Mukhyamantri Udyami Yojana: In a remarkable move, the state of Bihar has introduced the Mukhyamantri Udyami Yojana, aiming to encourage the establishment of new businesses and offer opportunities to targeted individuals. Under this program, budding entrepreneurs have the chance to secure a substantial loan of Rs 10 lakh without being burdened by extensive paperwork procedures. It is important to note that this initiative is specially crafted to support young individuals and women as they set off on their entrepreneurial endeavors. To qualify for this opportunity, candidates must fulfill the requirement of being permanent residents of Bihar exclusively. The benefits of this scheme are reserved solely for residents living in the state. In this article, we will discuss more about this scheme.
Calling on women and teenagers facing challenges from less privileged backgrounds to consider applying, along with individuals affiliated with the Scheduled Caste and Scheduled Tribe category. Unfortunately, individuals falling under the general category, or those aged 50 and above, are ineligible for this program. However, anyone between 18 and 50 years of age is encouraged to participate. Upon submission of the application, a one-time password (OTP) will be dispatched to the provided mobile number for initiating the application procedure. It is essential for applicants to utilize the designated platform for form submission after entering the OTP. The important thing is that you should be a resident of Bihar and belong to all the categories.
Eligibility for this plan is contingent upon applicants holding a 12th-grade certification, which signifies completion of intermediate education. Furthermore, it is essential to possess a professional degree such as an ITI, Polytechnic, or any other equivalent qualification. You should save a duplicate of the application for your records once you’ve downloaded and submitted it. The plan works by sorting qualified applicants into three sets, denoted as A, B, and C. The chosen individuals will be given a loan of Rs 10 lakh, which is going to be paid back in installments according to the stipulations of the scheme. Below is the overview table that will give you a better understanding of the scheme that you must know in detail.
Visit Mukhyamantri Udyami Yojanaโs Official Website
Official Website (Mukhyamantri Udyami Yojana)
https://www.udyami.bihar.gov.in/
As we have already mentioned earlier, the Government of India has introduced a scheme for unemployed individuals to promote small-scale industries, wherein the list of companies is displayed on the official website of the Mukhyamantri Udyami Yojana, which we have already mentioned on the overview table, and the scheme also provides self-employment to them. The scheme helps financially with an amount of at least Rs. 600,000/- in three equal installments, and the eligible candidates are given a chance to get a loan from the scheme, wherein the loan amount of Rs. 10,00,000/- will go until Rs. 1,00,00,000/- is given to each member. For more information, you can continue reading this article fully, or you can just visit the official website of the scheme.
Mukhyamantri Udyami Yojana – About 10 Lakh Scheme
In Bihar, residents have the opportunity to receive financial assistance through the Mukhyamantri Udyami Yojana to kickstart their very own ventures. The scheme offers loans ranging from 10 million to 1 crore rupees. Once the application gets the green light, the allocated funds will swiftly reach the beneficiaries within a tight timeframe of 15 days. Acting as a financial buffer, the state government pitches in up to fifteen percent, or twelve lakh rupees, towards the overall project expenditure.
An annual interest rate of 5% is imposed on the complete project cost for a duration not exceeding seven years. Repayment of the loan principal must be fulfilled within seven years, starting from the date of approval. Those keen on seizing this opportunity can initiate by submitting their applications through an online platform after setting up an account, furnishing all required details in the application form, and attaching essential supporting documents.
Mukhyamantri Udyami Yojana – Check Eligibility
Following are the criteria that you must follow to be eligible and to check the eligibility for the loan amount:
You must be a resident of Bihar.
You must belong to Scheduled Castes, Scheduled Tribes, and other categories for eligibility.
You must have passed at least 12th grade, ITI, Polytechnic Diploma, etc.
You must be aged between 18 and 50 years to be eligible.
You should not have received any other loan from the central or state governments.
You must have a project report for the proposed business.
Lastly, you must have genuine documents, including an Aadhar Card and a bank account.
You should also submit other documents apart from the Aadhar Card and bank details like proof of address, proof of education, proof of organization, PAN card, photograph, signature, canceled check, and project report.
Mukhyamantri Udyami Yojana – Benefits
The grand scheme’s noble aim is to empower the less fortunate folks in Bihar to kickstart their own ventures. Those in need receive financial assistance and guidance to pave the way for their entrepreneurial endeavors. One might even secure a loan with a sure-fire credit rating and reduced interest fees. For more information and to apply, do visit the official website of Bihar’s Mukhyamantri Udyami Yojana, which we have already mentioned above.
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