Under the Modi government’s Stand Up India scheme, financial assistance is provided to encourage women from Scheduled Castes, Scheduled Tribes, Backward Classes and all sections to do business. In Stand Up India Yojana, business loans ranging from Rs 10 lakh to Rs 1 crore are provided to people from various categories to start a new business.
Stand Up India scheme provides financial assistance to start your own business. Let us tell you that Prime Minister Modi started Stand Up India Loan Skin in 2016.
Financial assistance is provided to encourage women to do business
Stand Up India scheme offers business loans ranging from 10 lakh to 1 crore
In 2016, Stand Up India launched Lone Skin
Benefits of Stand Up India Scheme
Loans are made available at concessional rates under the Stand Up India scheme. Income tax is exempted for the first 3 years during business start-up. This then carries interest at the base rate of 3%, which cannot exceed the tenure premium. The loan repayment period is 7 years, however, the moratorium period is 18 months.
Who can take loan under Stand Up India Scheme?
The applicant applying for the loan should be Scheduled Caste-Scheduled Tribe or Women Class Entrepreneur.
Applicant must be at least 18 years of age.
This loan scheme of the government is only for green field projects, i.e. it should be the first business of the beneficiary taking the loan.
The person applying for the loan should not have been declared a defaulter by any bank or institution.
Documents required for loan application
Stand Up India Yojana should have Aadhaar Card, PAN Card, Voter ID Card, Residence Certificate etc. as identity card.
For Scheduled Castes and Scheduled Tribes people should have caste certificate. While caste certificate is not required for women.
Business address certificate should have PAN card, passport size photo, bank account details and copy of income tax return.
If the commercial space is on rent then a rental agreement is required.
Apply like this
If you fulfill these conditions you can go to any bank and take a loan. Also, you can apply online for the loan by going to the official website of Stand-Up India standupmitra.in.
As soon as the website opens, you will see You May Access Loan on the left side down. Clicking on Apply Here.
Then a window will open. Here you have to fill mobile number, name and email id. Then click on Generate OTP.
An OTP will be sent to the registered mobile number. Then all the loan application process has to be completed as per the instructions. You can apply online at the official website of Stand Up India.