Central and state governments run many government schemes to empower the poor and middle class. Some schemes provide financial assistance, while others provide loans to start a business. Today we are telling you about one such scheme under which you can take a loan to start any business. This scheme gives loans without interest and without guarantee and is run by the Uttar Pradesh government. Yogi government is running this loan scheme to empower the youth and poor families. The name of this scheme is ‘Mukhyamantri Yuva Entrepreneurship Development Campaign (MYUVA)’. This scheme gives loan up to Rs 5 lakh without interest and without guarantee.
Can an 8th pass student also take this loan?
If a youth applies under this scheme and wants to take a loan up to Rs 5 lakh, then his age should be between 21 to 40 years. The minimum educational qualification is 8th pass, and must have a skill training certificate or degree from a recognized institute. Except PM SVANidhi Scheme, the applicant should not be getting the benefit of any other Central or State Government scheme (which involves interest or capital).
What is the objective of this scheme?
The objective of this scheme is to make young men and women between 21 to 40 years self-reliant and encourage them to start their own business. The aim is to bring out as many entrepreneurs as possible from the state. Under the Chief Minister Youth Entrepreneurship Campaign Scheme, the target is to provide self-employment to 10 lakh youth in 10 years.
how to apply?
First of all, you have to apply online on MSME portal msme.up.gov.in. Then, this online application will be verified at the District Industry Promotion and Entrepreneurship Development Centre, and after verification the form will be sent to the bank. After this, the bank will verify the application and approve the loan, after which the loan disbursement will be arranged.
What documents are required to take a loan of Rs 5 lakh? No interest is charged on this loan. The loan will have to be repaid in 4 years. If you take this loan, you do not need to give any guarantee. However, you will have to make some deposits. General category applicants will have to contribute 15%, OBC applicants will have to contribute 12.5%, and SC/ST and Divyang applicants will have to contribute 10%.
Subsidy is also available
Under this scheme of Uttar Pradesh government, 10% margin money will also be given for the project. If the business is run successfully for 2 years, this margin money will convert into subsidy. This means that you will not have to repay this amount.
