SVAYEM Scheme: Objectives, Features & Benefits Explained

Swami Vivekananda Assam Youth Empowerment Yojana, abbreviated as SVAYEM yojana, was launched by the Assam Government. The Department of Industries and Commerce is the implementing agency for this scheme. This scheme aims to empower the youth of Assam by generating employment through various activities.

This article provides information about the features, objectives and benefits of SVAYEM scheme.

What Is SVAYEM Scheme?

The State Government of Assam launched SVAYEM scheme for the first time on 7th February 2017. However, a significant number of people remained beyond the reach of this scheme. Therefore, a re-designed version of SVAYEM was launched on 20th January 2021.

Under this scheme, the Assam Government will provide financial aid to the young individuals in Assam to participate in income-generating activities in the trading, manufacturing, and service sectors. The new scheme fosters the creation of a larger business-supporting environment. Moreover, this scheme includes the participation of both groups and individuals.

What Are the Features of SVAYEM Scheme?

The primary feature of this scheme is to focus on bringing employment to the young business doers and entrepreneurs of Assam. The number of individuals who can avail of the benefits of this scheme will be proportionate to the district's population. Two lakh young members from different groups will be included in this scheme. About 1000 youths from every LAC will be selected in the first phase of this SVAYEM scheme.

What Are the Objectives of SVAYEM Scheme?

The objectives of Swami Vivekananda Assam Youth Empowerment Yojana are –

Providing employment to young individuals in the business sector by giving financial support or ‘seed money’ to commence a new business in Assam.
Including people from rural and urban areas of Assam.
Promoting the development of new large and small businesses in Assam which helps in the economy of Assam.
Helping people and groups by providing financial support to run their business.
Allowing individuals to participate in business and trading sectors. This consequently uplifts the manufacturing sector.
Focusing on rural economy and giving preference to rural industries, agriculture, artisans and allied fields.
Increasing generation of income for small artisans in Assam and ensuring sustainable development of these sectors.

Now take a look at the benefits of this scheme.

What Are the Benefits of SVAYEM Scheme?

The benefits of this SVAYEM Scheme are listed below.

This scheme provides financial support of ₹ 1 Lakh to new entrepreneurs.
It provides a subsidy of ₹ 20, 000 to new entrepreneurs (20%).
Existing entrepreneurs get ₹ 2 Lakhs as financial support from the State Government.
It provides a subsidy of ₹ 20,000 to new entrepreneurs.
It provides a subsidy of ₹ 40,000 to new entrepreneurs (20%).
Monetary support and SVAYEM loans will be given out by private, rural and public banks.

Now that you know about the benefits of this scheme, let’s move on to its eligibility criteria.

What Are the Eligibility Criteria to Apply for SVAYEM Scheme?

The eligibility criteria for SVAYEM scheme is different for individuals and groups.

For Individuals

Individuals should be more than eighteen years of age.
He/she must be a permanent resident of the state and currently residing in Assam.
An aspirant must have a minimum education qualification of seventh standards.
Individuals must have relevant knowledge, skills and enterprise in related sectors. The scheme will prefer candidates with skill development training certificates.
Aspirants must not have any defaulted loan.
He/she must not be a PMEGP beneficiary in the previous five years.

For Groups

Individuals should be more than eighteen years of age and not less than forty years.
Aspirants must be permanent residents of Assam and presently residing in the state.
He/she must have a minimum educational qualification of up to the tenth standard.
Groups like Joint-Liability Groups, Cluster-level SPVs or State Federations, Self-Help Groups, Farmer Producer Organizations that are formed before the month of September 2021 are eligible for SVAYEM. The number of group members should be five to twenty.
The applying group must have a group bank account. Moreover, this account must be in a Scheduled Cooperative or Commercial bank opened before 1st September 2021.
Aspirants must not have any defaulted loan.
During the selection process, preference will be given to candidates having relevant skills and experience in related business enterprises.

How to Apply for SVAYEM Scheme?

Follow these steps to apply for Swami Vivekananda Assam Youth Enterprise yojana –

Step 1: Visit the official website for the SVAYEM scheme.
Step 2: Click on the ‘Application Form for SVAYEM Scheme’ button.
Step 3: The application form will appear on the screen.
Step 4: Fill the information in the application form and submit it with the supporting documents to the district office.
Step 5: The General Manager and DICC will check the application and forward it to the District Level Committee for its approval.
Step 6: District Level Committee will then examine the application form and recommend it to a corresponding bank.
Step 7: Then, the bank will assess the value of the project economically and technically with the sanctioned project cost of DICC.

What Are the Documents Required for SVAYEM Scheme?

Documents needed to avail the benefits of this scheme are –

Age Proof
ID Proof (Aadhaar Card, Driving License, Voter ID Card, etc.)
Residential Proof
Educational Qualification Proof
Experience Certificate
Business Ownership Proof
Business License
National Food Security Card
Business Registration Certificate
Skill Development Training Certificate
Ration Card of Assam

These are all the details regarding the SVAYEM scheme. Visit the official portal for further details about this scheme and its guidelines.

Frequently Asked Questions

✓ What is ‘seed money’?

Seed Money is the intimal amount that the State Government provides to start a new business for generating more business in a state.

✓ What are the interest rates for SVAYEM scheme?

Interest rates for SVAYEM scheme loans follow RBI guidelines for MSE units.