In today’s times, it’s better for unemployed youth to start their own business than to wait for a job. To reinforce this idea, the Jharkhand government has launched the Chief Minister’s Employment Generation Scheme. This scheme provides loans at low-interest rates and subsidies, giving young people the opportunity to become self-reliant and create employment.
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Chief Minister’s Employment Generation Scheme: For unemployed youth today, it has become easier and more beneficial to start their own business than to look for a job. Various state governments across the country are coming forward to help young people realize their dreams. Some states are offering loans at low interest rates, while others are providing loans with substantial subsidies. If you too dream of starting your own small business or startup, these government schemes offer a great opportunity. With their help, you can not only become self-reliant but also provide employment to others. Let’s learn about one such scheme. It is called the Chief Minister’s Employment Generation Scheme.
What is the Chief Minister’s Employment Generation Scheme?
The “Chief Minister’s Employment Generation Scheme” is an important scheme launched by the Scheduled Tribes, Scheduled Castes, Minority and Backward Classes Welfare Department of the Jharkhand government. The main objective of this scheme is to help Scheduled Tribes (ST), Scheduled Castes (SC), minorities, backward classes, and differently-abled individuals start self-employment ventures and promote entrepreneurship. Through this scheme, loans and subsidies are provided at low interest rates so that these individuals can start their own businesses and become self-reliant. Under this scheme, the government is providing assistance ranging from Rs. 50,000 to Rs. 25 lakhs.
What are the key features of this scheme?
Subsidized loans for self-employment
- 40% subsidy on loans up to ₹5 lakh.
- EMIs will be calculated only on the remaining amount after deducting the subsidy.
Loan guarantee facility
- No guarantee is required for loans up to ₹50,000.
- For loans above ₹50,000, a guarantor or collateral (movable/immovable property) may be required.
Low interest rate
- All loans will be provided at an interest rate of only 6%.
- Beneficiaries will receive free training before starting their business.
Please note that for loans exceeding ₹50,001, the applicant must deposit 10% of the loan amount as margin money.
Who is eligible?
The eligibility criteria for the Chief Minister’s Employment Generation Scheme are very simple. The applicant must be between 18 and 50 years of age. They must be a permanent resident of Jharkhand, and their family’s annual income should not exceed ₹5 lakh in both rural and urban areas. The applicant should not be employed in any government or semi-government job and should not be a loan defaulter with any bank. Proposals related to businesses harmful to the environment, such as those involving alcohol, drugs, or polythene, will not be accepted. If the applicant is disabled, their disability percentage must be at least 40%. Individuals fulfilling these conditions can avail of this scheme.
Required Documents
To apply for the Chief Minister’s Employment Generation Scheme, certain documents are required. You will need to provide your passport-size photograph, online-issued domicile certificate, caste certificate (online-issued), income certificate (online-issued), Aadhaar card and PAN card copies, and a copy of the first page of your bank passbook.
If the loan amount exceeds ₹50,000, a project report is also required. For business loans of ₹10 lakh or more, a due diligence report (a comprehensive investigation report of the proposed business) is also necessary. Additionally, a declaration form in the prescribed format on stamp paper, a guarantor’s signed certificate for loans exceeding ₹50,000, the guarantor’s Aadhaar and PAN cards, proof of the guarantor’s income (salary slip or ITR), and a disability certificate for disabled applicants are mandatory. The application will only be considered valid after submitting all these documents.
How to Apply?
Before applying for this scheme, you need to register on the government portal. After registration, you can log in and apply.
Registration Process
- Go to the official website of the “Chief Minister Employment Generation Scheme Jharkhand”.
- Click on Registration and fill in your Aadhaar number, date of birth, mobile number, and email ID.
- Proceed after registration.
Login Process
- Log in using your mobile number and password (last 8 digits of your Aadhaar card).
- Click on Login and fill in the basic details in the application form.
- Upload your profile photo, signature, and necessary documents.
- Click on Submit, you will receive your application ID, and you can print it.
