A few days back Chief Minister Shivraj Singh Chouhan had announced Mukhyamantri Yuva Swarozgar Yojana (MYSY) scheme, it is now being implemented from April 1.
Under the scheme, time-limit of one month has been fixed for disposal of loan cases by banks. The scheme will be implemented by Panchayats and Rural Development Department in rural areas and Commerce, Industries & Employment Department in urban areas. Its objective is to provide loans through banks to youths to set up their own business/ service/ industry.
Beneficiaries will be given margin money and loan subsidy. There is no income bar in the scheme and beneficiaries will continue to be benefited as per prescribed eligibility under various schemes.
Eligibility: Applicant should be a domicile of Madhya Pradesh, having matriculation passing certificate, and between 18 to 35 years of age as on date of application.
Exemption of five years in the upper age limit will be given to the applicants belonging to SC, ST, OBC, women and disabled persons.
Under loan Guarantee Fund, facility to reimburse loan guarantee will be given only for industries and service sectors and not for business.
Applicant must not be defaulter of any nationalised bank/financial institution/ cooperative bank. Persons already availing assistance under any other Government schemes will not be eligible for this scheme. Assistance will be given only for one industry/ service/ business.
Priority: Applicants having passed ITI, diploma, engineering and possessing modular employable skills certificate will be given priority.
Besides, priority will also be given to applicants belonging to SC, ST, OBC, women and disabled persons as well as the beneficiaries trained under Entrepreneurship Development Programmes.
Financial assistance: Two categories have been prescribed for financial assistance. Under the first category, assistance upto Rs50,000 will be given while assistance of over Rs50,000 to Rs25 lakh will be provided.
In the first category, margin money assistance will be 20 per cent (maximum Rs10,000). On project cost, 5 per cent loan subsidy will be given for 5 years (maximum Rs2000).
Maximum Rs500 guarantee fees at the rate of 1 per cent and maximum Rs1,000 guarantee service fees will be given at the rate of 0.5 per cent (for 4 years).
In the second category, 5 per cent loan subsidy on project cost and working capital will be payable to beneficiaries.
Maximum guarantee fee at the rate of 1 to 1.50 per cent upto maximum Rs37,500 and guarantee service fee (for 4 years) upto maximum 75,000 will be given at the rate of 0.5 per cent to 0.75 per cent.