Motor Vehicle Driver-Conductor Welfare Scheme- Chief Minister Self-Employment Scheme for Drivers/Conductors

About This Scheme

The “Motor Vehicle Driver-Conductor Welfare Scheme- Chief Minister Self-Employment Scheme for Drivers/Conductors” has been launched by the Transport Department, Government of Madhya Pradesh. The scheme aims to promote self-employment and economic stability among registered transport vehicle drivers and conductors. Under this scheme, financial assistance, margin money subsidy, interest subsidy, and credit support are provided to the beneficiaries for purchasing their own transport vehicle.

Eligibility

1. The applicant should be a permanent resident of Madhya Pradesh. 1. The applicant should be a registered transport vehicle driver or conductor. 1. The applicant should possess a valid commercial driving or conductor license issued in Madhya Pradesh. 1. The applicant should be registered on the Samagra Portal. 1. The applicant should be between 18 and 45 years of age. 1. The applicant should have passed at least class 5th.1. The applicant should not be a defaulter of any nationalized bank, cooperative bank, or financial institution.

Benefits

> Financial Assistance Project Cost: ₹20,000 to ₹10,00,000 Margin Money Subsidy: - General Category: 15 percent of project cost, up to ₹1,00,000 (Scheduled Caste, Scheduled Tribe, Other Backward Class (excluding creamy layer) - Below Poverty Line, Women, Minority, and Persons with Disabilities: 30 percent of project cost, up to ₹2,00,000- Interest Subsidy: 5 percent per annum, for up to 7 years, subject to a maximum of ₹25,000 per year- Credit Guarantee Fee: Provided as per prevailing rates for up to 7 years Non-Financial Benefits - No collateral security required by banks - Priority issuance of permits under the Rural Transport Scheme Mode of Disbursement - Subsidies are released through the concerned bank directly to the loan account of the beneficiary Expected Time of Disbursement - Loan applications are disposed of within 30 days - Loan amount is disbursed within 15 days after approval Validity - The benefit can be availed of only once by an eligible beneficiary

How to Apply

Where This Comes From

This scheme was sourced from myScheme, the Government of India's official Central+State scheme discovery portal, and reviewed by an editor before publishing. Use the button above to read the full details and apply directly on the official source.