Swami Vivekananda Assam Youth Empowerment Scheme was launched by the government of Assam on 17 September 2020. The scheme provides Rs 50,000 to the youth of Assam.
The Scheme was updated on 8 March 2021. The Scheme is introduced to promote entrepreneurship in the state. The government aims to create job opportunities in the state.
The government will fund youth to open their small business in the state that will lead to job opportunities as well as an increase in the income of the state.
This scheme was introduced by the government of assam in the budget session of year 2017.
It was a scheme to help the small business and young people of Assam to do the business and generate employment in the State.
The trading, manufacturing sector in the State is not in a good condition so Assam needs to have such type of scheme to generate employment and revenue. So the scheme will play a vital role in improving the financial condition for the State.
Also, it will attract the investors of the other States to invest in Assam. Assam is considered to be poor than other States so these kinds of schemes can also improve their image in the country.
The scheme will promote the business of the small entrepreneur in the state. Under this scheme around 2 lakh, young people get a loan of 50,000 rupees to start their businesses and generate employment in the state.
Swami Vivekananda Assam Youth Empowerment Scheme 2021
The scheme has been launched by the government of Assam to empower the youth. The scheme was inaugurated by the finance minister of Assam. The scheme was implied by the department of finance of govt of Assam.
All the youth who are under the eligibility criteria for this scheme is beneficiaries of this Scheme. There are more than 2 lakh beneficiaries for the scheme.
The government of Assam will promote entrepreneurship in the state and will provide funds of Rs 50,000 per entrepreneur to promote entrepreneurship in the state.
This will open the gate of many businesses in Assam. This is one of the optimist decisions taken by the government of Assam to promote young people to invest in the business.
The SVAYEM scheme was launched in the financial year 2018-19 but due to some bank linkages, the scheme was not applied in the State.
Anyone who wants to start a business can get a fund of Rs 50,000 from the bank according to this Scheme. But for applying for this scheme there’s some eligibility which we will be discussing later in this article.
If a person is eligible, he will surely get the fund from the bank. This scheme can be apllied online with the ease of your home.
Process For Applying For SVAYEM Scheme
For applying for the SVAYEM Scheme you have to fill the application form of SVAYEM Scheme. The application form will ask you
- – The name of your enterprise and the application Sl No.
- In the next annexure, the form will ask about the information about the applicant. For example, you have to fill in your name, date of birth, Gender, Residential address, academic Qualifications, Experience in line of activity.
- In the next annexure, you will have to give the business information like
- Name of the enterprise
- Current business address
- Your state
- Business premises- (is it rented or owned), the pin code of your locality,
- The mobile number,
- Your email id
- Date of commencement
- Whether the unit is registered
- Your social category
– If minority?
After filling in all these details you have to sign a declaration which states that all the information that is filled in by you is correct and complete.
Your credit score is good. You have not taken any bank loan which is pending. You are not in any debt of any bank. All the information filled in by you is correct regarding your bank. Also, you don’t receive any benefits of PMEGP in these five years.
After that, you have to sign at the end of this application form with the present date.
To get the benefits of the Swami Vivekananda Assam Youth Empowerment Scheme yojana you have to fulfill the eligibility requirements of the Scheme, the eligibility criteria is as follows-:
1. The applicant who wants to apply for the Swami Vivekananda Assam Youth Empowerment Scheme must be a Resident of Assam and must be above 18 years.
2. One should not expect income ceiling assistance under the Swami Vivekananda Assam Youth Empowerment Scheme Yojana.
3. The person applying for the scheme must know about the project, education qualification, some work experience, etc.
4. The application must have the education qualification of 7th standard or more. Less than that wouldn’t be considered for this scheme.
5. The skill development trained applicant will be given more preference than those who didn’t have a skill development degree. So if you have done some skill development training, you will get a preference in Swami Vivekananda Assam Youth Empowerment Scheme Yojana.
6. The applicant must not be a defaulter of any Bank. Those who are defaulter of any loan of any bank will not be considered eligible for the loan.
Legal action will be taken against the person who found the defaulter of a loan of a bank and applying for the Swami Vivekananda Assam Youth Empowerment Scheme. For example, if you are paying EMI to a bank you are not eligible for this scheme.
Objective of The Scheme
The main aim of the scheme is to generate employment in the state by giving entrepreneurs Money to start their businesses.
This will open the gates for employment for the needful people. For example, the government is giving a loan of rupees 50,000 to a textile worker and due to the loan, he opens a small shop.
For running the shop entrepreneurs need more workers, salespeople, receptionists etc. So this small business can generate employment for 5 to 6 people. So we can easily calculate how much employment could be generated in the state.
Bank will also get profits because the loan takers are very few in the state, 2 lakh people are a very big number. So the bank can also make a healthy profit by the interest on loans.
Benefits of the scheme
- Rs. 50,000 will be directly provided to the entrepreneurs as seed money.
- This Scheme will provide a helping hand to small businesses, micro-businesses, engaged in various sectors like primary, secondary, and tertiary sectors.
- 1000 crore rupees is been sanctioned for the youths of the Assam State.
- Approximately 2 lakh young people of the state will be the beneficiary of the Swami Vivekananda Assam Youth Empowerment Scheme Yojana.
- Rs 50,000 will be given to the beneficiary without a loan processing fee.
- The Swami Vivekananda Assam Youth Empowerment Scheme yojana will generate a lot of employment opportunities in the state.
- 2 lakh people will give employment to more than 5 lakh people in the State which is very appreciable. The government should give more Schemes like Swami Vivekananda Assam Youth Empowerment Scheme.
Required Documents For The Scheme
The document that has to attest by you with the application form of Swami Vivekananda Assam Youth Empowerment Scheme are as follows-:
1. The identification proof of the applicant. It can be a voter id card, your driving license, Pan card, aadhaar card, passport.
2. The proof of identity of the address of the Business Enterprise-
You can give them copies of licenses of the relevant business units, you can give RC that is registration certificates, or other documents of ownership, address of the business, etc.
3. You have to give a project report
4. The proof of residence
5. The certificate of experience
6. Qualification proofs (10th, 12th mark sheet)
7. The proof of age (generally 10th mark sheet)
Online Application Process For Swami Vivekananda Assam Youth Empowerment Scheme
These are the steps in which we will be discussing how to apply for the Swami Vivekananda Assam Youth Empowerment Scheme Yojana-:
1. Firstly log on to the official website of Swami Vivekananda Assam Youth Empowerment Scheme yojana link. The link to the scheme is http://assam.gov.in/
2. On the home page of the Swami Vivekananda Assam Youth Empowerment Scheme portal you will get an option of the “Application form for SVAYEM Scheme” link.
3. Take the printout of that pdf format application form. You can download it too on your device.
4. Fill the application form correctly without any mistakes and don’t forget to attest all the required documents with the application form. The document has to be uploaded online again.
5. After that there will be a verification by the DICC officials. After verification, they will send the application form further to the district-level committee (DLC) for approval.
6. After the DLCC inquiry and approval., the committee will ask the banks to inquire about the applicant and do further processes.
7. Banks are doing business too so they also see their profit in every business transaction. After consideration banks take their decision after seeing the viability of the projects.
They will inquire about each project and if they find it economically as well as technically well they will issue the fund within 30 days.
8. After fulfilling the bank’s eligibility criteria then the full amount will be sanctioned by the banks. Normally within five to seven working days, the fund gets credited from the banks to the receiver.
9. After disbursing the loan amount, banks will also submit the margin money subsidy.
10. On Management Information systems, the bank will update the status online.