The Mukhyamantri Yuva Udyam Vikas Abhiyan Yojana has in just 37 days since its launch on January 24, has disbursed loans amounting to Rs 5.55 crore to 57 applicants in Uttar Pradesh’s Sonbhadra.
This initiative aims to combat unemployment by connecting young people with employment opportunities. Out of 1250 applications received, the District Industry Promotion and Entrepreneurship Development Center scrutinized and forwarded 1156 applications to various banks.
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To date, banks have approved 169 files, distributing Rs 55.19 lakh as margin money. The scheme offers a unique benefit: loan recipients are not required to make any repayments for the first six months, and the government covers the entire interest for four years, effectively making the interest zero for those who have received loans. Loans up to Rs 5 lakh are offered without subsidy, while loans between Rs 5 lakh and Rs 10 lakh are available but without subsidy.
Loans are being provided in both employment and service sectors, including furniture manufacturing, flour mills, restaurants, dhabas, sweet shops, dairy production, tent houses, shuttering, mobile repairing, printing presses, public service centers, and fitness centers. A loan distribution camp is scheduled for March 10 at the divisional level, where loans will be distributed to individuals from Prayagraj and Vindhyachal divisions.