Mr. Narendra Modi has released the Stand-Up India Scheme on 5 April 2016. The scheme was launched to provide funds via a loan to the person belonging to SC/ST category and to the women entrepreneurs. Through this scheme, the loan of Rs. 10 lakh and Rs. 1 crore is provided to set up new business/enterprise. If you want to apply for the said check, then you can check complete procedure from this page loan interest & benefits details have been provided below. You can do the online registration by going through standupmitra.in. You can check the application procedure below.
Stand Up India Scheme-Details
|Interest Rate||Bank’s MCLR + 3% + tenor premium|
|Repayment tenure||Maximum 07 years with moratorium period up to eighteen months|
|Age criteria||Minimum 18 years|
|Loan amount||Minimum Rs. 10 lakh and maximums. 1 crore|
|Loans available for the||Green Field Projects Only|
Stand Up India Scheme-Features
- The minimum age of the applicant must be more than 18 years.
- The bank minimum of Rs offers the Composite loan. 10 lakh and max. up to Rs. 1 crore.
- The applicant has to repay the loan amount with interest within 07 years and the maximum moratorium period up to 18 months.
- To apply for the scheme, the individual should not have defaulted to any bank or NBFC earlier.
- The bank will secure the loan either through collateral security or guarantee of the Credit Guarantee Fund Scheme as per the rules and regulations.
- Loan raised via the Stand-Up India Scheme can be used to set up a new business (trading, services, and manufacturing sectors) by the individuals belonging to the scheduled caste/scheduled tribe and also by the women entrepreneurs.
- The loan will be granted for Green Field Projects only, i.e., for the businesspersons who are in trading or manufacturing sectors for the first time.
- The interest rate will be imposed as per the rules and regulations of the bank, and the bank will not exceed MCLR + 3% + tenor premium.
Stand Up India Scheme- Online Registration
- Open the official portal, i.e., standupmitra.in
- Now you have to fill the application form for the registration of the business. You have to fill the information such as the address of the business, your state, district, village, town, city name with its pin code.
- After that, you have to mention whether the promoter belongs to the women category and holds 51% stake or higher, and the same applies to SC/ST category.
- On the next step, you have to choose the planned business type, the amount required through a loan, description of the business, and now you have to select the drop-down of first-time entrepreneurs.
- After that, you are required to provide your past business experience and also have to type the same.
- Thereafter you are required to mark the desired handholding support, as per the requirement and interest.
- Finally, you have to provide your personal information, i.e., name, user name, name of the business, cell number, email, and type of structure.
- At last, press the register button, and your registration process has been completed. And the officials will get in touch with you for further communication.
Documents Required For Stand Up India Scheme
- Recent password size photographs
- Valid Identity Proof
- Voter identity card
- Valid driving license
- Passport etc.
- Proof of residence
- Address proof
- Valid rent agreement
- MOA and AOA of the corporation
- balance sheets of last 3 year
- Partnership deed in case of partnership firm
- Assets and liabilities statement of the promoters and guarantors
CA Shivam Channa is a trusted financial writer with deep knowledge of financial systems. He has over 10 years of experience in writing His articles are always well researched and provide great insights into the topic at hand.