Mukhyamantri Yuva Udyami Yojana
Mukhyamantri Yuva Udyami Yojana
The Government of India announces various schemes to encourage self-employment, which is a thriving factor for India’s economy. The State Government of Madhya Pradesh introduced Mukhyamantri Yuva Udyami Yojana on August 1, 2014 with an aim to spread an entrepreneurial culture among the youth of the state and to engage them in gainful employment. The Department of Commerce, Industry and Employment IS the nodal department to implement this scheme.
The prime intention of Mukhyamantri Yuva Udyami Yojana is to extend support in areas of enterprise creation and skill development training to generate employment by offering financial assistance to people of all categories.
Mukhyamantri Yuva Udyami Yojana Loan
The scheme renders financial support to set up one’s own business in the form of loan. To take advantage of the scheme, the project should cost between Rs. 10 Lakh and 1 Crore. The loan will be disbursed within 15 days from the acceptance of the application. As margin money, the State Government will grant 15% of the project cost or a maximum of Rs.12 Lakhs. The interest incurred is 5% of the cost of the project per year till 7 years. The guarantee fee should be paid at the prevailing rate until 7 years.
As per the scheme, the loan amount should be paid by the applicant apart from the margin money supplied by the Government. The loan should be repaid within 7 years from the date of approval of the loan. The payment can be initially postponed upto 6 months from the loan approval date.
Entrepreneurs who satisfy the following criteria can apply for this scheme.
- To exploit the scheme benefits, the applicant should be a permanent resident of Madhya Pradesh.
- The applicant should have qualified 10th standard to be eligible.
- The age limit of the applicant should be from 18 to 40 years to be applicable.
- The applicant referred to as a defaulter by any of the nationalized or private sector banks is not eligible.
- Applicant who is already a beneficiary of any State Government schemes or any other entrepreneur schemes is not allowed to apply for this scheme.
- Apart from establishing a manufacturing or service industry, the scheme is made unavailable for any other business activities.
The following documents should be attached along with the application form if applied offline, whereas scanned copies of the document are required to be uploaded while applying online.
- Resident certificate of Madhya Pradesh
- Project Report (Project Report)
- Aadhar Card
- Applicant’s photograph
- Birth certificate
- Academic qualification certificate
- Caste certificate
- If the rental / renting house/land is rented for the enterprise
- Current rate quotation of machinery/equipment/furnishing etc. for the enterprise,
- P. L. Certificate
- Enterprise development training certificate (if applicable)
Note: Application form of this scheme should be filled in the Hindi Unicode font and a space bar should be pressed after each information filled.
The application for this scheme can be submitted either online or offline.
Online Application Process
Step 1: The applicant can apply online by visiting the official website of MSME, Madhya Pradesh.
Step 2: The candidate should register in case of being a new user. The candidate can directly login if registered already by selecting the scheme from the drop-down list.
Step 3: On logging in, the application form should be filled with appropriate details and submitted after uploading the necessary documents.
Offline Application Process:
The application form is available in every district office which should be submitted along with the project report and prescribed documents. The pdf copy of the application form is attached below.MYUY_Application form
The status of the application made can be tracked online by entering the application number and click Go.
Post by Marlin Priya
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.