A Comprehensive Guide to the Shri Vajpayee Bankable Yojana for Entrepreneurs

 A bankable scheme, Shri Vajpayee Bankable Yojana (SVBY), provides financial assistance to Cottage Industries artisans through various banks, such as nationalized banks, cooperative banks, public-sector banks, or private banks.

Introduction to shri vajpayee bankable yojana

The Gujarat government has introduced a new initiative for cottage industry employees. This plan provides financial assistance to craftspeople in the cottage industry. Gujarat has launched this plan in commemoration of our revered former Prime Minister, Shri Atal Bihari Vajpayee. The initiative is known as the "Shri Vajpayee Bankable Yojana 2020." This initiative focuses on equipping the state's jobless youth with the goal of promoting entrepreneurship skills and assisting them in becoming financially independent with their ventures.

This strategy seeks to provide funds to cottage industry craftspeople. They can obtain financing from nationalized banks, cooperative banks, public-sector banks, or private banks. This program's goal is to provide a beacon of hope for unemployed people in both rural and urban areas, offering them the opportunity to work for themselves. Blind and disabled people are also eligible for support under this scheme, further extending the reach of this initiative.

The following banks are affiliated with the Bankable Yojana:

  • State Bank of India

  • Bank of Baroda

  • HDFC Bank

  • State Cooperative Bank

  • ICICI Bank

  • The state government notified Dena Bank and other banks.

Eligibility Criteria for Vajpayee Bankable Yojana

  • The applicant must be between 18 and 65 years old.

  • Also, the minimum educational qualification is completion of the 4th grade.

  • Moreover, the applicant should have at least three months of training at a private establishment or one month at a government-approved institute.

  • The proposed company's field must be related to ancestral artisan work, or the applicant should have at least one year of experience in the same field.

  • There are no criteria based on family income.

Objective of Shri Vajpayee Bankable Yojana :

The goal of the Shri Vajpayee Bankable Yojana is to support Gujarat's economy, which has long been thriving due to the state's residents' intense concentration on business and industry. Occasionally, the administration has launched several programs to increase economic activity in the state and encourage industrial expansion. However, unemployment is still a problem, and it will be difficult to achieve economic growth if this issue is not resolved.

By means of the Shri Vajpayee Bankable Yojana, the state government hopes to facilitate the socio-economic advancement of residents with disabilities and lower levels of education by offering them acceptable income and job opportunities. They can contribute significantly to the advancement of the state thanks to this initiative.

Maximum Limit for Bank Loan for Shri Vajpayee Bankable Yojana

The maximum bank loan limit under the Shri Vajpayee Bankable Yojana is set consistently for all sectors. A loan of up to ₹8.00 lakh is available to beneficiaries in the business, industrial, and service sectors. Guarantees that those working in these industries have the money to launch or grow their businesses.

Rate of Loan Amount Subsidy for Shri Vajpayee Bankable Yojana

The scheme provides a subsidy on the loan amount to improve loan accessibility for various beneficiary groups. The subsidy rates vary based on geography and beneficiary type.

Rural Regions:

  • For the general category, it is a 25% subsidy.

  • 40% subsidy for women, ex-service personnel, members of scheduled castes and tribes, and individuals with 40% or more disabilities.

Urban Regions:

  • For the general category, it is a 20% subsidy.

  • 30% subsidy for women, ex-service personnel, members of scheduled castes and tribes, and anyone with 40% or more disabilities.

Maximum Limit of Subsidy for the SVBY Yojana

The subsidy amount under the scheme is limited based on the sector and the beneficiary category.

Complaint Filing Process for MUKY Yojana :

  • Industries Sector: The maximum subsidy limit is ₹1,25,000.

  • Service Sector: The maximum subsidy limit is ₹1,00,000.

  • Business Sector: For the General Category

  • Urban Areas: ₹60,000

  • Rural Areas: ₹75,000

  • For the Reserved Category (SC/ST, ex-servicemen, women, and differently-abled individuals):

  • Both urban and rural areas: ₹80,000

Note: For beneficiaries who are blind or have a disability of 40% or more, the maximum subsidy limit in any sector is ₹1,25,000. This provision ensures increased support for differently abled individuals, enabling them to participate actively in economic activities.

Steps to apply Online for Shri Vajpayee Bankable Yojana

  • To submit an online application for the Shri Vajpayee Bankable Scheme, use this link or go to the official website at https://blp.gujarat.gov.in.

  • The "Login" and "Register" choices are located in the header menu under the "BANKABLE LOAN REGISTRATION" section of the official website. Select the "Register" menu item.

  • After you click on "Register," a new page will load, asking for your mobile number and the captcha code. Click "Send OTP" to proceed. After completing the registration process, you will receive your password and user ID on your mobile device.

  • After that, log in and access the application form using your mobile number and password. Click this link to access the Vajpayee Bankable Yojana Login, the official scheme portal. To log in, enter your password and mobile number.

  • After entering your bank account information, business and industry-related data, and personal data, click "Save and Next." When you have scanned and uploaded the required documents, click the submit button. Your application is now complete.

Steps for Vajpayee bankable Yojana online apply

  • Applicants must download the application form.

  • The form can be downloaded at https://cottage.gujarat.gov.in/FileExplorer/VBY.pdf.

  • Complete the application form with all the requested information and attach your photo. Next, complete the form, attach the required paperwork, and deliver it to the District Industry Center (DIC) closest to you. Once your application has been submitted, make sure to get a receipt.

  • Get in touch with the District Industries Center that's closest to you.

Click on the link to view the status of your application for the Shri Vajpayee Bankable Scheme. A new page will open. Input the captcha code, your date of birth, and your application number on this page, then click "View." Following this, you will be able to view your application's status.

Steps for forgetting the password of the Shri Vajpayee Bankable Yojana Login

  • Go to https://blp.gujarat.gov.in/ to open the URL.

  • Navigate to 'Bankable Registration' and select 'Login'.

  • Select "Reset Password."

  • After entering the captcha and registered mobile number, select "Reset."

  • An SMS containing the password will be sent to the registered mobile number.

  • Documents Required for Shri Vajpayee Bankable Yojana

  • Aadhar Card

  • Ration Card

  • Photograph of the applicant

  • Birth certificate of the applicant

  • Project Report/Business Plan

  • Caste Certificate (if applicable)

  • Educational Certificate (4th standard Qualified)

  • Proof of training course

A business plan, sometimes referred to as a project report, is one of the most important documents on the list above when requesting a bank loan. The bank uses this document to evaluate a project's overall viability, risks, financial stability, and potential. The likelihood of a loan being approved rises with a well-written and compelling project report.

Businesses Excluded from Assistance Under the SBVY Yojana

The Shri Vajpayee Bankable Yojana does not provide financial assistance to the following types of businesses:

  • Meat processing, canning, selling, or serving, and any intoxicating products related to production, storage, or sale.

  • Farming activities, including crop production, fish farming, and pig farming centers.

  • Any business that could cause environmental issues or is prohibited by law.

Conclusion

The Shri Vajpayee Bankable Yojana is an important scheme that aims to empower small business owners and promote economic growth. The program assists people in realizing their business ideas and boosting the economy by offering resources, training, and financial support.

Additional Read:

How to apply for Mukhyamantri Laghu Udhyog Protsahan Yojana?

Mudra Loan Yojana - A government scheme to fund the unfunded

Mudra Yojana Scheme for Women: Business Loans for Women

The Crucial Role of Credit Guarantee Schemes in Safeguarding Indian MSMEs

For more information go to the link https://www.psbloansin59minutes.com/knowledge-hub/shri-vajpayee-bankable-yojana
Location: India

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