Good news for the youth of Rajasthan! If you want to start your own business or startup, the Rajasthan government is here to support you.
Under the Vishwakarma Yuva Udyam Yojana, young people can start their own business and even provide jobs to others.
The government offers loans up to Rs 2 crore to help you do this.
Plus, there is a special interest subsidy to make the loan easier to repay.
The scheme was announced by Chief Minister Bhajan Lal Sharma and approved on 23 August 2024 with some improvements.
Loan Details, Subsidy, and Special Benefits
People aged 18 to 45 years can apply for loans from recognized banks under this scheme.
Whether you are starting a new business, expanding an existing one, or modernizing it, you can get a loan up to Rs 2 crore.
The government offers an interest subsidy of up to 8%, which depends on the loan amount.
For the full Rs 2 crore loan, the maximum 8% subsidy applies.
This helps youth focus on their business without worrying too much about loan interest.
There are special benefits for women, Divyang (persons with disabilities), Scheduled Castes (SC), and Scheduled Tribes (ST).
These groups get an extra 1% interest discount if they take a loan between Rs 1 crore and Rs 2 crore.
Additionally, people doing business in rural areas, as well as weavers and artists, are also eligible for this subsidy.
Additional Support: Margin Money Provision
Besides the interest subsidy, the government also provides margin money to reduce financial burden.
This means the government gives 25% of the loan amount or a maximum of Rs 5 lakh as margin money.
However, this margin money will be given only after the applicant repays the loan.
