Mukhya Mantri Yuva Udyami Yojana

DETAILS The scheme "Mukhya Mantri Yuva Udyami Yojana" was launched on 1st August 2014 by the Department of Micro, Small & Medium Enterprises, Government of Madhya Pradesh. The scheme provides loans of up to ₹10,00,000 to ₹2,00,00,000 to the citizens of Madhya Pradesh who want to set up their industries. BENEFITS Financial assistance: Margin money assistance 15% of the capital cost of the project for the general category. (Maximum ₹ 12,00,000.) 20% of the capital cost of the project for BPL (Maximum ₹ 18,00,000) Interest subsidy At the rate of 5% per annum on the capital cost of the project and at the rate of 6% per annum for women entrepreneurs, for a maximum of 7 years. (Maximum Rs 5,00,000 lakh per year) The guarantee fee will be paid at the current rate for up to 7 years. ELIGIBILITY The applicant should be a permanent resident of Madhya Pradesh. The applicant should have passed Class 10th. The applicant’s age should be between 18 to 40 years. The benefit of this scheme can be availed only once. Exclusions If the applicant is getting assistance under any other self-employment scheme, then he cannot avail of benefits under this scheme. The applicant’s family should not be an income taxpayer. The applicant should not be a defaulter of any bank.