The Uttar Pradesh Government has launched an excellent opportunity for the youth, called the 'Chief Minister Youth Entrepreneur Development Campaign.' Under this scheme, youth will be provided with an interest-free loan of up to ₹5 lakh, without any guarantee, to start their own business. This loan will be interest-free for four years. Additionally, a 10% margin money grant will also be provided, which will serve as strong support for youth at the initial stage of their business.
The Chief Minister Youth Entrepreneur Development Campaign offers a golden opportunity for the youth of Uttar Pradesh. The main aim of this scheme is to connect youth with self-employment so that they can become self-reliant and contribute positively to society. The scheme is available for youth aged between 21 and 40 years.
Loan Facility and Details: Under this scheme, youth can avail a loan of up to ₹5 lakh, which they can receive without any guarantee. The most important part of this scheme is that no interest will be charged for four years. In addition to the loan, beneficiaries will also receive a 10% margin money grant, which will be based on the cost of their project.
Skill Training Requirement: To benefit from the scheme, youth must undergo skill training from a recognized institution. Youth with technical training, ITI, diploma, B.Tech, management, or any other training from a recognized institute will be given preference, provided they have completed their training from a recognized institution.
Margin Money Arrangement: This scheme, different categories of youth will receive different margin money grants. Youth from the general category will receive 15%, youth from the Other Backward Classes (OBC) will receive 12.5%, and youth from Scheduled Castes (SC), Scheduled Tribes (ST), and Divyang (disabled) categories will receive 10% margin money. This amount will be provided to help them invest in the cost of their project.
The second phase of the Chief Minister Youth Entrepreneur Development Campaign, entrepreneurs can set up projects worth up to ₹20 lakh. However, a 50% interest subsidy will be provided on loans up to ₹7.5 lakh. This will provide substantial support for entrepreneurs aiming to start large-scale businesses.
Who Will Not Be Eligible for the Scheme?
Certain products and industries are excluded from the scheme. Products such as tobacco, gutka, pan masala, alcohol, carbonated beverages, fireworks, plastic carry bags, and similar items are not eligible. Additionally, industries that have been banned by the state or central government will also not be covered under this scheme.
Application Process: Youth interested in benefiting from the scheme must apply online through the MSME department's website at msme.up.gov.in. This scheme is only for youth who have received skill training from recognized institutions.
The Chief Minister Youth Entrepreneur Development Campaign is a wonderful initiative that provides employment opportunities for youth in Uttar Pradesh. This scheme not only offers financial assistance but also encourages youth to become self-reliant. If you are a youth in Uttar Pradesh and dream of starting your own business, take advantage of this scheme to turn your aspirations into reality.
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