How to apply Swami Vivekananda Assam Youth Empowerment (SVAYEM) Yojana
The Government of Assam has relaunched an old scheme called as “Swami Vivekananda Assam Youth Empowerment (SVAYEM) Yojana”. The scheme was previously launched in 2017-18 but it did not provide the desired results so it was relaunched in order to provide benefit to the youths. This scheme was announced by the Finance Minister of Assam Mr. Himanta Biswa Sarma in his budget speech on 4th September 2020. The scheme will provide Rs 50,000 each to 2 Lakh youth to support them financially.
The scheme has been sanctioned with a budget of Rs 1000 crore to be used in the next three months. It is redesigned to generate financial support for the youth for employment opportunities. Through this article, we will discuss all this scheme. We will share all the aspects of the Swami Vivekananda Assam Youth Empowerment scheme i.e Guidelines & Application Form PDF, SVAYEM Loan Scheme List, etc. The scheme could also get repeated annually with the possibility of increasing the number of beneficiaries.
- Swami Vivekananda Assam Youth Empowerment (SVAYEM) Yojana
- Objectives of Swami Vivekananda Youth Empowerment Yojana
- Eligibility Conditions for Assam Youth Empowerment Scheme
- Quantum and nature of financial assistance
- Institutional and implementing arrangement
- Bank finance
- Interest rate and repayment schedule
- Processing fees
- Security
- Procedure for submission of application, approval, sanction and disbursement
- Documents Required for Swami Vivekananda Assam Yojana
- Area of implementation
- Coverage and targeted group
- Nature of Activities:
- Negative List of Activities:
- Benefits of SVAYEM Scheme 2020
- How to Apply for Swami Vivekananda Youth Empowerment Scheme?
Swami Vivekananda Assam Youth Empowerment (SVAYEM) Yojana
As we told you above that the Assam Govt has relaunched the Swami Vivekananda Yuva Rojgar Yojana for the unemployed youths of the state. Those who will be benefited from the scheme in a district will be selected in a proportion to population. The assistance will be provided to micro and small businesses engaged in trading, manufacturing, and service sectors. The help is to be provided by the state government’s revenue without any support from any banking sources. The government is opening its economy through an unlocking process. But there are many problems in its way. To remove the problem, the government is launching this scheme, which will help individuals to restart their business as early as possible.
|
Name of Scheme |
SVAYEM Loan Scheme |
|
State |
Assam |
|
Launched By |
Finance Minister Mr. Himanta Biswa Sarma |
|
Objectives |
To provide loan for youth empowerment |
|
Beneficiary |
Unemployed youths of the state |
|
Official Website |
|
|
Category |
State Govt Scheme |
Objectives of Swami Vivekananda Youth Empowerment Yojana
- This scheme mainly targets the unemployed youth of Assam in a way so as to give them direction for employment and business opportunities.
- It also focuses on the growth of traditional artisans of Assam.
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- The aim of this scheme to improve the income level by providing financial support or credits to them.
Eligibility Conditions for Assam Youth Empowerment Scheme-
In order to apply for the Assam SVAYEM scheme, candidates must fulfill the mentioned eligibility criteria below:
- The candidates applying for this scheme must be the resident of Assam only.
- There is a need to provide identification proof at the time of registration.
- Anyone who is above the age of 18 but less than the age of 40 will be considered eligible for the scheme.
- He/she should have skill experience, knowledge to undertake the income-generating activities.
- The applicant must be the part of self-help groups (SHGs) joint liability and other such groups prior to 1st September 2020.
- The beneficiary must not be the defaulter of any loan. If information submitted by the beneficiary is found to be incorrect later, action would be taken against the beneficiary including cancellation of loan, recovery of amount as Bakijai and also blacklisting for future benefit under any Govt. Scheme.
- PMEGP beneficiaries of the last 5 years will not be eligible un
- (i) The State Government through State Level Bankers Committee would request all Public Sector/Private Sector/Regional Rural Banks to provide financial assistance under this scheme.
- (ii) The quantum of assistance would be up to Rupees One lakh for new entrepreneurs and up to Rupees two lakh for existing entrepreneurs. Beneficiary contribution will be maximum of 25% of the total project cost. Banks will be free to sanction loans above the quantum specified above but subsidy as reflected herein below, will be limited to 20% of sanctioned limit subject to INR 20,000 for new entrepreneurs and 40% of sanctioned limit subject to INR 40,000 for existing entrepreneur. In brief, for an amount of Rs 1,00,000/- sanctioned as loan for a total project cost, Rs 25,000/- shall be beneficiary’s own contribution, Rs 20,000/- the subsidy to be disbursed and Rs 55,000/- shall be the loan amount from the Banks. The extent of Government Subsidy shall be as follows :
|
Category |
Subsidy |
Qualifying |
Remarks |
|
New Entrepreneur |
20% |
Upto |
Max |
|
Existing Entrepreneur |
20% |
Upto |
Max |
- (iii) An amount of Rs 200 Crores shall be allocated and utilized for this purpose
- Industries and Commerce Department will be the nodal department and District Industries and Commerce Centre (DICC) will implement the scheme in the field.
