How to apply for Mukhyamantri Laghu Udhyog Protsahan Yojana?

 The Rajasthangovernment is accepting forms for the Mukhyamantri Laghu Udyog Protsahan Yojana 2024 at sso.rajasthan.gov.in. The goal of CM Laghu Udhyog Protsahan Yojna is to help the state's entrepreneurs establish themselves by offering subsidized bank loans. Additionally, the MLUPY Scheme will give people from all walks of life access to new job opportunities.

An Overview of Mukhyamantri Laghu Udyog Protsahan Yojana

The Rajasthan government introduced the Mukhyamantri Laghu Udhyog Protsahan Yojana (MLUPY) to promote business improvement and create more jobs in the state. Under this program, the government pays interest to establishments up to 8% of the amount financed by banks.

Therefore, a loan that takes the form of a credit facility or a term loan is eligible for interest subsidies. Any nationalized bank, scheduled small finance bank, rural regional bank, private sector bank, Rajasthan Financial Corporation, and SIDBI are all acceptable sources of funding.

Eligibility for MLUPY Scheme:

• The applicant can be an individual, self-help group, society, partnership firm, LLP, or company.

• This scheme is eligible for both newly established units and existing units planning expansion, diversification, or modernization projects.

• Therefore, pre-established and newly established units can apply for financing and benefits under the MLUPY scheme.

MLUPY Loans through Financial Institutions

Loans under the Mukhyamantri Laghu Udyog Protsahan Yojana (MLUPY) will be provided through the following financial institutions:

• Nationalized Commercial Banks

• Private Sector Scheduled Commercial Banks

• Scheduled Small Finance Banks

• Regional Rural Banks

• Rajasthan Financial Corporation

• SIDBI

These loans will support manufacturing, service, and business enterprises.

Loan Details and Interest Subsidy Overview :

Under the scheme, new manufacturing and service enterprises would be eligible for loans of up to Rs. 10 crores. At the same time, units undertaking expansion, diversification, or modernization will be eligible for loans of up to Rs. 1 crore. The highest amount that enterprises can borrow will be one crore rupees. The loan will be composite, consisting of working capital (including CC limit) and a term loan. Guidelines from the RBI state that loans up to Rs. 10 lakh will not require collateral security.

The beneficiaries will be granted an interest subsidy on the loans provided by banks, which will be applicable for five years as follows:

• Up to Rs. 25 lakh: 8% interest subsidy

• Rs. 25 lakh to Rs. 5 crore: 6% interest subsidy

• Rs. 5 crore to Rs. 10 crore: 5% interest subsidy

Advantages of the MLUPY Scheme

• Financial assistance: Eligible small enterprises can receive financial assistance from the MLUPY program to purchase necessary machinery.

• Equipment: In addition to the basic ingredients, by upgrading their facilities and streamlining their production procedures, small firms can become more competitive in the market with the aid of this funding.

• Tax Benefits: Eligible small enterprises can take advantage of tax benefits under the MLUPY, including lower tax rates and exemptions from some taxes. This can help small firms keep more of their income for reinvestment and significantly decrease their financial burden.

• Simple Loan Access: Thanks to the MLUPY program, small firms can more easily obtain loans at reduced interest rates through banks and other financial institutions. This can assist small companies in overcoming their budgetary limitations and securing the capital required to develop and broaden their business.

• Improved Visibility: Through exhibitions and promotional events, the MLUPY helps small enterprises become more visible in the marketplace. This enhanced visibility might facilitate reaching new clients for small firms. Along with boosting revenue, it also aids in brand establishment. As a result, this may help in the expansion and financial success of small enterprises.

Online Apply for Mukhyamantri Laghu Udyog Protsahan Yojana: Steps

The following is the whole process for creating a new account and logging in as the "Single Sign On Identity":

Step 1: Access the Official SSO Web Portal

Visit the official "Single Sign On Web Portal" by navigating to sso.rajasthan.gov.in.

Step 2: Log In for Existing Users

On the homepage, you will be prompted to enter your "Password" and "Digital Identity (SSO ID / Username)." If you are an existing user, enter your credentials and click on the "Login" button to proceed.

