Stand Up India Scheme: Key Features, Eligibility Criteria & Benefits
The Stand UP India Scheme, launched by the Government of India on 5 April 2016, aims to promote entrepreneurship among women and marginalized communities, particularly the Scheduled Tribes (ST) and the Scheduled Castes (SC). So with a focus on the job creation and growth, the scheme provides financial support to startups and small enterprises, which is helping to bridge the socio-economic gap.
About Stand Up India Scheme
Stand Up India Scheme facility bank loan between the Indian rupees 10 lacks to 1 Crore to at least one ST or SC borrower and one woman borrower per bank branch for setting up a greenfield enterprise.
As it can be in manufacturing services or the trading sectors. So in the case of the non-individual enterprises, at least 51% of the shareholding and controlling stake should be held by either an ST/ SC or Wa oman entrepreneur.
How to Apply For the Stand Up India Scheme?
You can easily apply for the stand-up Scheme by just following the simple steps which are given below:
- Visit the Official website of Stand-Up India.
- Now write the Business location information.
- Select the category of the business.
- Choose the types of business and then the loan amount.
- Now provides the details about the business.
- Write the information about your past experience.
- Indicate if you need hand-holding.
- Now provide your personal information.
- Choose the register to complete the process.
If you want to in-person you have to visit the bank branch, and then contact your LDM.
Eligibility Criteria of Stand Up India Scheme
Here are the eligibility criteria for the Stand Up India scheme:
- Business must be a greenfield project (first-time the applicant is venturing into the business.
- At least 51% stake in the company, so if it is a partnership firm or the Pvt. ltd company.
- Here the applicant must be an ST/ SC, or a woman entrepreneur.
- This can belong to the manufacturing, service sector, or trading.
Key Feature of the Stand Up India Scheme
Here are some key features of the Stand Up India Scheme:
- Eligibility: Any ST/ SC or woman entrepreneur, aged 18 and above, intending to start a greenfield project which can apply.
- Security: Here the loan is under this Scheme which is covered by the credit guarantee fund scheme for these Loans.
- Loan Size: This offers loans from 10 lakh to 1 Crore in Indian Rupees.
- Type of Business: Here are the schemes that support enterprises in the manufacturing, services sector, or trading.
- Margin Money: This needs to contribute at least 10% of the project cost, while the scheme covers 75% of the project.
- Repayment Tenure: The maximum period of repayment is 7 years.
Conclusion
In conclusion, this scheme is helping the SC/ST, as it is a game-changer in promoting entrepreneurship but also contributes to the overall development of the country. And the woman groups can realize that their dreams of starting their dreams of starting their own business.
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