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If you dream of starting your own venture or business (startup/micro-enterprise) but lack the necessary capital or are unable to secure a bank loan without collateral, there is excellent news for you.

The state government has launched the "Chief Minister's Youth Entrepreneur Development Campaign" (CM YUVA) to foster self-reliance among the youth and encourage self-employment. Under this scheme, interest-free and collateral-free loans are provided to young people to start new ventures in the manufacturing or service sectors.

**5 Key Benefits of the Scheme**
1. First-time entrepreneurs receive funding for a project cost of up to ₹5 lakh, with a 100% interest subsidy. This means you do not have to pay a single rupee in interest.

2. While banks typically require assets or guarantors for loans, the entire loan amount under the CM YUVA scheme is covered by the Credit Guarantee Fund (CGTMSE). Consequently, you do not need to pledge any personal assets as collateral.

3. If you repay the initial ₹5 lakh loan on time, you become eligible for a loan of up to ₹10 lakh in the second phase to expand your business. Effectively, a subsidy of up to 50% is provided.

4. The government also provides a special subsidy on the project cost in the form of 'margin money.'

5. There is also a provision for additional incentives for entrepreneurs who adopt digital transactions.

**Who Can Avail the Benefits?**
The primary requirement to benefit from this scheme is that you must be a resident of Uttar Pradesh. Additionally, the applicant must be between 18 and 40 years of age. Applicants must have passed at least the 8th standard (preference is given to those with Intermediate, ITI, Polytechnic, Diploma, or Graduate qualifications). Applicants who have undergone training under the 'Vishwakarma Shram Samman Yojana', 'One District One Product' (ODOP), or any government skill development scheme (such as Skill India) are given preference. Additionally, this benefit is available only for establishing a new industry or service sector venture.

How to apply online?
1. First, visit the official portal of the Directorate of Industries and Enterprise Promotion (UP MSME) at diupmsme.upsdc.gov.in.
2. Click on the "Mukhyamantri Yuva Udyami Vikas Abhiyan Yojana" link on the homepage.
3. Register online by entering your mobile number.
4. Fill in the required personal details in the application form.
5. Upload all the necessary documents and submit the form.
6. The form will then be verified by the District Industries Centre (DIC) and the concerned bank, after which the loan amount will be transferred to your account.

Disclaimer: This content has been sourced and edited from News18 Hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.