
What are the Benefits of Mukhyamantri Yuva Udyami Yojana?
- The project cost under this scheme will be a minimum of Rs 10 lakh to a maximum of Rs two crore.
- This scheme requires payment of 15% of the project cost as margin money, with a maximum of Rs. 12 lakhs.
- Under this scheme, the interest subsidy will be payable at the rate of 5 per cent for a maximum of 7 years on the project cost.
- Under this scheme, the guarantee fee will be payable at the prevailing rate for a maximum period of 7 years. Business activities will not be eligible under this scheme.
Assistance and loan repayment:
- 15 per cent (maximum Rs. 12 lakhs) on the project cost. The beneficiary will pay the margin money on behalf of the government/corporation, and if necessary, the beneficiary himself must deposit the remaining margin money.
- The minimum period of the moratorium will be 6 months.
- After the initial moratorium, the loan repayment will be between 5 and 7 years.
Documents Needed for What is Mukhyamantri Yuva Udyami Yojana?
- For Mukhyamantri Yuva Udyami Yojana, the applicant’s Resident certificate from Madhya Pradesh
- Project Report/Business Plan
- Caste Certificate of the applicant
- Applicant’s photograph
- Birth certificate of the applicant.
- Academic qualification certificate of the applicant.
- Enterprise Development Training Proof
- Current rate quotation of machinery/equipment/furnishing etc. for the enterprise, If applicable
- PL Certificate
The following website should be visited to apply for the Mukhyamantri Yuva Udyami Yojana.
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