Lucknow. The Uttar Pradesh government has made major changes in the Mukhyamantri Yuva Udyami Vikas Yojana to connect the youth with self-employment and make them economically strong. The aim of the government is that the youth can get easy loans without any hassle and they can become successful entrepreneurs.
After the implementation of the new system, now the youth taking loan under the scheme will have to first take online training. Only after this the bank will release the loan amount. The government says that this will give correct information about business to the youth and the problem of rejection of applications will also reduce.
1. Now loan will be available only after training
Under the new system, now no applicant will get direct loan. First he or she must complete 30 hours of online training. Only after completion of the training, the certificate will be sent to the bank and after that the loan amount will be transferred to the account. The government believes that with this the youth will be able to understand their business better and the possibility of financial loss in future will be reduced.
2. Loan up to Rs 5 lakh will be available without guarantee
Under the Chief Minister Youth Entrepreneur Development Scheme, youth are being given interest free loans up to Rs 5 lakh without bank guarantee. This is expected to provide great relief to the youth starting small businesses. The government is trying to ensure that more and more youth move towards self-employment instead of jobs.
3. Surveillance will be done through face recognition system
Face recognition system has been implemented to maintain transparency in the training and application process. This will reduce the possibility of any irregularities or fraud. During online training, it will be ensured that only the person who has applied is taking the training.
4. Experts will give business training to the youth.
The youth will be given training by experts as per their chosen business. For this, the responsibility has been assigned to institutions like Samadhan Samiti, UPICAN and Entrepreneurship Development Institute. During the training, the youth will be given information about subjects like business planning, banking procedures, market information and preparing project reports. Experts will also answer questions in the live session on the last day.
5. It will be necessary to watch the video before applying
Now it has been made mandatory to watch the 30-minute counseling video before registering on the portal. In this video, youth will be given complete information about their chosen sector, business model and bank loan process. The government says that this will reduce technical errors in applications and the number of applications rejected by the bank will reduce.
Till now lakhs of youth have applied for this scheme
According to government data, lakhs of applications were received under the scheme till April. A large number of these applications were stuck at the bank level due to technical reasons. To overcome this problem, the government has implemented a new system. Now it is expected that this new training based system will connect the youth with self-employment in a better way and will help them in starting business.
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