Mukhyamantri Udyami Yojana: The Bihar government aims to provide financial assistance to unemployed individuals aged 18 to 50 under the new social welfare scheme, Chief Minister Udyami Yojana. Under this scheme, the Department of Industries will offer loans up to 10 lakh rupees, with grants covering up to 50 per cent of the loan amount.
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The online application process for the Mukhyamantri Udyami Yojana will commence on July 1. Applicants are required to establish and register their own firm or company. They can opt for ownership, partnership or private limited company structures to get the benefits of the scheme. The selection of applicants will be conducted as per departmental instructions while priority will be given to applicants belonging to Scheduled Castes, Scheduled Tribes, youths and women.
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Loan Repayment And Subsidy Details
The scheme offers a 50 per cent subsidy, with the remaining amount provided as an interest-free loan. The loan must be repaid in 84 installments over seven years. The first installment is designated for constructing a shed, providing electricity and setting up security resources. The second installment is for installing machinery, while the third installment serves as working capital after machine trials to ensure smooth production startup.
The Industry Department has prepared the scheme’s outline to provide employment opportunities for the youth. The initiative aims to empower unemployed individuals by making them employable and supporting their entrepreneurial ventures.
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Mukhyamantri Udyami Yojana Eligibility Criteria
- Applicants must be permanent residents of Bihar.
- Minimum qualification: Intermediate, ITI Polytechnic or equivalent
- Age range: 18 to 50 years old
- Personal current account required for receiving funds via RTGS
