Bhopal: Chief Minister Youth Self-Employment Scheme implemented from an April to help youth begin their own industry-business. The scheme aims to assist 50 thousand youth. This goal is the highest compared to all self-employed plans launched yet.
The scheme will be implemented through the Department of Panchayat and Rural Development in rural areas and Department of Commerce, Industry and Employment in urban areas. The objective is to provide loans through banks to set up self-industry, service business to the youth of all class. Interest subsidy will be facilitated to the beneficiary. There is no bond of income limit in the scheme. Beneficiaries will be benefited in accordance with the conditions laid down in the prevailing schemes. The Chief Minister will pay the Guarantee fee in the Youth Self-Employment Scheme and provide specific features like interest grant. Hence, the interest of the prevailing schemes that the Chief Minister is entitled to avail the benefit of the Youth Self-Employment Scheme will also be given the features of this scheme in addition to the current features.
Preference will be given to applicants having a Modular Employee Skills Certificate given by ITI, Diploma, Engineering, Other Authorised Institutions. Also, preference will be given to the interested in the survey list of families below poverty line, Scheduled-Jati, Tribes, Disabled Persons and Women's Beneficiaries as well as trained beneficiaries in Entrepreneurship Development Program.
Two types of categories are set for financial assistance. In the project up to Rs 50 thousand in one category and projects above 50 thousand and up to 25 lakh in the second category will be assisted.
The margin money support at project cost in the first category will be 20 percent (maximum Rs 10 thousand). Interest subsidy on project cost will be given upto 5 years (Rs 2000 maximum per annum) at a rate of 5 percent. Guarantee fee Maximum of Rs. 500 at a rate of one percent and Guarantee service charges will be given at a rate of 0.5 per cent (for 4 years) maximum of Rs. 1000.
Interest subsidy on capital cost and working capital will be payable for 5 years at a rate of 5 percent to the beneficiary of the second category. Guarantee fee will be given from 1 to 1.5 percent, maximum of Rs 37 thousand 500. Guarantee service charges (4 years for) 0.5 to 0.75 percent, maximum Rs 75 thousand.
