MUKY Scheme empowers industries, supports sustainability, offers subsidies, and provides financial aid for growth under the Mukhyamantri Udyam Kranti Yojana. If you need any expert advice, Vakilsearch experts are here to help.
Introduction
The Government of Madhya Pradesh runs various schemes to create job opportunities. Today, we’ll share details about one such scheme initiated by Chief Minister Shri Shivraj Singh Chouhan. It’s called the Madhya Pradesh Chief Minister Udyam Kranti Yojana. This scheme aims to provide loans to unemployed residents. This blog will provide you with essential information about the Mukhyamantri Udhyam Kranti Yojana, including its purpose, benefits, eligibility criteria, features, required documents, and how to apply.
Mukhyamantri Udhyam Kranti Yojana
The Chief Minister of Madhya Pradesh, Shri Shivraj Singh Chouhan, initiated a program called the Udyam Kranti Yojana on March 13th. This initiative was unveiled during the inauguration of the Nagrodaya Mission. The main goal of this scheme is to support the youth of Madhya Pradesh in creating their own businesses. The unique aspect of this scheme is that the government will guarantee the loans provided to the youth when they approach banks for financial assistance. This means that the beneficiaries won’t be required to provide any personal guarantees to the bank in order to secure the loan.
Furthermore, the Udyam Kranti Yojana offers an interesting feature where the Madhya Pradesh government will also cover a part of the interest on the loans granted to the beneficiaries. This move aims to reduce the financial burden on the youth and encourage them to take up entrepreneurial ventures. Through the MP Mukhyamantri Udhyam Kranti Yojana 2023, the residents of the state will have the opportunity to establish their own self-employment opportunities, fostering economic growth and individual empowerment.
Objective of Madhya Pradesh Chief Minister Mukhyamantri Udhyam Kranti Yojana
- Promote self-employment in Madhya Pradesh.
- Provide citizens with loans for self-employment without requiring a guarantee.
- Assist individuals in establishing their own businesses.
- Offer government-backed interest subsidies on the loans.
- Reduce unemployment in the state and empower its citizens.
- Create more job opportunities through the scheme.
- Lower the overall state unemployment rate.
- Open for application to all citizens.
Details Of MP Mukhyamantri Udhyam Kranti Yojana
| Scheme Name | Madhya Pradesh Chief Minister Enterprise Revolution Scheme |
| Launched By | Government of Madhya Pradesh |
| Beneficiary | citizens of Madhya Pradesh |
| Objective | To encourage the citizens of the state for self-employment |
| Official website | https://samast.mponline.gov.in/ |
| Year | 2023 |
| Application Type | online/offline |
Banks included under MP Udyam Kranti Yojana
- Bank of India
- Central Bank of India
- Bank Of Baroda
- Bank of Maharashtra
- Union Bank
- Indian Overseas Bank
- Punjab National Bank
- Indian Bank
- ICICI Bank
- Federal Bank
- Dhanlaxmi Bank
- UCO Bank
- South Indian Bank
- yes bank
- Canara Bank
- Axis Bank
- IDBI Bank
- Karur Vyasa Bank
- HDFC bank
- bandhan bank
- State Bank Of India
- Punjab And Sind Bank
Madhya Pradesh Chief Minister Udyam Kranti Statistics
| Total Applications | 21 |
| Registered Application | 981 |
| Total Department | 3 |
| Total Bank Branch | 2932 |
| Total Approved | 0 |
Benefits and Features of Madhya Pradesh Udyam Kranti Yojana
- Initiator: Launched by Madhya Pradesh Chief Minister Shri Shivraj Singh Chouhan.
- Launch Date: Started on March 13 during the Nagrodaya Mission inauguration.
- Budget Announcement: Announced alongside the 2021-22 financial budget.
- Loan for Youth: Offers loans to Madhya Pradesh’s young people for starting their own businesses.
- No Guarantee Required: Beneficiaries don’t need to provide collateral for the loan.
- Interest Subsidy: Also provides interest subsidy on the loans.
- Reducing Unemployment: Aims to lower the state’s unemployment rate.
- Encouraging Self-Employment: Motivates citizens to establish self-employment ventures.
- Self-Reliance: Aims to make state residents self-reliant and empowered.
- Eligibility: Open to unemployed citizens of the state.
- Direct Benefit Transfer: Benefits under the scheme will be directly transferred to beneficiaries’ accounts under the Mukhyamantri Udyam Kranti Yojana 2023
Provisions of Mukhyamantri Udyam Kranti Yojana
Eligibility Criteria:
Age Requirement: Applicants must be between 18 and 40 years old.
Education: Minimum 12th class education is necessary.
Family Income: Family’s yearly income shouldn’t go over 12 lakhs.
Income Tax Proof: If the family pays income tax, the last 3 years’ income tax statements are needed.
Non-Defaulter: Applicants shouldn’t have defaulted on bank or financial institution payments.
No Duplicate Benefits: Only those not benefiting from other self-employment schemes are eligible.
Loan Terms:
Moratorium Period: The initial 7 years have no repayments, but the loan is marked as NPA.
Interest Subsidy: The government offers yearly interest subsidy.
Guarantee Fee: Scheme covers guarantee fee for up to 7 years.
Administration:
Managed by the Micro Small and Medium Enterprises Department.
Implemented through a unified portal.
