CM Yogi's gift to the youth, they will get interest free loan?
yogi government will give interest free loan of up to Rs 5 lakh to the youth. Finance minister Suresh Khanna presented the budget on Monday. A provision of Rs 1000 crore has been made in the budget for 'Chief minister youth Entrepreneur Development Campaign'. The Finance minister said that the purpose of interest free loan is to provide financial resources to the youth for setting up new micro industries. He said that chief minister youth Entrepreneur Development Campaign is being started to connect the youth with self-employment. This is a new initiative of the yogi government to create employment in rural and urban areas by establishing new micro industries.
youth will get interest free loan to connect with self-employment
Under the Self-Employment Mission, one million units will be directly benefited in the next 10 years by funding 1,00,000 units every year.
Beneficiaries trained in various training schemes like Vishwakarma Shram Samman Yojana, One district One Product Training and Toolkit Scheme, Scheduled Caste/Tribe/Other Backward Class Training Scheme, Skill Upgradation run by Uttar Pradesh Skilled Development Mission etc. or certificate from any school/educational institution. Course/Diploma/Degree youth will be benefited under this scheme.
Micro units in the industry and service sector with a maximum project cost of up to Rs 5 lakh will be eligible.
After repayment of the first loan the unit will be eligible for second stage financing. Double the first stage loan, a maximum of Rs 7.50 lakh can be given as a composite loan.
Provision for grants has also been made to promote wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital transactions. The scheme application process will be online. All loans received from banks/financial institutions will be provided CGTMSE coverage, against which full payment of fees will be made under the scheme.
Funding can be provided from nationalized/scheduled/rural banks, SIDBI and all financial institutions notified by the Reserve bank of India.