UP Government Provides ₹5 Lakh Loan to 8th Pass Individuals, No Guarantee or Interest Required

Under the Uttar Pradesh government's MYUVA scheme, young people who have passed the 8th grade are being given loans of up to ₹5 lakh without interest. The objective of this scheme is to encourage self-employment and entrepreneurship among the youth.

If you are a resident of Uttar Pradesh and have completed your education up to the 8th grade, you too can avail a loan of up to ₹5 lakh from the government, and that too without any interest. This scheme has been launched by the Uttar Pradesh government with the aim of making the state's youth entrepreneurs. The government aims to empower approximately 1 lakh young people every year, enabling them to build successful lives and utilise the loan money to start or expand their businesses.

What is the Chief Minister Youth Entrepreneur Development Campaign (MYUVA)?

The Uttar Pradesh government has launched a scheme to help young people start their own businesses, called the Chief Minister Youth Entrepreneur Development Campaign (MYUVA) scheme. Under this scheme, the government will provide loans of up to ₹5 lakh to young people to start their businesses. The main and most significant feature of this scheme is that the government will not charge any interest on the loan; you will receive the loan at a 0 percent interest rate, and no guarantee or collateral is required.

Who is eligible for the scheme?

To avail the benefits of this scheme, the applicant must be between 21 and 40 years of age and must have a minimum educational qualification of 8th grade pass. A certificate of skill training from a recognized institution is also mandatory. Only then can an individual or applicant benefit from this scheme. Once the applicant receives the loan from the government, the loan amount must be repaid within 4 years. It is essential that the applicant be a resident of Uttar Pradesh to avail the benefits of the Chief Minister Youth Entrepreneur Development Campaign (MYUVA) scheme. If the applicant has previously taken a loan from any bank, they must have paid the installments on time and should not be on any bank's defaulter list. To avail of this scheme, the applicant's CIBIL score should also not be poor; only then will they be eligible for the loan.