Mukhyamantri Loan Scheme , also known as Mukhyamantri Yuva Swarozgar Yojana or Mukhyamantri Udyami Yojana in various states , is an initiative launched by the Government of India to provide assistance to youth in setting up self-employment. Under this scheme, youth are provided loans at concessional interest rates so that they can start their own business or expand the existing business.
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Benefits of Mukhyamantri Loan Scheme:
- Employment Generation: This scheme helps in providing employment opportunities to the youth, thereby reducing the unemployment rate.
- Economic Development: New businesses started by youth boost the economic development of the state.
- Self-reliance: This scheme helps the youth to become self-reliant and earn their livelihood.
Eligibility for Mukhyamantri Loan :
- Age: The age of the applicant should be between 18 to 40 years.
- Residence: The applicant must be a permanent resident of the state.
- Educational Qualification: Minimum high school pass is required.
- Income: The family income limit of the applicant has been fixed, which may vary according to the state.
- Others: The applicant should not be a defaulter of any bank.
Application Procedure for Mukhyamantri Loan Scheme :
- Online Application: Applicants can apply online on the official website of the concerned state government.
- Offline Application: Applicants can also obtain offline application form from the concerned District Industry and Business Promotion Office.
Documents required for Mukhyamantri Loan Scheme :
- Aadhar card
- PAN card
- Address proof
- educational qualification certificate
- Caste Certificate (if applicable)
- I Certificate
- Business plan
- passport size photo
Selection Procedure of Mukhyamantri Loan Scheme :
- Scrutiny of Applications: The applications received are scrutinized by the concerned department.
- Evaluation of Eligibility: Eligibility of applicants is evaluated on the basis of prescribed criteria.
- Merit List: Merit list of eligible applicants is prepared.
- Loan Sanction: On the basis of merit list, loan is sanctioned to the applicants.
Loan Terms of Mukhyamantri Loan Scheme :
- Loan amount: Loan amount varies by state and type of business.
- Interest Rate: The interest rate is concessional and is determined by the bank.
- Repayment period: The loan repayment period is usually 5 to 7 years.
Mukhyamantri Loan Scheme is a beneficial scheme for the youth who want to start their own business. If you are eligible for this scheme, you should definitely apply.
Additional Information:
- For more information related to the scheme, you can visit the official website of the concerned state government or contact the District Industry and Business Promotion Office.
- You can also visit www.meity.gov.in to get information about various government schemes .
It is important to note that the schemes and their terms may vary as per the state governments.