The Stand-up India initiative promotes entrepreneurship among women, scheduled castes, and tribes. The scheme is supported by the Ministry of Finance’s Department of Financial Services (DFS).
The Stand-Up India Scheme provides bank loans ranging from Rs 10 lakh to Rs One Crore to one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and a single woman borrower for every bank branch for the establishment of a successful greenfield firm. This business could be in manufacturing, services, or trading.
In non-individual firms, at least 51 percent of the shareholding and controlling stake must be held by an SC or ST or female entrepreneur. All branches of India’s scheduled commercial banks will operate the Stand-up India scheme. This scheme’s primary goal is to give money to businesses in the service, manufacturing, and trading sectors.
The Stand-Up India scheme aims to provide bank loans ranging from 10 lakh to 1 Crore to one SC or ST borrower and at least one woman borrower every branch to establish a greenfield firm. This business could be in manufacturing, services, or trading. In non-individual firms, at least 51 % of the shareholding and controlling stake must be held by an SC or ST or female entrepreneur.
To apply for loans through Stand-Up India, candidates must go to their nearest bank branch and inquire if a one-person quota for SC or STs or one woman entrepreneur per bank branch is available. If so, they can apply for a loan under the Stand-up India scheme by filling in the application form and furnishing it together with the relevant papers. Download the application form from the official stand-Up India webpage.
Step 1: Navigate to the official website that is solely dedicated to the Stand-up India Scheme.
Step 2: Complete the registration form by first providing the business address, as well as the state, village, district, town, city, and pin code.
Step 3: Determine whether the promoter is a woman who owns 51 percent or more of the company and whether the promoter belongs to the SC/ST group.
Step 4: The applicant can next choose the type of business they want to start, the loan amount they want, the nature and description of their business activity, the status of their business space, and the drop-down menu for first-time entrepreneurs.
Step 5: They must also describe their previous business experience, including commercial activity, years of experience, and the kind of the business.
Step 6: Select the desired handholding support based on your needs and interests.
Step 7: The applicant’s personal information, including their names, business name, user name, phone number, email address, and kind of constitution, is the last and final registration step.
Step 8: Applicants can apply for the Stand-up India scheme with the particular financial institution by clicking on register, and their personnel will contact them for further requirements.
The type of loan is a composite loan (which includes a term loan and working capital) ranging from tens of thousands of dollars to one hundred thousand dollars.
Interest Rate: The interest rate would be the bank’s lowest applicable rate for that category (rating category), not to exceed (MCLR + 3% + tenor premium).
Repayment: The loan is repayable in 7 years, with an 18-month maximum moratorium term.
Security: In addition to primary security, banks may choose to protect the loan with collateral or a guarantee from the Credit Guarantee Fund Scheme for Stand-Up India Loans (CGFSIL).
Loan Amount: A composite loan covering 75% of the project’s cost, including a term loan and working capital. The requirement that the loan cover 75 percent of the project cost does not apply if the borrower’s contribution, combined with any other schemes’ convergence support, exceeds 25 percent of the project cost.
Working Capital: A working capital draw of up to ten lakh rupees may be approved through an overdraft. A working capital limit of more than ten lakh rupees will be granted as a Cash Credit limit.
Don’t hesitate to contact your preferred banker (selected by you) to learn why the proposal was rejected and take corrective measures to make the proposal creditworthy.
Directly at the branch
SIDBI’s Stand-Up India portal
Lead District Manager (LDM)
No. No subsidies are provided under this scheme. However, up to 75% of the project cost loans are readily available at competitive interest rates from scheduled commercial banks and private and public sector banks.
This Diwali, we present a portfolio that reflect both sector-specific and stock-specific opportunities. With 2…
Thank you for showing interest in taking a BTST position using our Delivery Plus product.…
Thank you for showing interest in the consultation on trading strategies!Our expert will reach out…
Even if you are a new participant in the stock market, the process of buying…
A company’s debt position can be gauged using the interest coverage ratio or ICR. This…
Muhurat Trading, a cherished tradition in the Indian stock market, takes place on Diwali, the…