To promote self-employment among young people, the Uttar Pradesh government has launched the Mukhyamantri Yuva Udyami Yojana (MYUVA).
This scheme helps youth start their own small businesses by offering financial support of up to ₹5 lakh.
The biggest relief is that this loan is interest-free and does not require any guarantee or security deposit.
This makes it easier for youths from financially weaker families to turn their business ideas into reality.
Who Can Apply for the MYUVA Scheme?
The scheme was launched on March 3, 2024, with the goal of creating more entrepreneurs across the state.
To apply, the applicant must be between 21 and 40 years of age.
The minimum education requirement is Class 8 pass. Applicants must also have a skill training certificate or a relevant degree from a recognized institution.
Another important condition is that the applicant should not be availing benefits of any other government scheme that provides capital or interest support, except PM SVANidhi.
Simple Online Application Process
The entire application process is online and paperless. Interested candidates need to register on the official MSME website: msme.up.gov.in.
After submission, the District Industries Promotion and Entrepreneurship Development Center (DIC) checks the documents.
Once verified, the application is forwarded to the concerned bank.
The bank reviews the business proposal, approves the loan, and then releases the funds.
Contribution, Subsidy, and Long-Term Benefits
Applicants need to contribute a small portion of the project cost.
The contribution is 15% for the general category, 12.5% for OBC, and 10% for SC, ST, and persons with disabilities.
The government also provides 10% margin money for the project.
If the business runs successfully for two years, this margin money is converted into a non-refundable subsidy.
With zero interest, no guarantee, and government support, the MYUVA Scheme is a strong step towards self-reliance and job creation for the youth of Uttar Pradesh.
