Many people in the country want to start their own business, but a lack of money often becomes a major hurdle. To solve this problem, the government runs several useful schemes.
One such scheme has been launched by the Uttar Pradesh government to support young people who want to become self-employed.
Interest-Free Loan Up to ₹5 Lakh
Under this scheme, the Uttar Pradesh government is offering an interest-free loan of up to ₹5 lakh to youth who want to start their own business. The loan is provided at a 0 percent interest rate.
To be eligible, the applicant must be a resident of Uttar Pradesh and have passed at least the 8th standard. The main aim of this scheme is to promote self-employment among the youth of the state.
Chief Minister’s Youth Entrepreneur Development Campaign
This scheme is officially called the Chief Minister’s Youth Entrepreneur Development Campaign. Through this initiative, the Uttar Pradesh government plans to help around 1 lakh young people every year become entrepreneurs.
Financial support is provided so that youth can start their own businesses without worrying about interest costs.
Eligibility and Important Conditions
To take advantage of this scheme, the applicant must be between 21 and 40 years of age. A minimum educational qualification of passing the 8th standard is required. In addition, the applicant must have a skill training certificate from a recognized institution.
After receiving the loan, the beneficiary must repay the amount within four years. A good CIBIL score is also necessary to qualify.
Most importantly, the applicant must be a permanent resident of Uttar Pradesh to be eligible for this government scheme.
