The Government of Odisha has recently launched the Odisha Swayam Yojana 2024. The initiative provides interest-free bank loans of up to Rs 1 lakh to budding entrepreneurs aged 18-35 years (or 18-40 years for special categories) – to help them start new businesses. This is in suit with the Pradhan Mantri MUDRA Yojana (PMMY), which was launched nationally in April 2015 and allows non-corporate, non-farm small/micro enterprises to borrow up to ten lakh rupees.
The official notice reads: “The objective of the scheme is to provide financial assistance to urban youth, in the age group of 18-35 years and upto 40 years for Special Category (SC/ST/PwD/Transgender) for setting up gainful self-employment ventures / micro-enterprises, suited to their skills, training, aptitude and local conditions through easy access of credit through banks with interest subsidy. The underemployed or unemployed urban youth is encouraged to set up small enterprises relating to manufacturing, service, and petty business for which there is considerable local demand.”
The goal of coverage is to reach 50,000 urban youths in two years, with the option of extending at the discretion of the government. The H&UD Department will set district-specific targets, which the SLBC will then distribute to eligible banks in each district.
Who is eligible to apply?
Individuals meeting the specified criteria are eligible to avail of the scheme’s benefits. Applicants must fall within the age bracket of 18-35 years, with the upper age limit extended to 40 years for special categories such as SC/ST/PwD/Transgender. Additionally, the applicant’s family must either be covered under the BSKY Scheme or have an annual income of less than Rs 3 lakh, with “Family” referring to the applicant and their spouse. Furthermore, applicants must possess a UDYAM registered or UDYAM assisted number to qualify for the scheme.
Who is NOT eligible?
Applicants falling under any of the following parameters will be ineligible for the scheme’s benefits. This includes individuals who are defaulters in any bank or financial institution or have outstanding loans for the same purpose under any Central or State Government schemes. Additionally, employees of Central/State Government or any PSUs, along with their families, are excluded from the scheme. Furthermore, if any member of the applicant’s family is already covered under this scheme, the applicant will not be eligible for its benefits.
How to apply for Odisha Swayam Scheme 2024?
Here are the steps to register for the Swayam Scheme 2024:
Step 1: Visit the official website of Odisha Swayam Scheme at ‘https://swayam.odisha.gov.in/’
Step 2: Click on the “Apply Online” option.
Step 3: Fill in the application with personal details such as name, address, mobile number, Aadhar card number, Ration Card Number, and PAN Card No.
Step 4: Upload the necessary documents.
Step 5: Submit the application.
Here’s the direct link to apply for Odisha Swayam Scheme 2024.
Check the notice below.
