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Business Loan for SC, ST, OBC Categories (Stand Up India)

Keeping in mind the special borrowing needs of the SC/ST, and OBC entrepreneurs, the Government of India has launched the Stand Up India Scheme as part of its financial inclusion initiative. Further, with a view to providing equal opportunity to all, the loans have been framed in a way to benefit this category with relaxed criteria in case of setting up a new venture. Stand up India is among the various new social security scheme introduced by the Government of India. We shall now look into the features of this business loan or working capital loan:
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Stand up India Scheme – Working Capital Loan – 2023

Purpose For setting up of new enterprise in manufacturing, services, agri-allied activities by people falling under SC/ST or Women Borrowers
Interest Rate Bank’s Marginal Cost Lending Rate (MCLR) + 3% + Tenor Premium
Loan Amount Min. Rs. 10 lakh & Max. Rs. 1 crore
Age Criteria Minimum 18 years
Repayment Tenure 7 years with max. moratorium period of 18 months
Shareholding Stake 51% held by SC/ST & Women Entrepreneur
Working Capital Limit Above Rs. 10 lakh in for of Cash Credit limit
Margin 25%

Must Read: How to get collateral free Working Capital Loan?

Stand up India Scheme shall be operated by all the branches of the Scheduled Commercial Banks in India.

Interest Rates under Stand Up India Scheme – 2023

The interest rate under this scheme shall be the lowest interest rate offered by the bank for a particular category of lending. The ceiling rate of interest is fixed at the respective Banks’ Marginal Cost Lending Rate (MCLR) + 3% + Tenor Premium

Calculate your Monthly EMI on – Business Loan EMI Calculator

Eligibility Criteria

The loan would be extended to any woman, SC/ ST entrepreneurs who are undertaking a venture in the services, trading, or manufacturing sectors. The loans provided under this scheme range from Rs. 10 lakhs up to Rs. 1 crore to at least one SC/ ST and one woman borrower from every bank branch.

In the case of a group enterprise, a minimum shareholding of 51% must be mandatorily held by an entrepreneur who is either a woman or a member of the SC/ST community. This loan scheme is available at all branches of scheduled commercial banks in India.

Additional Eligibility Criteria
  • The entrepreneur must either be a woman or belong to the SC/ST community to avail this loan
  • Loans will be extended under this scheme only for funding greenfield projects in services, trade, or manufacturing sectors. Thus, the loans cannot be utilized to fund the operations of an already-existing business
  • Applicants must have a strong track record of creditworthiness and should not be existing loan defaulters

Also read about: Business Loan Eligibility for Startup

Types of Loans under Stand Up India Scheme

  • The loans are the nature of composite loans that includes both term loans and working capital assistance. The loan value will generally cover 75% of the cost of the project. This includes both components – working capital and term loan. The exception to this is when the contribution of the borrower, along with financial support being provided by other schemes, amounts to more than 25% of the overall cost of the project. In case of withdrawal of working capital up to Rs 10 lakh, the funds will be disbursed in the form of overdrafts
  • A RuPay debit card may be issued to the borrower for the additional convenience of easy fund withdrawal. In case of working capital assistance in excess of Rs 10 lakhs, the same will be extended by a cash credit limit
  • Margin Money requirement – The scheme functions under the pretext that 25% margin money towards the cost of the project will be provided by Government schemes. However, 10% of the project cost must be borne by the borrower
  • Collateral cover – The bank may insist on collateral security or a guarantee of CGFSIL (Credit Guarantee Fund Scheme for Stand Up India Loans), in addition to the primary security

Read Also: Pradhan Mantri MUDRA Loan Yojana: All you need to know

Repayment Tenure for Stand Up India Scheme (SC, ST & OBC)

The tenure of loan repayment varies from 1 year to 7 years, including a moratorium period of 18 months.

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Documents Required

  • Duly filled application form with passport size photographs
  • Self-attested identity proof like voter card, driving license, passport, or Aadhar card
  • Proof of residence: Passport, Voter ID card, Driving License, Utility Bills (Electricity/Water/Telephone Bills)
  • Business Address Proof
  • Income Proof: Bank statements and ITR
  • Quotations of the estimated cost of machinery with details
  • Certificate validating SC, ST, or OBC status
  • Any other document required by the lender

Entrepreneurial support for Women and SC/ST communities (2021-2022)

Total Applications 185671
Total Amount Rs. 43896.59 crore
Sanctioned Applications 165523
Sanctioned Amount Rs. 37482.15 crore
Handholding Agencies 24613
Lenders On-boarded 81
Branches Connected 136611
HHA Requests 3212

Source: https://www.standupmitra.in/

The Stand-up India program helps create an entrepreneur-friendly ecosystem to provide support for the conduct of business by members of the SC, ST, and OBC communities. This is in recognition of the challenges faced by them as regards setting up a new enterprise, fundraising, and other timely assistance required from time to time.

More Information:

How to Get Business Loan for Self Employed
How to get a loan for a restaurant business in India
What is a business loan for doctors
How to get an SME Loan

How Can I Apply for a Business Loan Online?

Get up to ₹1 Crore in 5 Simple Steps

Step 1: Enter your mobile number in the application form.

Step 2: Enter OTP to verify your mobile number.

Step 3: Provide your personal details.

Step 4: Select a bank account for account aggregator consent.

Step 5: Compare offers and apply for the best-suited loan.

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