Details
The scheme “Mukhya Mantri Yuva Udyami Yojana” was launched on 1st August 2014 by the Department of Micro, Small & Medium Enterprises, Government of Madhya Pradesh. The scheme provides loans of up to ₹10,00,000 to ₹2,00,00,000 to the citizens of Madhya Pradesh who want to set up their industries.
Benefits
Financial assistance:
Margin money assistance
- 15% of the capital cost of the project for the general category. (Maximum ₹ 12,00,000.)
- 20% of the capital cost of the project for BPL (Maximum ₹ 18,00,000)
Interest study
- At the rate of 5% per annum on the capital cost of the project and at the rate of 6% per annum for women entrepreneurs, for a maximum of 7 years. (Maximum Rs 5,00,000 lakh per year)
- The guarantee fee will be paid at the current rate for up to 7 years.
Eligibility
- The applicant should be a permanent resident of Madhya Pradesh.
- The applicant should have passed Class 10th.
- The applicant’s age should be between 18 to 40 years.
- The benefit of this scheme can be availed only once.
Exclusions
- If the applicant is getting assistance under any other self-employment scheme, then he cannot avail of benefits under this scheme.
- The applicant’s family should not be an income taxpayer.
- The applicant should not be a defaulter of any bank.