Swami Vivekananda Assam Youth Empowerment Scheme (SVAYEM)

Rs. 50 thousand will be provided as seed money to each individual under the renewed Swami Vivekananda Assam Youth Empowerment (SVAYEM) Yojana.

Swami Vivekananda Assam Youth Empowerment (SVAYEM) Yojana announced by the Hon’ble Finance Minister of Assam in his budget speech on 7th February, 2017, is a flagship program to provide financial support to the youths of Assam to take up income generating activities in the manufacturing, trading and service sector.

Swami Vivekananda Assam Youth Empowerment Scheme (SVAYEM) Objective Image

Objectives

To generate employment opportunities in rural as well as urban areas through setting up of new ventures as well as growing existing ventures.
To provide financial assistance to micro and small business entities engaged in the manufacturing, trading, and services sector.
To provide financial assistance for enhancement of income level of traditional artisans ensuring sustainable growth.

Benefits

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.
Rs. 50 thousand will be provided as seed money to each individual under the renewed Swami Vivekananda Assam Youth Empowerment (SVAYEM) Yojana.
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 contribution, Rs 20,000/- the subsidy to be disbursed and Rs 55,000/- shall be the loan amount from the Banks.

Swami Vivekananda Assam Youth Empowerment Scheme (SVAYEM) Benefit Image

Eligibility

There will be no income ceiling for getting assistance under this scheme.
The individual beneficiary should have skills, experiences, knowledge, etc., to undertake the income-generating activities.
The beneficiary should possess educational qualifications of at least Class VII standards.
The beneficiary who has already completed Skill Development Training will be given preference.
The beneficiary must not be the defaulter of any loan. If information submitted by the beneficiary is found to be incorrect later, action would be taken against the beneficiary including cancellation of loan, recovery of amount as Bakijai and blacklisting for future benefit under any Govt. Scheme.
PMEGP beneficiaries of the last 5 years will not be eligible under the scheme.
Residents of Assam above 18 years of age.

How to Apply?

Project proposals will be invited from beneficiaries at District level through advertisement.

Application for the financial assistance under the scheme will be received online in the format as given in Annexure-I. Supporting documents need to be uploaded online also.

On receipt of online application General Manager, DICC will scrutinize them and forward to the District Level Committee (DLC) for approval.

District Level Committee will examine the application and recommend to the bank for consideration online.

Bank will take their credit decision on the basis of viability of each project. They will apprise 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 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 release of the Margin money amount to the Financing Bank Branch.

Bank will update the status on the online MIS system of the scheme

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