Madhya Pradesh Chief Minister Shivraj Singh Chouhan launched the ‘Mukhyamantri Udhyam Kranti’ Yojna.
Under the scheme, the state govt will provide 1 lakh to 50 lakh for MSME start-ups. The govt will give a 3% per year interest subsidy and bank loan guarantee fee for a maximum period of 7 years.
#1 – Youth should have passed class 12th. The age of applicant should be between 18-40 years. The government will provide loans ranging from one lakh to 50 lakhs to the youth for setting up manufacturing units and enterprises. Loan from one lakh to 45 lakh rupees will be given for the service sector.
#2 – Only new entrepreneurs can apply for this scheme. Those who already have a business will not be able to apply for this scheme. The annual income of the family of the person taking the benefit of the scheme should also not exceed Rs 12 lakh.
#3 – Defaulters of any financial institution will not be able to apply for this scheme. This scheme will be implemented by the MSME department of the state.