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Odisha Swatantra Yuva Udyami Yojana 2024: Apply Online And Benefits

Odisha Swayam Swatantra Yuba Udyami Yojana :- The Odisha State Cabinet has given its approval to the Odisha Swatantra Yuva Udyami Yojana 2024 aimed at involving the youth from both urban and rural areas in the state’s economic and commercial rejuvenation efforts This scheme seeks to empower the youth by providing them with opportunities to contribute to the state’s development and growth Read on to learn more about the details of the Odisha SWAYAM Scheme.

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Odisha Swayam Swatantra Yuba Udyami Yojana

The Odisha government has launched a new scheme called the Odisha Swatantra Yuba Udyami Yojana 2024 targeting the state’s youth. In the first phase of this plan, the state aims to involve one lakh eligible youth from both urban and rural areas. Also known as SWAYAM, this initiative marks a significant step towards facilitating self-employment opportunities for the youth. The scheme is designed to make self-employment more accessible and feasible for young individuals in the state.

Odisha SWAYAM Scheme Details in Highlights

NameSwatantra Yuba Udyami Yojana
Launched byOdisha government
ObjectiveTo provide Interest-free loans 
BenefitInterest-free loans for businesses of up to 1 lakh
Budget allocatedRs 448 crore
BeneficiariesState’s youth
Official WebsiteNot yet launched

Objective of Odisha Swatantra Yuba Udyami Yojana

Interest-free loans will be provided to establish microbusinesses and ventures tailored to the aptitude, skills, training, and local conditions of the beneficiaries In the first phase of this program, the state administration aims to include one lakh eligible youth from both urban and rural areas.

SWAYAM Scheme Odisha 

Benefits of Odisha Swatantra Yuba Udyami Yojana

  • Young men and women aged between 18 and 35, who are unemployed or underemployed, are eligible to apply for this scheme.
  • Interest-free bank loans of up to Rs. 1 lakh will be provided under this scheme to launch a business.
  • The state government has allocated Rs. 448 crore from its budget for this scheme.
  • In addition to the existing 85% loan guarantee provided to micro and small firms, the state government will offer an additional 15% loan guarantee through the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
  • The full interest burden on the loan will be borne by the state government.
  • The state government will also cover the annual CGTMSE guarantee.

Eligibility Criteria for Odisha SWAYAM Scheme

  • Applicant’s age must be in between 18 and 35 years.
  • Both males as well as females are eligible for this yojana.
  • For Scheduled Tribes and disabled groups, the age range has been extended upto 40 years.
  • The applicant’s household must either make less than 2 lakhs in annual income or be eligible for coverage under the Kalia or BSKY schemes.
Process Fee

There is no collateral required, and there is no processing fee for borrowers. The primary loan can be repaid by the applicant in four years.

Documents Required
  • Aadhar card
  • PAN card
  • Passport size photograph
  • Mobile number
  • Bank account
  • Domicile certificate

Application Process of Odisha Swatantra Yuba Udyami Yojana

The government has yet to notify the official website for this scheme. Eligible applicants will be able to visit the official website and fill out the form once the government announces it. However, the general application process for applying to the scheme has been outlined below.

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