Stand-Up India Scheme, Bank Loan from 10 Lakh to 1 Crore
What is Stand-Up India Scheme ?
This scheme was launched by our Honorable Prime Minister Narendra Modi on 5th April 2016. The Main objective of this scheme has been to support entrepreneurship among Schedule Cast (SC), Schedule Tribes (ST) and Women.
Under this scheme, Bank facilitates loans to SC, ST and women entrepreneurs. The enterprise may be in Manufacturing, Trading or Services sector.
To avail the loan facility under Sand-Up India scheme, Following is the eligibility criteria:
- Applicant must belong to SC/ST Cast category or Women Category
- Age of applicant must be above 18 years
- Only greenfield projects could be awarded loan under this scheme
- First time ventures are entertained to sanction the loan
- Borrower should not be defaulter to any bank or financial institution.
Purpose of Loan in Stand-Up India Scheme
Government aims to promote new entrepreneurs from SC/ST and Women category. In order to start a new venture in manufacturing, trading or service, This loan is sanctioned.
The loan amount under this scheme is from 10 Lakh to 100 Lakh (1 Crore). However it totally depends upon eligibility criteria, nature of enterprise and repayment capacity.
The loan amount is 75% of total project cost. It is composite loan of working capital and term loan.
You may apply this loan online on website of Stand-Up India at Apply Online Stand-Up India Loan
Rate of Interest on Loan Amount
The rate of interest is kept very low. It is lowest applicable rate of bank for that category. It is calculated at base rate + 3%+ Tenor Premium
The repayment period of loan is up to 7 years with a moratorium period of 18 months. Few banks, as per their internal policy ask for security and collateral against the loan amount.
This loan is provided through all branches of scheduled commercial banks. If you are willing to apply this loan, you may either apply online on the website of Stand-Up India or any bank branch or through Lead District Managers’ Branch.