MYSY Scheme: Mukhyamantri Yuva swarojgar Yojana is one of the umbrella scheme launched bhai Uttar Pradesh Government in order to generate a lot of employment among educated unemployed youths. Mysy scheme has a very broader m to empower young individual by means of giving them of financial support to start their own business and to become self reliant.
Table of Contents
You are get up very comprehensive guideline on the Mukhyamantri Yuva swarojgar Yojana in which Evil get to know its purpose it’s benefit and all eligibility criteria along with application process and their impact on the society so far.
Purpose of MYSY Scheme
As we know that the population of Uttar Pradesh is very high and employment in UP is very low due to which a lot of young educated people are unemployed in this state. So the primary objective of the Mukhyamantri Yuva swarojgar Yojana is to encourage self employment in all educated unemployed person of UP.
Government of Uttar Pradesh is trying to help by providing the financial support in the name of MYSY Scheme in order to reduce the unemployment rate and unemployment graphs and faster entrepreneurship in the person as well as in state also.
Key feature and benefit of MYSY Scheme
Financial assistant through the scheme of mukhymantri Yuva swarojgar Yojana government will provide loan up 25 lakh rupees for the industrial sector and 10 lakh for the service sector.
Subsidy as we know that subsidy is the part of the central and state government so in this scheme also a marginal money subsidy of Rs 25% of the project cost will be provided which is kept at 6.5 lakh for the industrial section and 2.5 lakh for the service sector.
Interest subsidy as you know that that taking loan directly from the bank will be very risky and interest will you very high so in order to tackle this problem government is offering interest rate subsidy of rupees 3% per anum for a period of 7 year full stop this is a golden opportunity to take benefit of this scheme in order to start a new business.
Collateral free loan as we know that if we take loan from Bank directly then we will have to give some collateral in exchange of money that means we have to keep something in order to take money from the bank. So bank will have authority to sell that Collateral if we do not pay interest and principal amount in time.
To tackle this problem government is providing Collateral free loan through this Mukhyamantri Yuva swarojgar Yojana scheme.
MYSY Scheme Eligibility criteria
All the person who want to take loan through this scheme will not have to fulfill the following criteria.
- Person what have a permanent residence of Uttar Pradesh irrespective of district.
- Age limit all the candidate must have as between 18 years to 40 year of age to take benefit of this scheme.
- Educational qualification all the candidate must have pass 10th standard.
- Project viability should must be aware about the proposed project must be viable and capable of generating employment and profit also.
MYSY Scheme Application process
All the candidate want to take the benefit of this is came must visit the official website by clicking this link. this link will lead you to the official website of Mukhyamantri Yuva swarojgar Yojana where you can register yourself my providing details are login if you have already register
After login all the person I suggested to fill the application form by providing your personal educational project detail and other documents detail if needed.
Upload your document in order to attach relevant documents such as your recent passport size photograph signature and other document related to the business.
After doing all ever process paper are suggested to click on the final submit button in order to fill application finally.
MYSY Scheme Selection process
Selection by the district level transverse committee first of all the application are reduced by the district level task force committee and they will evaluate the projects why will tea and profitability and future ability along with Employment generation ability and applicants ability to do this job.
MYSY Scheme Approval and disbursement
This is stab is one of the final step of the scheme full stop once the application is approved by the district level task force committee the loan amount is this word to the applicant background now this amount can be used for the business allocated to it.
Conclusion
As we know that Mukhyamantri Yuva swarojgar Yojana is a very transfermative initiative launched by the government of Uttar Pradesh in order to empower 1000 of young entrepreneurs in Uttar Pradesh. By providing the financial support and fostering a culture of business the scheme has significant support to reducing unemployment status number and promoting economic growth in the state.
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FAQs
Who will select the final application form?
District level task force committee will select the final application form for disbursement of money.
As Mention by govt about 25 lakh rupees for industrial sector and 10 lakh for service sector will you provided as a financial assistant to the individual in their bank account along with that margin subsidy and interest subsidy will also be provided..