Note: The scheme has specific criteria regarding age, education, income, tax status, defaults, and previous benefits. It offers a moratorium period, interest subsidy, and guarantee fee coverage. The administration is overseen by the Micro Small and Medium Enterprises Department and employs a unified online portal for implementation.
Eligibility of MP Chief Minister Udyam Kranti Yojana
- Residency Requirement: Applicants need to be permanent residents of Madhya Pradesh.
- Age Range: Individuals between 18 to 40 years of age can apply for the scheme.
- Education Qualification: A minimum of 12th-class education is required for eligibility.
- Income Limit: The applicant’s family should earn ₹ 1200000 or less annually to qualify.
- Income Tax Requirement: If the applicant pays taxes, they need to submit their income tax statements for the past 3 years along with the application.
- New Business: The scheme is only for those starting new businesses.
- Financial Record: Applicants must not have defaulted on loans from banks or other financial institutions.
- Exclusive Benefit: Those applying shouldn’t be taking advantage of any similar self-employment scheme provided by the Central or State Government.
Important documents of Mukhyamantri Udyam Kranti Yojana
- Aadhar card
- Copy of bank passbook
- Address proof
- Ration card
- Identity card
- Mobile number
- Passport size photograph
Madhya Pradesh Chief Minister Udyam Kranti Yojana Application Process
- Go to the official Udyam Kranti Yojana website.
- The website’s home page will appear.
- Click on the Apply option.
- A new page will open; click Create New Profile.
- Fill in your name, birthdate, gender, relationship status, relative’s name, category, mobile number, email ID, and captcha.
- Click Create Profile.
- Log in using your Registered Mobile Number and Birthdate.
- Select Madhya Pradesh Chief Minister Udyam Kranti Yojana.
- The application form will show up.
- Provide all the necessary details in the form.
- Upload all required documents.
- Click Submit.
- You’ve successfully applied for Madhya Pradesh Chief Minister Udyam Kranti Yojana.
Bankers Login Process
Accessing Udyam Kranti Yojana Website:
- Go to the official Udyam Kranti Yojana website.
- The main webpage will appear.
Logging in as a Banker:
- Choose the bankers login option on the homepage.
- The login form will show up.
- Enter your Username, Password, and Captcha Code in the form.
- Click on Sign In.
Successfully Logging In:
- You will now be logged in to the system.
Mukhyamantri Udyam Kranti Yojana Application Status Check Process
- Go to the official website of the MP Chief Minister Udyam Kranti Yojana.
- The website’s home page will appear.
- Click on the Application Status option.
- Log in using your Registered Mobile Number and Date of Birth.
- Select the Application Status option again.
- Enter your Reference Number.
- Search and click on the relevant option.
- The application status will be displayed on your computer screen.
Procedure to Login to MP Udyam Kranti Yojana Portal
Access the Official Website:
Start by going to the official website of the Madhya Pradesh Chief Minister Udyam Kranti Yojana.
Homepage:
When you’re on the website, the main page will appear.
Login Selection:
Next, choose the login option from the menu.
Portal Login:
This will take you to a new page with the portal’s login interface.
Enter Details:
On this page, you need to provide your Registered Mobile Number and Date of Birth.
Continue:
After entering your details, click on the Continue button.
Successful Login:
Following these steps will help you successfully log in to the portal.
Complaint Filing Process
- Go to the official website of the Udyam Kranti Yojana in Madhya Pradesh.
- The website’s main page will appear.
- On this main page, find and click on the Register a Complaint option.
- You’ll see the Udyam Kranti Yojana page.
- Click on the Register Complaint option once again.
- A Grievance Form will show up on your screen.
- Fill in all the important information requested in this form.
- Click on the Submit option.
- This is how you can successfully file a complaint.
Procedure to View Grievance Status
- Go to the official website of the Udyam Kranti Yojana in Madhya Pradesh.
- The website’s main page will appear.
- On this main page, find and click on the Register a Complaint option.
- You’ll see the Udyam Kranti Yojana page.
- Click on the Register Complaint option once again.
- A Grievance Form will show up on your screen.
- Fill in all the important information requested in this form.
- Click on the Submit option.
- This is how you can successfully file a complaint.
FAQ:
1. What is MP Mukhymantri Udyam Kranti Yojana?
MP Mukhyamantri Udyam Kranti Yojana is a scheme launched by the Madhya Pradesh government to promote self-employment and entrepreneurship. This scheme offers loans of up to INR 50 lakh at a reduced interest rate to individuals who have completed Class 12.
2. What changes were made under this scheme?
Under the MP Mukhymantri Udyam Kranti Yojana, collateral-free loans ranging from INR 1,00,000 to INR 50,00,000 is offered to the youth of Madhya Pradesh for setting up enterprises within the state.
3. Why will a 3% subsidy be given by the government?
Under the MP Mukhymantri Udyam Kranti Yojana, the government will provide a 3% interest subsidy in addition to a bank guarantee to ease loan repayment burdens.
4. When was the scheme started and by whom?
The Under the MP Mukhymantri Udyam Kranti Yojana was announced by the Madhya Pradesh government in 2022.
5. What will be the eligibility to apply for the scheme?
Individuals who have completed Class 12 are eligible to apply for the scheme. The age limit is between 18 to 40 years, and the annual family income should not exceed INR 12 lakhs.
6. What is the helpline number related to MP Mukhyamantri Udyam Kranti Yojana?
The helpline number related to MP Mukhyamantri Udyam Kranti Yojana is as follows – 0755-6720200
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