On February 7, 2017, Assam’s Finance Minister announced the commencement of a youth empowerment program. It was a major and essential program aimed at providing adequate amenities to all of Assam’s young. Read below to check the detailed information related to the Swami Vivekananda Assam Youth Empowerment SVAYEM Scheme 2023 like Objectives, Features, Benefits, Eligibility Criteria, Required Documents, Activities under Swami Vivekananda Assam Youth Empowerment SVAYEM Scheme, Financial Assistance, Bank Finance, Institutional and Implementation Arrangements, Rate of Interest and Repayment Schedule, Application Procedure, Approval Procedure, and much more.
Swami Vivekananda Assam Youth Empowerment Scheme 2023
In 2017, the Assam government launched the Swami Vivekananda Assam Youth Empowerment Scheme (SVAYEM). The SVAYEM scheme provides financial assistance to Assamese people who wish to engage in income-generating businesses in the industrial, trading, or service sectors. SVAYEM’s main goal is to provide job possibilities for young people by starting new businesses and expanding existing ones. The state government will grant Rs. 50,000 to each of 2 lakh young people under this scheme to encourage them to start businesses. This Swami Vivekananda Assam Youth Empowerment Scheme will aid in the development of activities that will aid in the support of the state’s young.
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Highlights of SVAYEM Scheme
|Scheme Name||Swami Vivekananda Assam Youth Empowerment SVAYEM Scheme|
|Introduced By||Finance Minister of Assam|
|Executed By||Department of Finance, Govt. of Assam|
|No of beneficiaries||2 lakhs|
|Beneficiaries||Youth of the Assam State|
|Objective||to generate employment opportunities in both rural & urban|
|Benefit||Providing 50000 rupees to youth|
Objectives of SWAYAM Scheme
- The major goal is to create jobs in both rural and urban areas by starting new businesses and expanding current ones.
- To increase the earnings of traditional craftsmen in Assam by giving financial credits.
- To provide financial help to Assamese micro and small businesses.
- MSE should be involved in manufacturing, trading, and services.
- To provide financial help to traditional artisans to increase the earnings and ensure long-term growth.
- To maintain the long-term viability of traditional artisans in Assam.
SVAYEM Scheme Features
Some of the key features of the SVAYEM Scheme are as follows:
- This scheme will assist around 2 lakh young people in the state.
- A total of Rs 1000 crore has been decided to be disbursed in the scheme for Assam’s young people.
- Each beneficiary will receive 50,000 rupees as part of their scheme.
Read More: Assam Voter List
Swami Vivekananda Assam Youth Empowerment Scheme Benefits
Some of the main benefits of the SVAYEM Scheme are as follows:
- Each individual will receive Rs. 50,000 as startup money from the government.
- To assist micro and small businesses in the production, trading, and service sectors with financial resources.
- Proper procedures will be put in place to allow everyone to establish their enterprises.
- To provide financial help to traditional artisans to increase their revenue and ensure long-term growth.
- Small and regional firms will be given the resources they need to expand their sales and offer a wider selection of products across the country.
- All of Assam’s small and regional artisans will benefit from the exposure.
Activities under SVAYEM Scheme
The list of Activities that are covered under the SVAYEM Scheme are given in the table below:
|Eligible Activities||Manufacturing Processing Sector Service Trading|
Shops, repairing Centers, Handicraft, Cottage Industries Rural Transport Service such as Auto Rickshaw, e-Rickshaw Tourism
|Restricted activities||Beedi, Pan masala, Cigarette, Etc. Manufacturing of intoxicant items, Plastic bags below 40 microns, Sales outlets of Liquor|
Aso Check: Assam Pragyan Bharati Scooty Scheme
Applicants who want to apply for the SVAYEM Scheme must fulfill the eligibility criteria put forward by the Department of Finance, Government of Assam. The eligibility criteria for Swami Vivekananda Assam Youth Empowerment SVAYEM Scheme are as follows:
- The applicant must be an Assamese citizen.
- The applicant must be at least 18 years old.
- The minimum educational qualification of applicants must be class 8th.
- Applicants must be equipped with the necessary skills, knowledge, and experience, to engage in income-generating activities.
- Priority will be given to applicants who have completed Skill Development Training.
- There will be no income limit for those who qualify for aid under this program.
Required Documents List
While filling up the application form for SVAYEM Scheme, some important documents will be needed by the applicants, make sure to keep them handy. The documents required for Swami Vivekananda Assam Youth Empowerment SVAYEM Scheme are as follows:
- SVAYAM Application Form
- Any valid Identity proof like Aadhar Card, voter ID card, PAN Card, driving license, passport, etc.
