Now youth will be able to take interest free loan of up to Rs 5 lakh to start employment without interest and guarantee. The Uttar Pradesh government has started ‘Mukham Mantri Yuva Udham Vikas Abhiyan’ for this.
In this regard, registration camps will soon be organized in various districts, ITIs, polytechnics, industrial areas and Vikas Bhawans.
Youth between the ages of 21 and 40 can take a loan to set up an industry. The person concerned must have at least 8th pass and any technical training certificate. The interest on the loan will be paid by the state government for four years. Along with this, the state government will also pay 10 percent margin money. The applicant must have Aadhaar number, Aadhaar-linked mobile number, education and technical education certificates and PAN card (interest free loan). Project reports related to the scheme will be made available through the portal itself.
Loans up to Rs 5 lakh will be available for micro-industries and service sector projects. If the project cost is up to Rs 10 lakh, the remaining amount will have to be arranged by the beneficiary himself. Beneficiaries of the general category will have to contribute 15% of the project cost, Other Backward Classes will have to contribute 12.5%, and Scheduled Castes/Tribes and Persons with Disabilities will have to contribute 10% as their own contribution.
100% interest subsidy on the loan will be given for four years. In the second phase of the scheme, beneficiaries will be eligible for projects up to a maximum of Rs 10 lakh. An additional grant of Rs 1 per transaction and a maximum of Rs 2,000 per year will be given to encourage digital transactions.
What is the age limit ?
The applicant should be between 21 and 40 years of age. The documents required for the application include passport size photograph, Aadhar card, PAN card, educational and training certificates and project report. Without this you will not get the benefit of the scheme. Attach all the documents properly while applying.
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