- Myuva scheme offers up to Rs 5 lakh interest-free loan with no EMI for 6 months to youth in Uttar Pradesh.
- Two-phase financial support: First phase up to Rs 5 lakh with a loan up to Rs 4.5 lakh, second phase supports business expansion up to Rs 10 lakh.
- No guarantor needed, margin money varies by category, and government support continues after loan repayment.
Myuva scheme, officially named Chief Minister’s Youth Entrepreneur Development Campaign, aims to help young people in Uttar Pradesh start their own businesses by providing easy and affordable financial assistance. This scheme, launched in 2024 by the Yogi Adityanath government, is especially designed for educated and skilled youth to promote entrepreneurship and contribute to the state9s economic growth.
Understanding Myuva Scheme – Interest-Free Loan Benefits and Phases
Myuva scheme provides financial support in two main phases. In the first phase, business projects costing up to Rs 5 lakh are eligible. The scheme offers loans up to Rs 4.5 lakh with 100% interest waiver for 4 years, meaning the loan is interest-free. Additionally, borrowers will not need to pay any EMI for the first 6 months. This gives you relief and time to set up your venture smoothly.
Importantly, this loan requires no guarantor, simplifying the approval process. Under this phase, the loan will be covered by CGTMSC (Credit Guarantee Trust for Micro and Small Enterprises) for 4 years.
After fully repaying the first phase loan, you can apply for a second phase loan to expand your business. This phase supports projects costing up to Rs 10 lakh. You may receive a loan double the first phase or Rs 7.5 lakh – whichever is higher. In this stage, there is a 50% interest subsidy for 3 years along with CGTMSC coverage.
Margin Money and Category Details
Applicants must contribute margin money depending on their category as per the scheme guidelines:
- General category: 15% margin money
- OBC category: 12.5% margin money
- SC/ST/Divyang/Backward Class: 10% margin money
- Residents of Chitrakoot, Chandauli, Fatehpur, Balrampur, Siddharthnagar, Shravasti, and Bahraich districts: 10% margin money
Eligibility Criteria and Required Documents for Myuva Scheme
Who can apply?
- Age between 18 to 45 years
- Must be a resident of Uttar Pradesh
- Minimum educational qualification of 8th pass
- Trained individuals under schemes like Vishwakarma Shram Samman Yojana, One District One Product training, Toolkit scheme, among others, are also eligible
- Skill-related certificates, diplomas or degrees must be from recognized institutions
Documents Needed for Application
- Training and educational qualification certificates
- Aadhaar card or Voter ID
- Ration card
- Proof of residence/native certificate of Uttar Pradesh
- Bank account details including passbook or bank statement first page from which loan will be taken
- Income certificate
- Business plan document
- Certificate from local authority (e.g. Sarpanch for rural areas or ward councilor in urban areas)
- Self-declaration form
- Two passport size photographs
Applying for Myuva scheme is a promising step towards creating your own business and becoming self-reliant. The zero-interest loan and EMI-free period reduce financial pressure during the initial phase, while government support encourages expansion after repayment.