swayam yojana odisha|swayam portal|swayam scheme odisha:The Odisha government has launched the SWAYAM scheme, providing interest-free loans of up to Rs 1 lakh to unemployed youth aged 18-35. The initiative aims to promote self-employment in rural and urban areas, fostering a culture of entrepreneurship and self-reliance among young adults.
Unveiled on February 12, 2024, by the Odisha state cabinet, the SWAYAM scheme has been met with enthusiasm by the state’s unemployed youth. The program aims to provide financial support to young men and women between the ages of 18 and 35 years, offering interest-free loans of up to Rs 1 lakh to help them establish their own businesses or pursue self-employment opportunities.
Swayam Yojana Odisha
The Odisha Cabinet today approved a new scheme “SWAYAM” to create self-employed youth i.e., Swatantra Yuva Udyami.All rural unemployed youth or those with no outstanding loan for the same purpose from any Central/State Government schemes in the age group of 18-35 years (18-40 years for the special category) desirous of starting a new business or to expand their existing business will be provided interest-free bank loan for project cost up to Rs 1 Lakh, according to an official release.
The government has set specific eligibility criteria based on family income and existing government schemes, ensuring that the benefits reach those who need them most. Moreover, the age limit has been extended to 40 years for Scheduled Tribes and differently-abled categories.
Odisha SWAYAM Scheme Details in Highlights
| Name | Swatantra Yuba Udyami Yojana |
| Launched by | Odisha government |
| Objective | To provide Interest-free loans |
| Benefit | Interest-free loans for businesses of up to 1 lakh |
| Budget allocated | Rs 448 crore |
| Beneficiaries | State’s youth |
| Official Website | Not yet launched |
Objective of Odisha Swatantra Yuba Udyami Yojana
The interest-free loan will be given to establish microbusinesses and endeavours that generate revenue that is appropriate for their aptitude, skills, training, and local circumstances. The state administration hopes to include one lakh eligible youth from both urban and rural areas in the first phase of this programme.
Benefits of Odisha Swatantra Yuba Udyami Yojana
Following are the Benefits of Odisha Swatantra Yuba Udyami Yojan
- Young men and women between the ages of 18 and 35 who are unemployed or underemployed can apply for this scheme.
- Interest-free bank loans of up to Rs. 1 lakh shall be provided under this yojana to launch a business.
- The state government would use Rs 448 crore of its budget for this.
- In addition to the 85% loan guarantee already provided to micro and small firms, the state government will also offer a further 15% loan guarantee through the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
- The full interest burden on the loan will be borne by the state government.
- The state government will also cover the annual CGTMSE guarantee cost.
Effect of Swayam Scheme Odisha on Education
- Enrollment in higher education courses in Odisha has increased dramatically as a result of the SWAYAM Scheme.
- Students who were previously unable to pursue higher education due to financial or geographic limitations have been drawn to online learning because of its convenience.
- The young of Odisha now have a wider range of talents thanks to the addition of skill-based courses.
- As a result, employment rates rise because people with practical skills are better able to adapt to the demands of the labour market.
- Students in Odisha have benefited greatly from the SWAYAM Scheme’s promotion of digital literacy.
- Students who complete their courses successfully are awarded certifications that are valuable in the employment market.
- Students are further encouraged to actively participate in and finish their selected courses as a result of this acknowledgment, which gives the skills they have learned through the SWAYAM platform more legitimacy.
The applicant must fulfill the following eligibility criteria:
- Any individual within the age group of 18-35 years. For applicants belonging to SC / ST / PwD categories, the upper age limit will be 40 years.
- Applicant’s family is covered under KALIA / BSKY Scheme or having income of less than 2 lakh per annum where “Family” implies self and spouse.
- iii. The applicant must have UDYAM registered / UDYAM assisted number.
- Applicants under any of the parameters listed below will be excluded from this scheme:
- Defaulter in any bank / Financial Institution or having an outstanding loan for the same purpose from any Central / State Government Schemes.
- Employees of Central/State Government or any PSUs / Statutory bodies and their families.
- iii. If one member in the family is covered under this scheme.
- The Government has decided to cover 1 lakh eligible rural youth under this scheme initially and will spend Rs 448 crore out of its own budget. The scheme will be operational for 2 years.
Documents Required
- Aadhar card
- PAN card
- Passport size photograph
- Mobile number
- Bank account
- Domicile certificate
State Government will provide the following support:
- Guarantee up to 15% of loan over and above 85% CGTMSE guarantee.
- The entire interest on the loan will be borne by the State Government.
- The annual guarantee fee of CGTMSE will be borne by the State Government.
- There will be no collateral or processing fee for this loan. The repayment period will be 4 years which includes a moratorium period varying from 3 to 6 months as prescribed by the concerned bank / financial institution.
- The scheme will be implemented in the following ways:
- The applicant will register and submit the application to the Bank through a dedicated website.
- The services of Mo-Seva Kendra can also be utilized by the applicant for submission of the application on the website.
- The choice of Bank selected by the beneficiary during application filing will conduct document and field verification on receipt of the application.
- During field verification bank will assist the applicant in preparing the required simplified DPR for sanctioning the loan.
- The banks will disburse the loan amount to the applicant after sanction and deposit of margin money.
- There will be a committee at the State / District/ Block level to monitor the Scheme for its smooth implementation.
Swayam Yojana Odisha Apply Online
- Swayam Yojana Odisha Apply Online Click Offical website
- The homepage of the website will open
- Click on Apply Online link
- The application form will open on the screen
- Now, fill in the form with all the required details like Name, Aadhar Card Number, Email ID, Mobile Number, Address, etc
- After that upload all the required documents
- Finally, click on the Submit button to complete the application process