Stand Up India Scheme for providing funding support to SC/ST and/ or Women Entrepreneurs.
Stand Up India Scheme offers bank loans from Rs. 10 lakh to Rs. 1 crore to at least one woman borrower and one Scheduled Caste (SC) or Scheduled Tribe borrower per bank branch for setting up of Greenfield enterprise. The enterprise shall be engaged in agri-allied activities, manufacturing, or trading sectors. At least 51% shareholding and controlling stake should be with either an SC/ST and/or women borrower in the case of the non-individual enterprise.
|Stand-up India Scheme – Highlights – 2023|
|Interest Rate||Bank’s MCLR + 3% + Tenor Premium|
|Repayment tenure||Max. 7 years with Moratorium Period up to 18 months|
|Min. age criteria||18 years for SC/ST and Women Entrepreneur|
|Loan amount||Rs. 10 lakh – Rs. 1 crore|
|Loans offered for||Only Green Field Projects (first-time venture)|
|Shareholding or Controlling stake||51% for Non-Individual Enterprises|
|Borrower’s financial repayment status||Never defaulted to any bank or NBFC|
|Margin||Max 15%, can be offered with Central/State Schemes|
|Working Capital Limit||Up to Rs. 10 lakh in form of Cash Credit limit|
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Stand Up India Scheme is a Government initiated funding program to offer financial assistance to SC/ST and/ or Women Entrepreneurs across the nation.
The composite loan offered is 85% of the project cost which is inclusive of a term loan or working capital loan. The Standup Mitra applicant shall not be applicable if the borrower’s contribution along with conjunction support from any other scheme surpasses 15% of the project cost.
- Interest Rate: (Base Rate + (MCLR) + 3% + Tenor Premium)
- Loan Amount: Minimum Rs. 10 lakh & Maximum up to Rs. 1 crore
- Repayment Tenure: Up to 7 years, including a moratorium period of 18 months
- The specification of the loan is expected to cover 85% of the project cost. However, it will not be applicable if the borrower’s contribution along with convergence support comes from any other schemes that exceed 15% of the project cost
- Collateral/Security: Secured by Guarantee of Credit Guarantee Fund Scheme for Stand up India Loans (CGFSIL) as defined by the Banks
- Working Capital limit above Rs. 10 lakhs to be sanctioned by the way of Cash Credit limit
- Activities allied to agriculture are also eligible to apply for loans under Standup India
Apply for Loan under the Stand Up India Scheme
To apply for loans under Stand-Up India, applicants need to visit the nearest bank branch and find out whether a 1-person quota for SC/ST category or one woman entrepreneur per bank branch is available or not. If yes, then he/she can fill in and submit the application form along with the required documents to apply for a loan under the Stand-up India scheme. The application form can be downloaded from standupmitra.in or the standup India portal.
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Steps to Register with Stand Up India Scheme
Step 1: Visit Stand-up India’s official website ‘https://www.standupmitra.in/Login/Register’
Step 2: Fill in the registration form by first entering the business location that includes the business address, state, district, village, town, city, and pin code.
Step 3: Select whether the promoter belongs to the women category and holds a 51% stake or higher and the same applies to SC/ST category.
Step 4: Next applicant can select the nature of the business planned, desired loan amount, the nature and description of business activity, the status of space for the 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 the nature of business.
Step 6: Next one needs to tick the desired handholding support, as per the need and interest.
Step 7: Last and final step of registration is regarding the applicant’s personal information name, name of the enterprise, user name, mobile number, email, and type of constitution.
Step 8: By clicking on register applicants will be able to apply for the Stand-up India scheme with the respective financial institution and their officials will contact them for further formalities.
Download Loan Application Form for Stand Up India Scheme by visiting standupmitra.in or by Clicking here
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- Duly filled application form with 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
- Partnership deed of the partners
- Copies of lease deeds or Rent agreement
- Last 3 years’ balance sheets of the association
- Assets and liabilities statement of the promoters and guarantors
- Any other document required by the bank
Entrepreneurial support for Women and SC/ST communities (2022-2023)
|Total Amount||Rs. 48042.66 crore|
|Sanctioned Amount||Rs. 41465.31 crore|
Bank’s List offering loans under Stand Up India
|Axis Bank||Indian Bank|
|Bank of Baroda||Indian Overseas Bank|
|Bank of India||Jammu & Kashmir Bank Ltd|
|Bank of Maharashtra||Punjab and Sind Bank|
|Canara Bank||PNB Bank|
|Central Bank of India||State Bank of India|
|ICICI Bank||Union Bank of India|
|IDBI Bank||UCO Bank|
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Q. How can I apply for Stand-Up India?
Ans. You can apply for a loan under the Stand-up India scheme by visiting the nearest bank branch and filling out and submitting the loan application form, along with the required documents and photographs.
Q. Is there any subsidy in Stand-Up India?
Ans. No, there is no subsidy offered under this scheme. However, loans up to 75% of the project cost are offered at attractive interest rates from scheduled commercial banks, as well as private and public sector banks.
Q. What is the difference between Startup India and Stand-Up India?
Ans. Startup India is an online entrepreneurship platform for startups that makes them use various tools and resources for their business and allows them to create a network for them to promote and grow their business. Whereas, Stand-Up India it offers loans depending upon the project cost to SC/ST and or women entrepreneurs.