- All public sector, private sector and Regional Rural Banks will be the lending agency and shall execute a formal MOU for the implementation modalities of the scheme.
- Bank will sanction 55% of the project cost under this scheme after loan application evaluation. Bank will finance capital expenditure in the form of Term Loan and working capital in the form of cash credit. Project can also be financed by the bank in the form of composite loan consisting of capital Expenditure and working capital.
- The Beneficiary will deposit with the bank the owner’s contribution of 25% of the project cost after sanction of loan.
- The bank to claim the applicable subsidy for the entire sanctioned amount and after receipt of subsidy will release the loan amount. The loans are to be disbursed in one lumpsum.
- The Nodal Bank will release the Margin Money/Subsidy in proportion to the disbursement of the sanctioned loan amount directly to the financing bank branch through the beneficiary’s loan account.
- The State Government shall earmark initially an amount of Rs 100 Crores exclusively for the credit risk guarantee cover for all SVAYEM Loans extended. Banks can avail of credit risk coverage from this fund after exhausting all options for recovery, with approval from the State Level committee on recommendation of the district level committee for loans that have turned bad. This credit risk guarantee is exclusive to SVAYEM loans and shall be available to all participant banks and in case of any additional requirements shall be replenished by requisite budgetary support. The basic emphasis is to allow banks to aggressively follow the SVAYEM guidelines and sanction of loans thereof. The credit guarantee should be 55% of the total dues as on the date of the account turning NPA, subject to a maximum of Rs 60,500/-.
- For extending guarantee coverage of these SVAYEM loans under Credit Guarantee Trustee Fund for Micro Units (CGFMU) from next financial year, the State Government will take up with SIDBI. Till CGFMU cover is made available, State Government shall ensure adequate budgetary support for the same.
- Interest rates are to be charged by the bank as per RBI guidelines for MSE units.
- Repayment schedule may range between 3 to 7 years after an initial moratorium as may be prescribed by the bank/Financial Institution concerned.
- There will be no processing fees for the applicant.
- Hypothecation will be allowed of Plant & machinery, Miscellaneous Fixed Assets and other assets created out of loan.
- Hypothecation of Current Assets will also be allowed (Raw material Stock, Semi- finished products, finished products, etc.)
- There shall be no liquid security against the loan.
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- Project proposals will be invited from beneficiaries at District level through advertisement.
- Application for the financial assistance under the scheme will be received online in the format as given in Annexure-I. Supporting documents need to be uploaded online also.
- On receipt of online application General Manager, DICC will scrutinize them and forward to the District Level Committee (DLC) for approval.
- District Level Committee will examine the application and recommend to the bank for consideration online.
- Bank will take their credit decision on the basis of viability of each project. They will apprise the project both Technically and Economically with the approved project cost of DICC and will accordingly issue sanction of the proposal within 30 days.
- After sanction of the proposals by the Bank, the loan will be released, normally, within five (5) working days after deposit of promoter contribution by the beneficiary and receipt of subsidy claim, whichever is later.
- Upon sanctioning of the loan, Bank will submit the Margin Money Subsidy proposal against the borrowers to a Nodal Bank approved by the Government of Assam. A MOU will be executed by the Finance Department with the Nodal Bank for release of the Margin money amount to the Financing Bank Branch.
- Bank will update the status on online MIS system of the scheme.
- As the candidate must have passed the 10th standard, so there is a condition of having an educational certificate to enjoy the benefit of the scheme.
- The applicant should have a suitable document for justifying them as a native of the state.
- Candidates applying for the Swami Vivekananda Assam scheme need to provide identification proof like Voter ID card, Ration, or Aadhar card.
- All districts of Assam including autonomous district councils
- About One lakh youth of Assam will be provided suitable credit support for taking up income generating enterprises.
- The number of beneficiaries will be selected in a district in proportion to the population.
- Manufacturing
- Processing
- Trading
- Tourism Sector
- Service Sector
- Rural Transport Service (Auto Rickshaw, e-Rickshaw)
- Shops, Repairing Centres, Handicraft, Cottage Industries, etc.
Negative List of Activities:
Below are the activities which are not considered under the Swami Vivekananda Assam Yojana.
- It includes cigarettes, pan masala, bidi, etc.
- Manufacturing of intoxicant items is also not under the scheme.
- Plastics bags below 40 microns and sales outlets of liquor.
Benefits of SVAYEM Scheme 2020
- The total budget for the Swami Vivekananda Assam scheme 2020 is Rs 1000 Crore which will be given by the state government.
- Every selected candidate will get the seed money of Rs 50,000 under the SVAYEM scheme.
- If any group has 5 members then they will get Rs 50,000 per head, the group of 10 members would get Rs 5 Lakh under this scheme.
- First of all, visit the official website of SVAYEM 2020 at https://assam.gov.in/en/main/SVAYEM.
- Then the SVAYEM Scheme Assam portal will be opened.
- Now download the Application Form PDF and then fill it up carefully with all the details. Download PDF Application Form Click here.
- Next, attach the required documents as prescribed in the form.
- Finally, submit the application form to the concerned department.