The Mukhyamantri Udyam Kranti Yojana is a Madhya Pradesh sponsored scheme implemented by the Department of Micro, Small and Medium Enterprises. Under this scheme, 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 manufacturing units and enterprises for the service sector at 3% interest subsidy rate for 7 years.
- Applicants should be between 18 to 45 years.
- Applicants should have atleast passed Class 8.
- Annual income of the family should not be more than INR 12 lakh.
- Applicants should not be a self defaulters of any bank or financial institution like-MFI (Micro Finance Institutions), NBFC (Non Banking Financial Company), SFB (Small Finance Bank), PACS (Primary Agricultural Credit Society), etc.
- Applicants should not be a beneficiary of any other self-employment scheme of the state or central government.
- For setting manufacturing units – Loan amount ranging from INR 1,00,000 to INR 50,00,000
- For setting enterprises for service sector – Loan amount ranging from INR 1,00,000 to INR 25,00,000
- 3% interest subsidy will be provided under this scheme for 7 years (including moratorium period)
- Duly filled and signed application form for the MMUKY scheme
- Identity proof (Aadhaar card, Voter ID card, or any other government-issued identification document)
- Address proof (Aadhaar card, ration card, utility bills, or any other proof of address)
- Age proof (birth certificate, school leaving certificate, or any other document providing proof of their age.
- Class 12 passing cerificate
- Income proof (salary slip, income tax return document, or any other relevant financial documents)
- A detailed business proposal or plan outlining the nature of the business, investment requirements, expected revenue, market analysis, etc.
- Bank Account Details (account number, bank name, and branch name)
- In the case of a partnership firm, a partnership deed outlining the terms and conditions of the partnership
- If the applicant is a taxpayer, then in this case the income tax details of the last 3 years
Online application process
- Visit the official website at samast.mponline.gov.in.
- Navigate to the ‘Create Profile’ tab.
- Candidates will be redirected to the ‘Applicant Profile Form’.
- After filling out the relevant information, click on the ‘Next’ tab and log in with registered mobile number and date of birth.
- Now, the application form will appear on the screen. It is advised to fill out the application form correctly and ensure that all necessary documents are enclosed.
- Click on the ‘Submit’ button and ensure to download the application form for future reference.
Offline application process
- After eligibility tests by the department, the application will be sent online to the concerned bank branch.
- The decision on the application will be taken by the bank branch in a maximum 6 weeks (As per RBI Guidelines).
- In case the case is approved, the bank branch will disburse the loan within 1 month and enter it on the portal.
- Interest subsidy/loan guarantee fee subsidy will be claimed by the bank branch in favor of the beneficiary online from the District Trade and Industry Center.
- The grant amount will be transferred directly to the loan account of the beneficiary through online process (DBT) by the General Manager, District Trade and Industries Center.
- For more information about the scheme, the District Business and Industry Center of the concerned district can be contacted.
