Even if you've only passed 10th grade, you can get a loan of Rs 10 lakh: This UP government scheme is fantastic!

The Uttar Pradesh government has launched a fantastic scheme for the youth, called the Chief Minister Yuva Udyami Vikas Abhiyan Yojana (CM Yuva). The most special thing about this scheme is that even if you have only passed 10th grade, you can still avail of its benefits.

In today's times, as getting a job is becoming increasingly difficult, it has become essential for young people to start their own businesses. But the biggest problem is the lack of funds. Recognising this issue, the Uttar Pradesh government has introduced a comprehensive scheme for the youth, known as the Chief Minister Yuva Udyami Vikas Abhiyan Yojana (CM Yuva). The most special thing about this scheme is that even if you have only passed the 10th grade, you can still get a loan of up to Rs 10 lakh to start your own business, without any guarantee and without interest. So, let's find out what the Chief Minister Yuva Udyami Vikas Abhiyan Yojana is and who is eligible for this scheme.

What is the Chief Minister Yuva Udyami Vikas Yojana?

This scheme is being run under the Directorate of Industries and Enterprise Promotion of the Uttar Pradesh government. Its main objective is to encourage youth towards self-employment, to start small businesses and micro-industries, and to create new employment opportunities in both villages and cities. The government aims to enable 1 lakh young people to start their own businesses every year, and a total of 10 lakh young people to become self-reliant in 10 years. The biggest relief in this scheme is that a minimum qualification of 8th or 10th pass is sufficient. A degree from a large college is not required; only a skill training certificate is needed. This means that if you have completed ITI, a computer course, tailoring, electrician training, mobile repairing, ODOP, VSSY, or any other skill training, you are eligible for this scheme.

How much loan will be given?

Under this scheme, loans are given to young people according to their business ideas. Up to Rs 5 lakh is given as a 100 percent interest-free loan, without any guarantee, for small industries or service businesses. The scheme offers loans up to ₹10 lakh with significant interest rate subsidies and easy repayment options, meaning the government wants young people to start their businesses without worrying about finances. Under this scheme, the government not only provides loans but also offers 10% to 15% of the project cost as a grant. This grant money does not need to be repaid. If your business plan is for ₹5 lakh, the government can provide approximately ₹50,000 as a grant.

Who is eligible for this scheme?

To avail of this scheme, the applicant must be a permanent resident of Uttar Pradesh, between 21 and 40 years of age, have a minimum education of 8th or 10th grade, possess a skill certificate from a recognized institution, and not be currently benefiting from any other government loan scheme.

How to apply?

Applications for this scheme are submitted entirely online. The website for application is msme.up.gov.in. Here, you can register, fill out the form, and upload your documents.