Krishak Udyami Loan Yojana
Krishak Udyami Loan Yojana
The Madhya Pradesh Government has introduced a loan scheme known as Krishak Udyami Loan Yojana, an entrepreneur scheme for the children of a farmer. This scheme will provide a loan facility at affordable interest rates. The loan will be given to the youth for promoting self-employment opportunities in the agricultural field within the state. In this article, we look at the Krishak Udyami Loan Yojana in detail.
Benefits of the scheme
The benefits of the scheme are as follows:
- This scheme will reduce the financial burden related to farmers and their family.
- To provide more employment opportunities for the youth in the state.
- To reduce the need for migration from rural to urban areas.
- Under this scheme, the income of the farmers will be increased.
- The state government will provide the beneficiaries with interest subsidy on loan amount.
The Madhya Pradesh government planned to set up nearly 1,000 agro-processing centers in the first phase under the Agriculture Entrepreneur Loan Scheme. The implementation of the scheme in the agricultural areas such as packaging, seasonal fruits and vegetable seed processing, flower cultivation etc. which will increase the production capacity of the farmers in the state.
The eligibility criteria for applying this scheme are specified here:
- The person applying for the scheme has to belong to a farmers’ family. (i.e) The beneficiary must be the son or daughter of the farmer.
- The applicant must be the citizen of the state.
- The eligible applicant age should be above 18 years of age.
- The applicant’s minimum academic qualification should be 10th-grade.
The required documents are to be submitted while applying for a Krishak Udyami loan scheme.
- Application form.
- Project report.
- Photo of the applicant.
- Residence certificate.
- Bank passbook details.
- Aadhar card.
- Academic qualification certificate.
- Birth certificate.
- Caste certificate.
- Ration card.
- Income certificate.
The applicant can obtain the application form without remitting any fee for it.
Interest Rate and Subsidy Provided
Under this scheme, Madhya Pradesh Government provides a loan amount from Rs. 10 lakhs to Rs.2 crore depending upon the requirement for an establishment with the 5% subsidy will be provided on five years of interest..
To register under this scheme, follow the steps mentioned below:
Step 1: The applicant needs to download an application form from the MSME portal of Madhya Pradesh.
Step 2: Fill the application form with the appropriate details and attach the necessary documents.mp enterpreneur
Step 3: After filling the application form submit it to the department of district business and industry center .
Step 4: The applicant will be provided with acknowledgment number for further reference.
Step 5: Then the application will be forwarded to the concerned bank for the approval of loan.
Step 6: If eligible, the loan will be disbursed by the bank within 15 days directly to their bank account.
Track Application status
The applicant can check the status of the application online by following the steps below:
Step 1: You need to revisit the MSME portal.
Step 2: Enter your “Application number” and select “Go” button.
Step 3: Now the applicant can able view the status of the application.
Repayment Of Loan Amount
The eligible farmers can repay the loan within seven years. The applicant has to repay the loan amount along with the rate of interest charged for the loan.
Post by Karthiga
IndiaFilings is India's largest online compliance services platform dedicated to helping people start and grow their business, at an affordable cost. We were started in 2014 with the mission of making it easier for Entrepreneurs to start their business. We have since helped start and operate tens of thousands of businesses by offering a range of business services. Our aim is to help the entrepreneur on the legal and regulatory requirements, and be a partner throughout the business lifecycle, offering support at every stage to ensure the business remains compliant and continually growing.