Mukhya Mantri Udyaymi Yojna by Bihar Government

You are currently viewing Mukhya Mantri Udyaymi Yojna by Bihar Government
  • Reading time:3 mins read
  • Post last modified:August 13, 2021
  • Post category:Articles / Finance

Bihar Government on had launched two ambitious schemes christened as the ‘Mukhya Mantri Yuva Udyaymi Yojna’ and the ‘Mukhya Mantri Mahila Udyami Yojna’ to promote entrepreneurship among youth and women of all sections under the state’s ‘Mukhaya Mantri Udyami Yojna’ scheme.

Earlier, the ‘Mukhya Mantri Udyami Yojna’ was started in 2018 and limited to the members of SC, ST and the extremely backward classes (EBCs). From now on, youth and women-irrespective of caste and creed, wishing to start entrepreneurship, will get a loan of Rs 10 lakh, in which Rs 5 lakh would be a grant from the state government and the rest Rs 5 lakh will come as loan, refundable in 84 instalments. A portal has been launched on which youth and women from all sections can register themselves for availing the loan from the government.

Key Points relevant for Mukhya Mantri Yuva Udyaymi Yojna:

  • Under the Bihar Chief Minister Udyami Yojana, financial assistance will be provided to the citizens of the bihar state to establish their own self-employment.
  • A budgeted fund has been set by the Bihar government for the Mukhyamantri Udyami Yojana, which will boost the industry in the state.
  • Through the scheme, a loan amount up to Rs 10 lakh will be provided to all the citizens of the state irrespective of caste and creed.
  • For the benefit of Chief Minister Udyami Yojana, applicants will be able to apply in the scheme through online medium.
  • 50 percent (five lakh) of the loan amount of Rs 10 lakh to be given in the scheme will be given as a grant and the remaining 50 percent as a interest free loan to women entrepreneurs. (Remaining entrepreneurs will be charged nominal interest at rate of 1%)
  • Keeping in view the convenience of the citizens, the applicants will have to pay the loan given to the applicants in 84 instalments.
  • The unemployment rates in the state can be reduced through the Bihar Udyami Yojana.
  • With the benefit of this scheme, both the youth and women of the state will be able to start their own small self-employment or industry.
  • Under the scheme, Rs 25000 will be provided to the applicants for training and assistance.
  • By getting the benefit of the scheme, women will also be able to become self-sufficient by setting up their own self-employment and will be able to maintain their family without being dependent on anyone.

Documents Required to apply Mukhya Mantri Yuva Udyaymi Yojna:

  • PAN Card Copy
  • Aadhaar Card
  • Passport Size Photograph
  • Scan of Specimen Signature
  • Age Should be between 18 years to 50 years
  • Business should be registered as either Proprietorship, Partnership Firm, LLP or a Private Limited Company
  • Cancelled Cheque of a Newly opened Current Account, Account Opening date differs for each class of applicant and shall be beyond as below:
    • Scheduled Castes (SC), Scheduled Tribes (ST) : 17/05/2018
    • Other Backward Classes (OBC): 04/02/2020
    • Women Category (GENERAL): 13/05/2021 (If applied earlier 18/05/2018)
    • Male Category (GENERAL): 13/05/2021
  • Bank Account Statement with account opening date
  • GST Registration for opening current account
  • Permanent Residence Proof obtained at Block Level of Bihar (Form – XIII)
  • Caste Certificate
  • 10th Pass Marksheet (As Proof for Date of Birth)
  • 12th Pass Marksheet (Mandatory)
  • Certificate for Graduation, I.T.I, Polytechnic or Diploma (Optional)

Note: This Post was last updated on August 13, 2021

Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation i.e. August 13, 2021. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, We assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. We assume no responsibility for the consequences of use of such information. IN NO EVENT SHALL WE SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THE INFORMATION.

eTaxFinance Editorial

Cheif Content Editor at eTaxFinance Blog | Social and Media Manager | Corporate Strategy and Planning | Department Head for Income Tax , GST, Corporate Compliance |