Mukhyamantri Yuva Swarozgar Yojana (MMYSY) in Madhya Pradesh / मध्य प्रदेश मुख्यमंत्री युवा स्वरोजगार योजना

मध्य प्रदेश मुख्यमंत्री युवा स्वरोजगार योजना (हिंदी में)

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:

1. Applicant must be resident of Madhya Pradesh state
2. The applicant must have passed at least 5th Class
3. The applicant age should be between 18 to 45 years
4. The applicant should not be defaulter of any nationalized bank, cooperative bank or any financial institution
5. The applicant should not get any assistance under state-level schemes
6. The scheme is accessible for industry/business/service company projects only

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. Application form is available in concerned District Office
2. Applicant visit concerned district office to collect the application form for free
3. Fill the form along with attached all essential documents and submitted to district office for review
4. Then the application forms will be reviewed and sorted in office. Applicants with incomplete forms will be called to complete the missing details in the forms
5. After, applicant should have to submit a general project report for the proposed project along with application form
6. Application forms then presented to the selection committee of respective department elected under the scheme
7. Non-Eligible applications will be rejected
8. Loans for the accepted applications will be disbursed within 15 days after the acceptance of the application

References & Details:

1. For more details about Mukhyamantri Yuva Swarozgar Yojana (MMYSY) in Madhya Pradesh visit: http://www.mpindustry.gov.in/Self%20Employment%20Schemes.asp
2. Mukhyamantri Yuva Swarozgar Yojana (MMYSY): http://www.mpindustry.gov.in/MSY_Scheme.pdf
3. Application form for Mukhyamantri Yuva Swarozgar Yojana: http://www.mpindustry.gov.in/MSY_Applicat_on_with_project_profile_draft.pdf