Step 3: Register for New Users

If you are a new applicant, you need to register for an SSO identity. Click on the "Registration" button to start the registration process. First-time users can sign up for the Single Sign On Digital Identity by visiting this link.

Step 4: Complete the SSO ID Registration

The SSO ID Registration Page will open, displaying sections for Citizens, Udyog (Business), and Government Employees. To complete the registration process, follow the instructions specific to your category.

1. SSO ID Registration for Citizens

Go to the SSO ID Registration Page and choose the "Citizen" option to register as a citizen. Select between the following methods of verification: social media accounts like Facebook or Google, Jan Aadhaar ID, Aadhaar ID, or Bhamashah ID. Using the method of your choice, provide the necessary information, such as your date of birth and ID number. Make a strong password for your SSO account after verification. After checking the accuracy of your information, click "Submit" to finish the registration process. After that, you can use your login credentials to access your newly created SSO account.

2. SSO ID Registration for Udyog

Visit the SSO ID Registration Page and select the "Udyog" option. Citizens can register by entering their Udhyog Aadhaar Number (UAN) and Business Registration Number (BRN). After completing the registration, they can log in using their username and password.

3. SSO ID Registration for Govt. Employees

The sso.rajasthan.gov.in SIPF page, also known as the "Digital Identity Registration Form for Government Employees (SIPF Users)," will appear. Here, SIPF users can enter their SIPF Number to register for an SSO ID online. After registration, government employees can access the SIPF Portal and log in using their SIPF SSO credentials.

By following these steps, all citizens can create their SSO accounts online. If anyone forgets their SSO ID username or password, they can click the "Forgot Digital Identity (SSO ID / Username)" link. Once registered, you can log in using any of the methods provided.

Step 5: MLUPY Application Form

• Log in with your SSO ID: After successfully logging in, a page displaying applications will load, and you can select the “Mukhyamantri Laghu Udyog Protsahan Yojana” tab.

• Open the Dashboard: Click the link to open the Mukhyamantri Laghu Udyog Protsahan Yojana dashboard and then select "नया आवेदन."

• Fill Out the Form: The online application form for the Rajasthan Mukhyamantri Laghu Udyog Protsahan Yojana will appear.

• Submit Your Application: Enter all the details accurately in the form and submit it.

Important Documents to upload on MLUPY portal

Any individual in Rajasthan who wishes to avail the benefits of this scheme, which the state government runs, must possess certain essential documents, such as:

• Aadhar Card

• Residence Certificate

• PAN Card

• Bank Account Details

• Mobile Number

• Passport-sized Photograph

• Land-related documents for establishing the small industry

Instructions for Filling the MLUPY Registration Form

• Fill Out the Application Yourself: You need a CA or an expert for a general application.

• Bank Approval: Even after the Department of Industries' recommendation, the bank gives the final approval for the loan. Therefore, coordination with the relevant bank must be maintained.

• Preference for Good Projects: Banks or the Department of Industries give preference to well-prepared projects. If your project involves capital investment from your resources, such as land or buildings, it is more likely to be approved.

• Pre-Established Enterprises: Before applying, it is advisable to obtain a Udyog Aadhar for expansion, diversification, or modernization of pre-established industries or service enterprises.

• No Need for Personal Visits: After submitting the application, you will only need to make a personal visit if you are specifically called. Applications for loans below ₹10 lakh will be automatically reviewed and decided upon at the office level.

• Follow-Up After Loan Approval: Even after the loan is issued, you will need to update your progress on the Pragati website or app to follow up.

• SMS Notifications: You will receive SMS notifications at different stages of the application process. If your mobile number changes, update it promptly.

Conclusion

The main goal of this scheme by the Rajasthan government is to encourage unemployed citizens in the state to start their businesses. The government provides loan facilities through banks and a subsidy. Any unemployed youth in the state who wants to start their own business can benefit from this scheme and easily create self-employment opportunities. To get more information on the MLUPY portal,

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