BUSINESS
Even 8th-grade pass students can get a loan of up to Rs 50 lakh, with a 3% interest subsidy. Build a business through MP Udyam Kranti Yojana
Chief Minister Udyam Kranti Yojana: This is an excellent scheme for young people in Madhya Pradesh who want to start their own business. Loans ranging from ₹1 lakh to ₹50 lakh are available under this scheme.
Do you want to climb new heights of success by starting your own business? Just a day ago, Chief Minister Dr. Mohan Yadav, with a single click, transferred incentives worth ₹450 crore to the accounts of over 900 MSME units and ₹47.80 lakh to the accounts of over 120 startups under the Chief Minister's Udyam Kranti Yojana. You too can take advantage of this scheme and start your own business or startup.
Under this Madhya Pradesh scheme, you can get a loan ranging from ₹1 lakh to ₹50 lakh. Furthermore, the state government also provides a 3% interest subsidy as an incentive and transfers the money to your account. The good news is that you don't need a high-level degree to avail a loan under this scheme. Even if you've passed the 8th grade, you can still get a loan.
Eligibility for Chief Minister Enterprise Revolution Scheme
- If you are between 18 and 45 years of age, you can get a loan.
- To apply for the loan, you must have passed at least 8th standard.
- The annual income of the family should be Rs 12 lakh or less
- If you pay income tax, you must have filed ITR for the last 3 years.
- Loan will be available under the scheme to start a new industry
- The applicant should not have been declared a defaulter in any bank.
How much loan will be available under the Udyam Kranti Yojana?
- Loans ranging from Rs 1 lakh to Rs 50 lakh for setting up manufacturing units
- Loans ranging from Rs 1 lakh to Rs 25 lakh can be availed for the service sector.
What are the benefits of Udyam Kranti Plan?
- You can get a loan for 7 years.
- This will also include the moratorium period.
- The government will deposit an interest subsidy of 3% into your account.
- Suppose you have got a loan at the rate of 8%, then the government will return 3% interest.
How to get loan under Chief Minister Udyam Kranti Yojana?
Under the Chief Minister's Enterprise Revolution Scheme, you can apply online or by visiting your nearest bank. However, you will need a complete project report before applying. You can get a loan for projects in the manufacturing and service sectors that are eligible for bank loans under CGTMSE.
- How to create a profile for online application
- If you want to apply by logging in through the SAMAST portal , you will first need to create your profile.
- To create a profile, visit the SAMAST portal and select the Department of Micro, Small and Medium Enterprises.
- Now select 'Individual' in applicant type and 'Chief Minister Udyog Kranti Yojana' in scheme
- Click on the Apply for the Scheme option below, then click on Create New Profile
- Now create your login and password by filling in all your details here and completing the eKYC process.
How to apply for a loan
Now log in to the SAMAST Portal with your registered mobile number and date of birth. The application form will open. Read it carefully, fill it out, and upload the required documents. You can also apply directly by visiting the bank.
Documents required for the loan
- Domicile Certificate of Madhya Pradesh
- Income certificate
- Certificate of Educational Qualification
- Project report and details of the loan amount required
- Passport size photo
- Aadhar card
In how much time will the loan of Chief Minister Udyam Yojana be available?
The bank branch will decide on your application within a maximum of 6 weeks. If the application is approved, loan disbursement information will be uploaded to the portal within 1 month. The General Manager of the District Trade and Industry Center will transfer the funds via DBT.
How to check the status of Chief Minister Udyam Yojana application
If you want to check the status of your application, visit the SAMAST Portal. Here, you'll see the "Check Application Status" option. Log in using your registered mobile number. You'll then receive your application status.
About the authorAmit KumarAmit Kumar is an Assistant Editor/Senior Journalist at Navbharat Times (Digital). He currently works with the Government Schemes sect
