Mukhyamantri Yuva Udyami Loan Yojana in MP Application Form

Mukhyamantri Yuva Udyami Loan Yojana in MP Application Form

Madhya Pradesh state government has come up with another employment scheme namely Mukhyamantri Yuva Udyami Yojana. Under this scheme youth of the state will get loan to set up own manufacturing or service units across the state. Also there will be relaxation in interest rates as well.

Mukhyamantri Yuva Udyami Loan Yojana in MP

Aim and benefit of the Scheme

The scheme is launched on 1st August 2017. The main aim of the scheme is to provide work opportunity to the major part of the state. Unemployment is one of the many reasons that restrict growth of any state. With this scheme the rate of employment will get down largely.

Youth of the state of Madhya Pradesh will get more opportunity to start their choice of business anywhere across the state. Also the huge interest grant will help the applicants to enhance their process of work under this scheme.

Eligibility Criteria

  • Age: The age limit for the applicant is from 18 years to 40 years. No applicant who is under age or over 40 years will be applicable for the scheme.
  • Qualification: The applicant must have passed 10th standard from a recognised school / institution. The scheme does not require any higher education however it does need minimum 10th pass degree.
  • Nature of business: The loan will be granted only for the service based or manufacturing based businesses. No other types of business will be applicable under the scheme.
  • Other Schemes: If the applicant is enlisted under any other government schemes or enjoying benefits of other schemes will not be eligible for this Udyami Scheme in MP.
  • Citizenship: The applicant must be the resident of Madhya Pradesh. That is he / she must have Aadhaar or voter ID card in Madhya Pradesh. Migrated / Transferred / Others will not be eligible.

Loan Rules

As per the scheme, the cost of any project that the applicant wants to start should not be more than Rs. 1 Cr and less than Rs. 10 Lac. Government will also provide interest grant on the cost of the project. As per the rules the government will provide 5% interest grant on the total cost of the project. This grant will be provided every year till the repayment of the loan amount.

Apart from the above mentioned rules, the government will also provide margin money to the applicant. It is said that 15% of the total cost will be paid to the applicant by the government as margin money (not more than 12 Lac).

Loan Return Policy

Apart from the margin money, the rest amount must be paid by the applicant. Initial moratorium is 6 months from the loan approval. The loan must be repaid within 7 years from approval of the loan. All this while, the guarantee fee will be provided by the state government at current market rate.

Application Forms

Application Forms of the scheme will be available online as well as offline. Applicants can get the forms from the nearby banks. For online registration applicants can download the form from the following link http://www.mpindustry.gov.in/MYUY_Application.pdf .

Important Documents

A number of important documents must be presented along with the filled up application form to register under this scheme. Documents are as follows:

  1. The detailed project report,
  2. Applicant must submit citizenship proof. Aadhaar / Voter Card / Others that prove that the applicant is a citizen of Madhya Pradesh.
  3. Academic qualification certificate of the applicants who have passed 10th standard or more is needed.
  4. Monthly reference Quantity
  5. If there is any land/building for the project ready, then pay-nama of the same.
  6. Value-rate price details of the machines, equipments and other capital assets used by the applicant in his / her project.

How to Register

Online Process

For online applicants, beneficiaries are required to sign up with the official website first. If the applicant is already a member then can directly login to the website with their login ID and password.

  • Step1: Click on the following link https://mmsy.mponline.gov.in/portal/Services/DCI/Index.aspx. If you are already a member then login with ID and password. If not then sign up with the website by giving proper details in the text boxes.
  • Step 2: Once you sign up with the website, a registration ID and password will be generated. It will be sent to your registered phone number. The applicant can login with the help of that detail.
  • Step3: Download the form available in the website. Form is available in PDF/Word format in the website. Once you downloaded the form, you need to fill up the form in detail. Application form is in Hindi language so it will be helpful for the applicants who are weak in English.
  • Step 4: In the form there are few details that one has to enter. Apart from basic details such as Name, Address, Mobile Number, qualification, age and such, the applicant needs to give the details of his business, nature of business, land ownership details and so on.
  • Step5: After giving the declaration the application must submit the form along with the important documents listed above. The scanned copy of all the documents is required at the time of submitting the form.

Offline Process

Applicants can visit the nearest bank branches for the application form of the same. A completely filled up application form must be submitted to the bank along with the important documents mentioned above. Registration under this scheme is free. No cost will be charged for the filling up of the form or submitting the same.

Conclusion

The scheme has launched on 1st August this year. The registration process is already started online. India is already facing progressing unemployment situation, with this scheme it will be easier for the youth to set up their own business rather than running for jobs. Also the migration from rural to urban will lower down.

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