- Age proof
- Qualification Proof
- Ownership identity documents
- Copy of business registration certificate
- Copy of business license
- Residence proof
- The national food security card is applicable
- Experience certificate if applicable
- Skill development training Certificate if applicable
- Scheme report for the proposed project
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Financial Assistance through Swami Vivekananda Assam Youth Empowerment Scheme
Under the SVAYEM Scheme, all public, private, and regional rural banks provide financial aid. The Financial Assistance through the Swami Vivekananda Assam Youth Empowerment SVAYEM Scheme is given in the table below:
|Category||Qualifying Amount||Government Subsidy Percentage||Beneficiary contribution||Bank Loan||Remarks|
|Existing entrepreneur||Rs. 2 Lakh||20%||25%||55%||Project cost maximum subject to Rs.40000|
|New entrepreneur||Rs. 1 Lakh|
|25%||55%||Project cost maximum subject to Rs.20000|
- Under this program, the bank will cover 55% of the project costs.
- After the loan is approved, the Beneficiary will pay the owner’s contribution of 25% of the project cost with the bank.
- For the total approved amount, the bank must claim the corresponding subsidy.
- After receiving the subsidy, the loan amount will be released.
- The loans will be paid out in one single payment.
Institutional and Implementation Arrangements for SWAYAM Scheme
The following are the institutional and implementation structures for this scheme: –
- The concept will be implemented by the District Industries and Commerce Center.
- The Industries and Commerce Department is the scheme’s nodal department.
- The scheme’s principal agencies will be a commercial bank, a state bank, and a regional rural bank.
- To implement the proposal, all of the banks will sign a memorandum.
Rate Of Interest and Repayment Schedule
SVAYEM Scheme’s interest rate and repayment schedule are as follows: –
- The interest rate will be charged under Reserve Bank of India norms.
- After the final moratorium, the repayment plan will be between 3 – 7 years.
- The final moratorium will be described by the financial institutions.
Swami Vivekananda Assam Youth Empowerment SVAYEM Scheme Apply Online
Once the applicants find themselves eligible for the Swami Vivekananda Assam Youth Empowerment SVAYEM Scheme, they can proceed further by filling up the SVAYEM Scheme Application Form. The step-by-step procedure of filling the application form is given below:
- First of all, go to the official website of the SVAYEM Scheme
- On the homepage of the website, click on the Application Form for SVAYEM Scheme link.
- The application form page will open on the screen
- Download and take the printout of the application form.
- Now fill in the form with all the required details
- After that, attach all the required documents to the application form. You need to upload the supporting documents online.
- Review and check the application form to avoid any mistakes.
- Now, Submit the application form along with the attached documents to the district office.
- Once the application form is successfully submitted, the General Manager, DICC will examine the form and forward it to the District Level Committee (DLC) for approval.
- Now, the District Level Committee will inspect the application form and recommend it to the bank for consideration online.
- Following that, the Bank will make a credit decision based on the project’s viability. They will assess the project both technically and economically, taking into account DICC’s authorized project cost, and will sanction the application within 30 days.
- Upon the Bank’s approval of the plans, the loan will generally be disbursed within five (5) working days of the beneficiary’s deposit of promoter contribution and receipt of subsidy claim.
- After the loan’s approval, the bank will file a Margin Money Subsidy proposal against the debtors to a Nodal Bank authorized by the Assam government.
- The Finance Department will sign an MOU with the Nodal Bank for the release of the Margin money amount to the Financing Bank Branch.
- Finally, the status of the scheme’s online MIS system will be updated by the bank.
- Check Official Notification for more details.
Application Fee for SVAYEM Scheme
The is no application fee to apply for Swami Vivekananda Assam Youth Empowerment SVAYEM Scheme there is no
SVAYEM Scheme Approval Procedure
The Approval Procedure for SVAYEM Scheme that will be followed are as follows:
- Applicants must submit their applications to the district level.
- The applications will be accepted through an online procedure by the relevant authority.
- The General Manager of the district-level committee will review the applications after they are submitted.
- The application will be reviewed by the committee.
- The bank will be recommended by the confirmed application.
- After that, the final decision will be made by the bank.
- The loan will be released in 5 working days after the proposal has been chosen.
- The bank will next propose a margin money subsidy against the borrower.
For any queries or details which you want to know regarding the SVAYEM Scheme feel free to contact us on the below-given details
- Administration Secretariat
- Assam Secretariat,
- Block ‘A’, 2nd Floor Dispur,
- Guwahati, Assam-781006
- Phone Number: 0361-234567
- Email Id: [email protected]