The Stand Up India Scheme is an ambitious project launched by Indian Prime Minister Narendra Modi with an aim to promote the rising skill of entrepreneurship among the women and SC/ST entrepreneurs. Moreover, the stand-up india scheme completed 6 years..
Under the scheme, banks are given a target of at least two-thirds of total loans to be granted to women and SC/ST entrepreneurs. The government has set a target of Rs 1 trillion worth of bank credit to be extended to these categories in three years. Let’s take a closer look at the Stand Up India scheme and find out what it offers potential entrepreneurs.
What is Stand-Up India Scheme?
The Stand Up India scheme is a government initiative launched in 2016 to encourage entrepreneurship and boost employment among Scheduled Castes (SCs), Scheduled Tribes (STs), & women. This program provides for loans of up to Rs 10 lakh for setting up new businesses and also offers mentoring and other support services. Moreover, big question! stand up India scheme under which ministry? It falls under the Ministry of Finance. We will now look through the scheme’s eligibility below.
Stand-Up India Scheme Eligibility
To be eligible for the Stand Up India loan, you must belong to the SC or ST category, or be a woman. It would help if you also had a business idea that has potential for employment generation.
What are the Benefits of the Scheme?
The main benefit of the Stand Up India scheme is that it provides loans of up to Rs 10 lakh at a concessional stand-up india scheme interest rate to eligible borrowers. The loan can be used for setting up a new business or expanding an existing one. In addition, the scheme also offers mentoring and other support services to help borrowers get their businesses up and running.
प्रधानमंत्री आवास योजना ऑनलाइन आवेदन – 2022
How to Apply for the Scheme?
You can apply for the Stand Up India loan online through the official website. You will need to furnish personal, business, and financial information as part of the application process.
Documents Required for Applying for the Scheme
To apply for the Stand Up India loan, you will need to submit the following documents:
- Aadhaar Card
- PAN Card
- Bank account statements for the last 6 months
- Proof of identity (Passport, Driving License, Voter ID, etc.)
- Proof of address (Utility bills, Rent agreement, Passport, etc.)
- Business registration documents
- Business plan
Stand-Up India Project List
Some examples of businesses set up under the Stand Up India scheme can be:
- Food processing
- Agriculture and dairy
- Leather and footwear
- IT and ITeS
- Skill development
Some Other Stand Up India Scheme Guidelines
In addition to the above, there are a few other things to keep in mind when applying for the Stand Up India loan:
- The minimum loan amount is Rs 1 lakh and the maximum loan amount is Rs 10 lakh.
- The interest rate on the loan is currently set at 9.25%.
- The repayment period for the loan is 5 years, with a moratorium period of 1 year.
- You will need to open a stand-up India scheme SBI bank account or any other participating bank in order to avail of the loan.
- All applications for the loan must be accompanied by a business plan.
The Stand Up India Scheme is an important step in the growth of small businesses and entrepreneurs in India. By providing access to finance, training, and support, this scheme will help to create jobs and stimulate economic growth. I hope that more women will take advantage of this opportunity to start their own businesses and contribute to the economy.
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