Swami Vivekananda Assam Youth Empowerment

What is Swami Vivekananda Assam Youth Empowerment?

Swami Vivekananda Assam Youth Empowerment (SVAYEM) Scheme is a flagship program by Govt. of Assam to provide financial support to the youths of Assam to take up income-generating activities in the manufacturing, trading, and service sector. This program was launched in the year 2017.

Benefit

Benefits Rs. 50 thousand will be provided as seed money to each individual under the renewed Swami Vivekananda Assam Youth Empowerment (SVAYEM) Yojana. While the groups with five members (Rs 50,000 per head) would be entitled to Rs 2.5 lakh, groups with 10 members would be entitled to Rs 5 lakh and so on with the maximum limit for members being 20. The total budget of the scheme is Rs. 1000 crore which will be given entirely from government funding. The beneficiaries would include all members of self-help groups, joint liability groups, and other such groups and federations that have organized themselves for entrepreneurial projects. Quantum and nature of financial assistance 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. The quantum of assistance would be up to Rupees One lakh for new entrepreneurs and up to Rupees two lakh for existing entrepreneurs. The beneficiary contribution will be a 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 the sanctioned limit subject to INR 20,000 for new entrepreneurs and 40% of the sanctioned limit subject to INR 40,000 for the existing entrepreneurs. In brief, for an amount of Rs 1,00,000/- sanctioned as a loan for a total project cost, Rs 25,000/- shall be the beneficiary’s own con

Level

State — Assam

Ministry / Dept.

Industries and Commerce Department

Benefit type

cash

Key eligibility

**Eligibility** 1. Residents of Assam above 18 years of age. 1. There will be no income ceiling for getting assistance under this scheme. 1. The individual beneficiary should have skills, experiences, knowledge, etc., to undertake the income-generating activities. 1. The beneficiary should possess a

Last verified

Recently

Benefits

Benefits Rs. 50 thousand will be provided as seed money to each individual under the renewed Swami Vivekananda Assam Youth Empowerment (SVAYEM) Yojana. While the groups with five members (Rs 50,000 per head) would be entitled to Rs 2.5 lakh, groups with 10 members would be entitled to Rs 5 lakh and so on with the maximum limit for members being 20. The total budget of the scheme is Rs. 1000 crore which will be given entirely from government funding. The beneficiaries would include all members of self-help groups, joint liability groups, and other such groups and federations that have organized themselves for entrepreneurial projects. Quantum and nature of financial assistance 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. The quantum of assistance would be up to Rupees One lakh for new entrepreneurs and up to Rupees two lakh for existing entrepreneurs. The beneficiary contribution will be a 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 the sanctioned limit subject to INR 20,000 for new entrepreneurs and 40% of the sanctioned limit subject to INR 40,000 for the existing entrepreneurs. In brief, for an amount of Rs 1,00,000/- sanctioned as a loan for a total project cost, Rs 25,000/- shall be the beneficiary’s own con

Eligibility

Documents Required

How to Apply

1. Step 1: Online application — step 1

   Procedure for submission of application, approval, sanction and disbursement Project proposals will be invited from beneficiaries at the District level through advertisement. Application for financial assistance under the scheme will be received online in the format given here . Supporting documents need to be uploaded online also. Upon receipt of the online application General Manager, of DICC will scrutinize them and forward them to the District Level Committee (DLC) for approval. District Level Committee will examine the application and recommend it to the bank for consideration online. Bank will take their credit decision on the basis of the viability of each project. They will appraise 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 the 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 the release of the Margin money amount to the Financing Bank Branch. Bank will update the status of the online MIS system of the scheme. Online Registration First applicants go to the official website of the Swami Vivekananda Assam Youth Empowerment Scheme. On the home page click on the option of new registration. On the new page, applicants have to enter their mobile number and group name details. Now authenticate the mobile number with OTP and create a user credential for the profile. Now log in and complete the application process with provided instructions.

Sources & References

• Official scheme website ↗
• Source record ↗
• Information is summarised from official government sources. Verify all details on the official website before applying.