Stand-up India Scheme

Stand up India scheme: Features, How to Register and Documents Required

• Interest rate applicable is set by the desired bank for that category that is banks’ not to exceed MCLR + 3% + tenor premium
• Minimum age criteria to get loan under Stand-up scheme is 18 years for SC/ST people and women applicants
• Loans are only offered for Green Field Projects that means for entrepreneurs who are venturing in manufacturing or trading sectors for the first time
• Applicant should not have defaulted before to any bank or NBFC
• Composite loan (that includes term loan and working capital) is offered between Rs. 10 lakh and up to Rs. 1 crore
• Loans may be secured by collateral security or guarantee of Credit Guarantee Fund Scheme, as decided by the banks
• Loans can be used for SC/ST and women entrepreneurs to set up new enterprise only in trading, services and manufacturing sectors
• The repayment period is a maximum up to 7 years with maximum moratorium period up to 18 months

Step 1: Visit Stand-up India’s official website ‘https://www.standupmitra.in/Login/Register’

Step 2: Fill in the registration form by firstly entering the business location that include business address, state, district, village, town, city and pin code.

Step 3: Select whether promoter belongs to women category and holds 51% stake or higher and same applicable to SC/ST category.

Step 4: Next applicant can select the nature of the business planned, desired loan amount, nature and description of business activity, status of space for business and select the drop down of first time entrepreneurs.

Step 5: Further he/she needs to mention his/her past business experience by mentioning business activity, years of experience and nature of business.

Step 6: Next one need to tick the desired hand holding support, as per the need and interest.

Step 7: Last and final step of registration is regarding applicant’s personal information that is name, name of enterprise, user name, mobile number, email and type of constitution.

Step 8: By clicking on register applicant will be able to apply for the Stand-up India scheme with the respective financial institution and their officials will contact for further formalities.

• Passport-sized photographs
• Identity Proof: Passport, driving license, voter’s ID card, PAN card, etc.
• Residence Proof: Voter’s ID card, passport, latest electricity and telephone bills, property tax receipt, etc.
• Business address proof
• Memorandum and Articles of Association of the company
• Partnership deed of the partners
• Photocopies of lease deeds
• Rent agreement
• Last 3 years’ balance sheets of association
• Assets and liabilities statement of the promoters and guarantors

Stand-up India has always worked to promote economic empowerment and helped in the creation of employment. The scheme is set to benefit minimum 2.5 lakh borrowers through 1.25 lakh bank branches located nationwide. This scheme provides a digital platform to support entrepreneurs from SC/ST category and women entrepreneurs via credit guarantee, hand holding support and providing information on financing. Additional services offered under this scheme are training, mentorship, guidance and skill development programmes for entrepreneurs.

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