Mukya Mantri Arthik Kalyan Yojana

Mukya Mantri Arthik Kalyan Yojana

Mukya Mantri Arthik Kalyan Yojana

The Government of Madhya Pradesh has launched the Mukya Mantri Arthik Kalyan Yojana which provides financial assistance for the Scheduled caste entrepreneurs. The Cooperative State Scheduled Castes Finance and Development Corporation will act as sponsor, Asset Management Company (AMC) or nodal agency to function the scheme. This scheme assists the entrepreneurs to meet their capital requirements for the implementation of the project. In this article, we look at the Mukya Mantri Arthik Kalyan Yojana in detail.

Objectives of the Scheme

The objectives of the Mukya Mantri Arthik Kalyan Yojana are mentioned below:

  • To promote entrepreneurship amongst the Scheduled Caste who are determined towards innovation and growth in business sectors.
  • To develop scheduled caste entrepreneurs economically.
  • To improve direct and indirect employment generation for the SC in India.

Eligibility Criteria

The eligibility criteria for the SC entrepreneurs are listed below:

  • The applicant must be the permanent resident of Madhya Pradesh.
  • The applicant must belong to the category of Scheduled Caste.
  • The applicant should not have availed any financial assistance or loan under State or Central Government relating to self-employment/government entrepreneur scheme.
  • The applicant age group should be between 18 to 55 years at the time of applying for this scheme.
  • The assistance given under this scheme can be availed only once by an applicant.
  • The applicant should not be the defaulter of any loans obtained from the banks or financial institutions.
  • The projects/units being set up in the manufacturing and services sector are only eligible for the scheme.

Financial Assistance

Project Cost

The maximum cost of the project covered under the Mukya Mantri Arthik Kalyan scheme will be Rs.50,000.

Margin

The margin amount for the entrepreneur loan is 50% of the total project cost.

Selection of Beneficiaries

The beneficiaries for the Mukya Mantri Arthik Kalyan Scheme will be selected by the following selection committee.

S.No   Selection Committee
1District Collector/ Collector representatives President
2Assistant Commissioner/District CoordinatorMember
3General Manager, District Industries CenterMember
4District Head Bank ManagerMember
5Chief Executive Officer/Executive Officer, District Intermediary Co-operative Development Committee limitedMember/Secretary

Documents Required

The following documents need to be provided for getting a loan under the Mukya Mantri Arthik Kalyan scheme:

  • Birth certificate of the applicant.
  • Address Proof: Ration card/permanent residence certificate – Letter/voter ID – Letter/driving license/base certificate.
  • Disability certificate issued by the concerned authority.
  • Scheduled caste certificate issued by the competent authority.
  • Any other proof, if required.

Loan Repayment

Under the Mukya Mantri Arthik Kalyan scheme, the repayment period fixed for the borrower is up to 5 years.

Application Procedure

The applicant has to visit the Co-operative Scheduled Caste Finance and Development Corporation portal of Madhya Pradesh Government and download the Mukya Mantri Arthik Kalyan scheme application from the list of schemes. Complete the application with the required details and then attach all the necessary documents and submit your application to the selection committee of the respective department. After submitting the form, a confirmation number will be provided for future reference. The selection committee will review the application within 30 days from the date of application. If the application is approved, the concerned authority will sanction the loan for the entrepreneurs.

The application form for Mukya Mantri Arthik Kalyan Scheme is attached below for your reference:

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