About SVAYEM Scheme
“The Swami Vivekananda Assam Youth Empowerment” Scheme is an initiative launched by the government of Assam to empower the youth of the state and boost entrepreneurship. The primary objective of the scheme is to provide financial assistance and training to the unemployed youth of the state who want to start their own business ventures. The scheme aims to create a conducive environment for entrepreneurship and help in the overall economic growth of the state. The benefits of the scheme include financial assistance, training, and support to young entrepreneurs to establish and run their own businesses, leading to employment generation and economic development.
Objectives
The primary objectives of the SVAYEM Scheme are:
- Creating employment opportunities in both rural and urban areas by supporting the establishment of new businesses and the growth of existing ones.
- Providing financial assistance to micro and small businesses engaged in the manufacturing, trading, and services sectors, thereby promoting entrepreneurship.
- Enhancing the income levels of traditional artisans and ensuring their sustainable growth by providing financial assistance.
Full Overview Of Swami Vivekananda Assam Youth Empowerment Scheme
| Name of Scheme | Swami Vivekananda Assam Youth Empowerment Scheme |
|---|---|
| Announcement | Govt of Assam |
| State Name | Assam |
| Implementation | Updated on 2023 |
| Objectives | To provide financial assistance and training to unemployed youth of Assam to promote entrepreneurship and self-employment |
| Incentive | Up to Rs. 50,000/- per person as seed money for business ventures |
| Beneficiaries | Unemployed youth of Assam between 18-40 years of age |
| Application Starts | Always Open |
| Process | Online registration followed by submission of application form and documents to District Level Committee (DLC) |
| Official Website | https://industries.assam.gov.in |
Eligibility Criteria
To be eligible for the SVAYEM Scheme, the applicant needs to meet the following criteria:
- Residency: The applicant must be a permanent resident of Assam state.
- Age: The applicant’s age must be less than 40 years.
- Education: The applicant should have passed the matriculation level.
- Group membership: The applicant should be a part of the existing Self Help Groups, Joint Liability Groups, etc. before 1 September 2020.
Benefits
Beneficiary Selection:
- Number of beneficiaries selected based on population in a district
- Approximately 1 lakh youth in Assam will receive financial support
Financial Assistance:
- All public sector, private sector, and regional rural banks provide financial assistance
- Quantum loan for new entrepreneurs is Rs 1 lakh; for existing entrepreneurs, it is Rs 2 lakh
- Loan amount from bank is 55% of project cost, subject to maximum of Rs 20,000 for new entrepreneurs and Rs 40,000 for existing entrepreneurs
- Government subsidy is 20% for new entrepreneurs and 20% for existing entrepreneurs
- Beneficiary contribution is 25% for both new and existing entrepreneurs
| Category | Qualifying Amount | Govt. Subsidy Percentage | Beneficiary Contribution | Bank Loan | Remarks |
|---|---|---|---|---|---|
| New Entrepreneur | Rs 1 Lakh | 20% | 25% | 55% | Project cost maximum subject to Rs 20,000 |
| Existing Entrepreneur | Rs 2 Lakh | 20% | 25% | 55% | Project cost maximum subject to Rs 40,000 |
Interest Rates:
- Interest rates for SVAYAM loans will be charged according to the bank as per RBI guidelines for Micro Small Enterprises units
Repayment Schedule:
- Repayment schedule for the loan will be between 3 to 7 years after an initial moratorium
- Schedule will be prescribed by the corresponding bank or financial institution
Overall, the SVAYEM scheme aims to support young entrepreneurs in Assam to establish and run their own businesses, leading to employment generation and economic development.
Required Documents
To apply for the SVAYEM Scheme, the following documents are required:
- Aadhaar Card
- Residential Certificate
- Educational Qualification Certificate
- Bank Account Details
- Age Proof
- Proprietary Identity Document.
- Copy of business licence
- Copy of business registration certificate
How to Apply For SVAYEM Scheme
If you are eligible for the Swami Vivekananda Assam Youth Empowerment Scheme, you can apply online by following these simple steps:
- Visit the official website of the scheme.
- Look for the “Application Form for SVAYEM Scheme” option in the download section and download the application form in PDF format.
- Fill in the application form with all the required details and attach all the necessary documents.
- Submit the completed application form to the District Level Committee (DLC)