What is Standup India Scheme, its Details, how to Apply, benefits, eligibility this is what I am going to explain you in Hindi with all details.
Standup India is launched by prime minister Narendra Modi ji as part of the government’s efforts to support entrepreneurship among women and SC & ST communities.
The objective of standup India scheme is to facilitate bank loans between Rs 10 Lakh to Rs 1 Crore to at least one scheduled caste(SC) or scheduled tribe(ST) and at least one woman borrower per bank branch for setting up greenfield enterprise.
Loans below Rs 10 lakhs are provided through Mudra yojana.
Standup India Eligibility
- SC/ST and/or Woman entrepreneur above 18 years of age.
- Loans available for greenfield projects meaning venture of the beneficiary in the manufacturing/services or trading sector.
- In-case of non-individual enterprises at least 51% of the shareholding and controlling stake should be held by either SC\ST or Woman entrepreneur.
- Borrower should not be in default to any bank\financial institution.
Main Points for Standup India
- Composite loan(inclusive of term loan and working capital) between 10 Lakh to 1 Crore.
- Bank finance not to exceed 75% of total cost.
- Rate of interest would be lowest applicable rate of the bank for that category (rating category) not to exceed (base rate (MCLR) + 3%+tenor premium)
- Besides primary security(things you purchase through loan), the loan may be secured by collateral security or guarantee of credit guarantee fund scheme for stand=up India Loans (CGFSIL) as decided by the banks.
- Loan repayment period is of 7 years with a max of moratorium period of 18 months.
- For drawl of working capital up to Rs 10 Lakh, the same may be sanctioned by the way of overdraft. Rupay debit card to be issues for convenience of the borrower.
- Working capital limit above Rs 10 Lakh to be sanctioned by the way of Cash Credit Limit.
- In all cases the borrower shall be required to bring a minimum of 10% of the project cost as own contribution.(Total Margin money will be 25%)
Ways to Apply for Standup India Scheme
- Directly at the branch
- SIDBI’s Stand-Up India portal
- Lead District Manager(LDM)
Questions Asked in Standup India Portal
- Location of the borrower
- Category-SC/ST/Woman
- Nature of business planned
- Availability of place to operate the business
- Assistance needed for preparing a project plan
- Requirements of skill/training(technical and financial)
- Details of present bank account
- Amount of own investment into the project
- Whether help is needed to raise margin money
- Any previous business experience
Based on above answers portal will tell you that you are a ready borrower or trainee borrower.
Ready Borrower
- In case you receive Ready Borrower your loan application will start processing at the selected branch and application number will be generated and the borrower application will be shared with the bank/LDM/(NABARD/SIDBI).
- Application can be tracked through portal
Trainee Borrower
- Registration on the portal will link to the LDM of the concerned district and the relevant office of SIDBI\NABARD.
- SIDBI\NABARD offices as stand-Up India connect centers will then arrange for support for trainee borrowers in one or more following ways:For financial training
- For skilling
- For EDPs(Entrepreneurship development programme)
- For work shed
- For margin money
- For mentoring support
- For utility connections
- For DPRs
- LDM will monitor progress
- Once satisfaction is met, application for loan will be generated.
Standup India Scheme Guidelines
Standup India Helpline Numbers
Disclaimer: Above data has been taken from government website for informative and education purposes.
Please watch the complete video for proper understanding. If you like my video please make me happy by sharing it on social media and subscribing my YouTube channel