The Government of India has launched a new scheme Stand Up India, to increase women’s participation in the economy. This scheme provides funding to women entrepreneurs and those from the SC/ST communities. Under this scheme, the government provides loans ranging from ₹10 lakh to ₹1 crore to women. This scheme aims to promote businesses serving the service, manufacturing, and merchandising sectors.
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What is Stand Up India Scheme?
Stand-Up India Scheme facilitates bank loans between Rs 10 lakh and Rs 1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST). The scheme is anchored by Department of Financial Services (DFS), Ministry of Finance, Government of India. Stand Up India scheme is applicable for all scheduled commercial bank branches in India. The Stand Up India Scheme envisages 25% margin money which can be provided in convergence with eligible central / state schemes. The scheme applies to all Scheduled Commercial Bank branches.
Eligibility Criteria For Stand Up India Scheme
- Only SC/ST individuals and women entrepreneurs can get the benefits of the scheme.
- The applicant must be aged above 18 years.
- Only greenfield projects can apply for the loan scheme.
- The borrower should not have defaulted at any bank or financial institution.
Important documents for taking a loan
- Identity Proof: Any valid photo identity proof acceptable to the bank.
- Address Proof: Any valid address proof document of the individual and the business firm.
- Memorandum of Articles of the Association of the Company.
- Partnership deed in the case of a partnership firm.
- Copies of the lease deeds.
- Copy of the Rent Agreement.
- The last three balance sheets of the company.
- Assets and Liability statements of both the borrower and the guarantor.
How to Apply for The Stand-Up India Scheme
Step 1: Visit the Stand-Up India portal at www.standupmitra.in to understand the scheme details better.
Step 2: Click on the ‘Register’ button and answer a set of questions prompted.
Step 3: Based on your response, you will be categorised either as Trainee Borrower or Ready Borrower.
Step 4: Feedback will be given regarding the eligibility of the applicant for the loan.
Step 5: The applicant can then register and login to the portal.
Step 6: Upon logging in successfully, a dashboard will be displayed to the applicant to proceed with further actions.
Once you have completed registration, you are eligible to initiate the StandUp India Loan Application process. Stand Up India aims to empower every Indian and enable them to be independent. The programme, consequently, aims to create an ecosystem that facilitates and continues to provide a supportive environment for doing business.