Odisha Swayam Scheme 2024: Youth to get interest-free loan of Rs 1 lakh

Odisha Swayam Scheme 2024: Initially, the scheme aims to cover 50,000 unemployed youth from urban region.

Candidates can apply for the loan at swayam.odisha.gov.in. (Image: Pexels)Candidates can apply for the loan at swayam.odisha.gov.in. (Image: Pexels)

Alivia Mukherjee | February 23, 2024 | 05:24 PM IST

NEW DELHI: Odisha chief minister Naveen Patnaik recently launched the SWAYAM scheme, which aims to provide financial help to ration cardholders and interest-free loans to unemployed youngsters. The scheme focuses on both urban and rural regions, and provides interest-free bank loans of up to Rs 1 lakh to young entrepreneurs and unemployed citizens.

The project will cost Rs 1 lakh, with the borrower paying a 5% margin. Thus, the recipient could get an interest-free loan of Rs 95,000/- from the banks.

The bank will charge the normal rate of interest applicable to similar central or state government schemes. However, the state government would bear the whole interest burden of the loan via interest subvention.

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The official notice reads, "The objective of the scheme is to provide financial assistance to urban youth, in the age group of 18-35 years and upto 40 years for Special Category (SC, ST, PwD, Transgender) for setting up gainful self-employment ventures / micro-enterprises, suited to their skills, training, aptitude and local conditions through easy access of credit through banks with interest subsidy. The underemployed or unemployed urban youth is encouraged to set up small enterprises relating to manufacturing, service, and petty business for which there is considerable local demand."

Steps to apply for Odisha Swayam Scheme 2024

Candidates can follow these steps to register for the Swayam scheme 2024.

  • Go to the Odisha Swayam Scheme official website at swayam.odisha.gov.in.
  • Next, click on the “Apply online” option.
  • Register with the required details.
  • Fill the application form.
  • Upload the necessary documents.
  • Submit the application and take a printout for future reference.

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