Applying for CMEGP Loan? Trust only experts!
Under CMEGP scheme, Government provides a subsidy on loan for the rural entrepreneurs to start a new business.
Introduction of CMEGP Loan – The Chief Minister Self Employment Scheme (CMEGP) was launched by the government to encourage self-employment in the state. In accordance with the CMEGP Programme, the government offers rural entrepreneurs a financial subsidy to launch a new company.
Benefits And Features Of
The Chief Minister Employment Generation Programme
- The Chief Minister Employment Generation Programme has been started by the government.
- In essence, it is a scheme of credit-linked subsidies for the creation of employment prospects.
- By establishing micro and small businesses in both urban and rural areas of the state, these employment opportunities will be created.
- A scheme will be used to provide the subsidy, and it will go through the directorate of industries before reaching the chosen Bank.
- This plan will lead to the establishment of new self-employment businesses.
Other Eligibility Conditions Under CMEGP -
- The project’s cost shouldn’t include the cost of the land.
- Long-term leasing or rental costs for a shed, workshop, or gala may be added to the project budget, but only if they are computed pro rata over a three-year period.
- The cost of the project will consist of capital expenses and one round of working capital.
- Projects without a capital outlay are ineligible for financing under the plan.
- All new, viable micro- and small-business ventures, including village industries, are eligible for assistance under the program.
- 20% of the annual objective will be reserved for SC and ST applicants.
- 30% of the annual target will be set aside for female applicants.
- According to the social welfare department’s regulations, applicants who are differently abled will receive a 3% reserve.
- For help under a particular category, you must submit a certified copy of the necessary documentation.
- It is necessary to produce a certified copy of the self-help group’s registration.
Under the CM Self Employment Scheme (CMEGP), the maximum project cost allowed is Rs.50.00 lakhs per unit.
Capital Expenditure Loan, one working capital cycle The general category entrepreneur must contribute 10% of the project cost, while the SC/ST/OBC/Minorities/Women, Ex-servicemen, and Physically Disabled category entrepreneur must contribute 5% of the project cost.
What To Do?
Documents For CMEGP Loan
The following documents are required when applying for a CMEGP loan:
- Detailed project report (DPR)
- Recent passport photograph
- Educational qualifications
- Age proof
- Voter ID/Ration Card
- EDP training certificate
- Rural certificate for the proposed unit
- Ex-servicemen certificate
- Permission from Gram Panchayat
- Caste Certificate in case of SC, ST, OBC, MIN
- Physically handicapped certificate
- List of machinery to be purchased
Objective Of Chief Minister Employment Generation Programme
The Chief Minister Employment Generation Programme’s (CMEGP) major goal is to create 1 lac micro and small businesses in the following five years. In addition, this plan will result in the creation of employment possibilities. For the first fiscal year, 8 to 10 lakhs young people will get employment. The industrial directorate will give the agencies district-by-district goals in order to meet this goal. The goal would be distributed based on factors including population, unemployment, resource availability, impending technology, and district backwardness.