Madhya Pradesh Mukhyamantri Swarojgar Yojana {मध्यप्रदेश मुख्यमंत्री स्वरोजगार योजना}

The MP CM launched Mukhyamantri Swarojgar Yojana on 1st August 2014. This is a financial aid scheme that was launched to provide help people get loans from banks to start their small businesses. Under this scheme, the government of MP will provide cash assistance, interest subsidy, loan guarantee as well as training to the eligible candidates. 

This scheme was launched with the motive to decrease the rate of unemployment in the state. The scheme’s primary focus is to provide financial assistance to those people who want to start their own business. This scheme is very beneficial for those people who want to set up their own business and has financial problems.

Details about MP Mukhyamantri Swarojgar Yojana 

All details about Mukhyamantri Swarojgar Yojana are mentioned below.

  • Mukhyamantri Swarojgar Yojana launched by the MP government on 1st August 2014.
  • The main motive of this scheme is to provide financial support to the people of all the categories who want to establish their own small business.
  • This scheme provides support to build industry, service centre as well as any small business.
  • This scheme also provides training to the candidate as well as also Interest Subsidy and Loan Guarantee.
  • This scheme is started to make more job opportunities in the MP state.
  • The candidate can get Rs 20000 to Rs 10 lakh loan under this scheme.
  • Under this scheme, a 15% margin money will be given to the candidates who are from the general category.
  • Under this scheme, 30% margin money will be given to the candidates who are from BPL, SC/ST as well as OBC category.
  • Under this scheme, a 5% interest rate will be taken up to Rs 25000 PROJECT.
  • In this scheme, the candidate is given the facility to pay an instalment of interest after 6 months.
  • The interest-paying maximum limit is 7 years.
  • Under this scheme, the beneficiary will be given financial aid by the bank within 30 days.
  • The candidate can get the benefit of this scheme only once.
  • The process to apply under this scheme is very simple.

Financial Support

  • The candidate can get a loan of Rs. 20 thousand to 10 Lakh under this scheme.
  • The state government will take an interest-only 5% if the cost of the project is 25000 and the candidates have to pay interest in instalments for a maximum 7 years time period.
  • The State Government will offer 20% of the project cost as Margin Money or Maximum Rs. 10000 for the project that costs up to Rs. 50000.

Eligibility Criteria

If the candidates want to get the benefit of this scheme, they have to fulfil the eligibility criteria of the scheme. An entire eligibility criterion is mentioned below:

  • This scheme is basically for the people of MP, so no candidate from another state can get the benefit of this scheme.
  • For this scheme, the candidate must have passed the 5th standard.
  • The age of the beneficiary under this scheme must be between 18 to 45 years.
  • The candidate who is getting the benefit of this scheme must be not a criminal as well as a defaulter by any of the nationalized as well as private sector banks.
  • The candidate applying under this scheme must take care that he is not getting the benefit of any other related scheme of MP state.
  • This scheme is only for those who want to set up an industry, Service Company, or any business.
  • The candidate must have Aadhaar Card to enrol under this scheme.
  • The candidate must have a bank account because the amount will be directly transferred to the beneficiary bank account by the state government.
  • The candidate can get benefit only once.

The Registration Process

If any candidate wants to apply under this scheme, he has to follow simple steps that are mentioned below.

  • Candidates can use the Signup form on the above mentioned page.

  • The candidate can get the application form from the related district office for free of cost.
  • Now the candidates have to fill the required details carefully. Candidates who will provide incomplete information of their application form will be rejected.
  • The candidates have to submit all the details about their project and have to attach with the application form.
  • Now the candidates have to submit required documents and have to attach with the application form.
  • The candidates who will not complete the application process correctly will not be considered an eligible candidate for this scheme.
  • Now the candidates have to present filed application form to the selection committee of the respective departments that are registered under the scheme.
  • The application form will be sent to the selection committee after the verification of all the details as well as documents.
  • After the completion of all the process, a message will be sent to the candidate’s registered mobile number.
  • The loan to the eligible candidates will be provided within the 15 days after the completion of the application process.
  • After providing the loan to the candidates will be provided with the training for their project.

Documents Needed

The candidate who wants to get benefit under this scheme has to submit some required documents. Lists of all the necessary documents are mentioned below. 

  • The candidate must have to submit a Birth Certificate to provide proof of their residence.
  • If the candidate belongs to the BPL category, then the candidate has to show a BPL Card.
  • The candidate must have to submit Aadhaar Card details.
  • The candidates have to provide complete details about their project to get financial support under this scheme.
  • Voter Identity Card is mandatory for identity proof of the applicant.
  • Academic Certificate to prove that the candidate has passed the 5th class examination.
  • Caste Certificate if the candidate belongs to SC, ST, or OBC category.
  • If the candidate is mentally or physically disorder then a Certificate of Disability is also necessary to submit.
  • Land Of Rate Agreement 
  • Quotation of Machine Tools Etc.
  • Income Certificate to provide proof of monthly income.
  • Latest Photo of the applicant.

Businesses not Included under this Scheme

There are some changes made in the year 2017 by the state government of MP in this scheme. These changes included some business for which the candidate is not eligible to get the loan. Businesses for which the candidates are not allowed to get the loan under Mukhyamantri Swarojgar Yojana are mentioned below:

Taxi and car loan

The candidate is not able to get a loan under this scheme for their purposes like buying a car or taxi. And according to this, the candidates cannot think that they will buy a car or taxi under this scheme and they will earn money by driving it. But three-wheeler vehicles are included under this scheme by the state government so the candidate can buy auto if he is interested in driving.

For industry-related matters

The candidate is not able to get a loan to buy any equipment of his industry or any other material related to the industry. The candidate will be provided loans only to establish his business not to purchase additional equipment for their production. If anyone wants to open his shop, then he is eligible to get a loan under this scheme.

Frequently Asked Questions

Q. Which government has launched Mukhyamantri Swarojgar Yojana?

The scheme Mukhyamantri Swarojgar Yojana was launched by the state government of MP.

Q. How much subsidy will be given by the government under this scheme?

The state government provides a 5% subsidy on interest under Mukhyamantri Yuva Swarojgar Yojana.

Q. How much loan is provided to set up an industry or small business?

This scheme provides a 100% bank guarantee and provides a loan of Rs 25 lakh for setting up an industry.

Q. What is the age requirement under the Mukhyamantri Swarojgar Yojana?

The age of the beneficiary under this scheme must be between 18 to 45 years.