Complete Detail of Mukhyamantri Yuva Swarozgar Yojana (MMYSY) in Madhya Pradesh

Published Date - 02 November 2017 06:08:24 Updated Date - 02 November 2017 07:08:59

Mukhyamantri Yuva Swarozgar Yojana (MMYSY), started on 1st August 2014 is a financial assistance scheme help people get loans from banks to setup their own small business. The MP Government under the scheme provides margin money assistance, interest subsidy, loan guarantee and training to the beneficiaries. The main objective of the scheme is to promote entrepreneurship in the Madhya Pradesh without the need for collateral security.

To encourage the youth of Madhya Pradesh to start their own business, state Government of Madhya Pradesh launched a new scheme called Mukhyamantri Yuva Swarozgar Yojana (MMYSY). The scheme was announced and started 1 August 2014 by Chief Minister Shivraj Singh Chouhan at Yuva Panchayat, Madhya Pradesh. Under this scheme, state government helps people get loans from banks to set up their own small business. The Mukhya Mantri Yuva Swarozgar Yojana is a financial assistance program that grants benefits and loans at minimum interest rates to the young bright minds of the state for initiating their own startup. The government provides margin money assistance, interest subsidy, loan guarantee and training to the youth to set up their own small business. The main objective of the scheme is to promote entrepreneurship in the Madhya Pradesh without the need for collateral security. The application form is available in district office and applicant should fill and submit to the concerned district office. After the loan disbursement, the government also provides training for development of their own businesses

Financial Assistance under Mukhyamantri Yuva Swarozgar Yojana:

  1. Under this scheme, the project should be between Rs. 20 thousand to 10 Lakh
  2. The government will grant interest at a rate of 5% of the cost of project (maximum 25 thousand ) per year till 7 years
  3. The guarantee fee will be paid at the current rate for up to 7 years
  4. State Government will provide 20% of the project cost as Margin Money or Maximum Rs. 10000 distributed by the government for the project cost up to Rs. 50000

 

Eligibility for Mukhyamantri Yuva Swarozgar Yojana

•           Only the permanent residents of MP are eligible to avail the scheme benefits.

•           The applicant should have passed at least 5th Class.

•           Age of the applicant should be between 18 to 45 years.

•           The applicant should not have been declared defaulter by any of the nationalized or private sector banks.

•           The applicant should not already be getting assistance under any state run schemes.

•           The scheme is available only to set up industry/service company/business.

Financial Assistance Under the Scheme

•           The project cost under the scheme should be between Rs. 20 thousand to 10 Lakh.

•           The government will grant interest at a rate of 5% of the cost of project (Max. 1 Lac) per year till 7 years.

•           The guarantee fee will be paid at the current rate for up to 7 years.

•           State Government will provide 30% of the project cost as Margin Money or Maximum Rs. 10000 one shot basis for project cost up to Rs. 50000.

Documents required for Mukhyamantri Yuva Swarozgar Yojana:

  1. Identity proof such as Aadhaar card
  2. Age proof
  3. Domicile certificate
  4. Address proof
  5. Passport size photos
  6. Education certificates
  7. Bank account details
  8. Proposed Project report
  9. Caste certificates if applicable

 

How to apply for Mukhyamantri Yuva Swarozgar Yojana

1.         The application forms are available for free in the related district office.

2.         The application forms will then be reviewed and sorted. Applicants with incomplete forms will be called to complete the missing details in the forms.

3.         The applicants are required to submit the general project report of proposed project along with the application form.

4.         Application forms will then be presented to the selection committee of respective department elected under the scheme.

5.         Non-Eligible applications will be rejected.

6.         Loans for the accepted applications will be disbursed within 15 days after the acceptance of the application.

After the loan disbursement, the applicants will be given training for the development of their industry/businesses by the government.

The detailed guidelines of Mukhyamantri Yuva Swarozgar Yojana are available at http://www.dif.mp.gov.in/schemewiseTarAllo/MMYSYojana.pdf

 


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