Mukhyamantri Yuva Udyami Yojana

मुख्यमंत्री युवा उद्यमी योजना

The Government of India announces various schemes to encourage self-employment, which is a thriving factor for India’s economy.

Mukhyamantri Bihar Yuva Udyami Yojana has been launched to encourage entrepreneurs. To establish self-employment, financial assistance is provided to the young citizens of Bihar.

Key Points

Under this new scheme, a loan of Rs 1 lakh to 50 lakh will be given to the youth setting up manufacturing units and enterprises, while for the service sector, a loan of Rs 1 lakh to 25 lakh will be given.
The benefit of Mukhyamantri Udyam Kranti Yojana will be available only for the establishment of new enterprises. The provisions of the scheme will remain the same for all categories of applicants. For financial assistance in this scheme, the applicant's age should be 18 to 40 years and the applicant should have passed the minimum 12th class as an educational qualification.
The annual income of the family should not exceed Rs.12 lakhs. Eligibility will be given to those applicants who are not themselves defaulters of any bank or any financial institution. Similarly, the applicant should not be a beneficiary of any other self-employment scheme of the State or Central Government at present.
In this scheme, under the interest subsidy scheme, interest subsidy at the rate of 3 percent per annum will be given to all categories of beneficiaries on the remaining loan disbursed by the bank, with a maximum moratorium period of 7 years.
No interest subsidy will be admissible for the period during which the loan account of the beneficiary remains NPA. Reimbursement of interest subsidy will be given on an annual basis.
Under the scheme, the guarantee fee will be given at the prevailing rate for a maximum period of 7 years along with the moratorium period. The scheme will be implemented by the Department of Micro, Small and Medium Enterprises. The implementation of this scheme will be done through a consolidated portal.
The benefit of this scheme will be available only for starting industries/enterprises

Eligibility Criteria

Entrepreneurs who satisfy the following criteria can apply for this scheme.

To exploit the scheme benefits, the applicant should be a permanent resident of Bihar.
The applicant should have qualified 10th standard to be eligible.
The age limit of the applicant should be from 18 to 40 years to be applicable.
The applicant referred to as a defaulter by any of the nationalized or private sector banks is not eligible.
Applicants who are already a beneficiary of any State Government schemes or any other entrepreneur schemes are not allowed to apply for this scheme.
Apart from establishing a manufacturing or service industry, the scheme is made unavailable for any other business activities.

Documents Required

The following documents should be attached along with the application form if applied offline, whereas scanned copies of the document are required to be uploaded while applying online.

Resident certificate of Bihar
Project Report
Aadhar Card
Applicant’s photograph
Birth certificate
Academic qualification certificate
Caste certificate
If the rental / renting house/land is rented for the enterprise
Current rate quotation of machinery/equipment/furnishing etc. for the enterprise
Enterprise development training certificate (if applicable)