Stand Up India Loan Scheme Online Registration | Stand Up India Scheme Application Form | Stand Up India Scheme Online Application Status | Stand Up India Loan Scheme All Details & Eligibility, Benefits |
Our honorary Prime Minister has launched Stand Up India Scheme on 15th April 2015. This scheme has been specially launched for covering the interests of applicants who want to start up their own business. This scheme is only applicable for SC/ST and Women Entrepreneurs. Loan facilities ranging from 10 lakhs to 1 crore will be provided under this scheme.
Today through this article we will provide you with all types of information about Stand Up India Scheme 2023 like Purpose, Eligibility Criteria, Benefits, Features, Important Documents etc. Apart from this, we will share with you the process of applying online under this scheme. To get complete information about this scheme, read this article till the end.
Stand Up India Scheme 2023
Central Government has launched a new initiative for supporting new entrepreneurs who want to startup for their business ventures. Stand Up India Scheme has been initiated by our Hon’ble Prime Minister of India Shri. Narendra Modi Ji. By applying under this scheme, entrepreneurs will be able to get loans provided by the banks.
Stand Up India Scheme has been launched by Narendra Modi Ji with a motive to finance banks loans between Rs. 10 lakhs to Rs. 1 crore to SC/ST category, women entrepreneur applicants for setting up their Greenfield enterprise which includes trading or manufacturing fields. The amount of the loan has to be repaid by the applicant within the period of 7 years.
Highlights Of Stand Up India Loan Scheme 2023
Highlights of this scheme are as follows: –
|Name of the Scheme||Stand Up India Scheme|
|Launched by||Prime Minister Shri. Narendra Modi Ji|
|Launching date||15th April 2015|
|Launched under||Central Government or Government of India|
|Portal||SIDBI (Stand Up India Portal)|
|Applicable to||Citizens of India|
|Objective||To facilitate banks loans for startups|
|Benefit||Entrepreneurs will be able to set up their business ventures|
|Beneficiaries||SC/ST applicant Women Entrepreneur Stakeholder|
|No. of applicants||2.5 lakhs of borrowers|
|No. of bank branches networks||1.25 lakhs|
|Form of benefit||Loan of Rs. 10 lakhs to 1 crore|
|Duration of loan repayment||7 years|
|Mode of application||Online|
|Scheme Type||Loan Scheme|
|Email ID||[email protected]|
Objectives of Stand Up India Scheme 2023
One of the main objectives of starting the Stand Up India Scheme is to encourage the business venture ideas kept by the new entrepreneurs so that their career aspirations will not get hurt because they do not have money to invest in their business ventures. So this scheme will provide banks loans to them for their startups.
To develop the country’s growth emerging of entrepreneurship is a must, so that the public can enjoy the newly built ideas of marketing set up entrepreneurs, Stand Up India Scheme is focusing on providing and facilitating bank loans to the SC/ST, women entrepreneurs ranging from 10 lakhs to 1 crore. After availing bank loan facility, applicants will be able to start up their enterprises.
There are some loan details that have been issued are as follows: –
- Nature of loan: – This loan consisted of Composite loan between amounts of Rs. 10 lakhs to Rs. 1 crores.
- Purpose of loan: – Lending loans to entrepreneurs belong to SC/ST and women for setting up Greenfield Enterprises such as manufacturing and trade services.
- Size of loan: – 75% of the project cost included Inclusive of the term loan as well working capital.
- Interest rate: – The rate of interest for lending loans by the banks will be lowest.
- Security: – The amount of the loans will be secured by the collateral security.
- Repayment: – The amount of the loan has to be repaid by the borrower within the 7 years.
- Working Capital: – Rupay credit Card will be issued to the borrower for gaining 10 lakhs, and working capital upto 10 lakhs accessed by the way of Cash Credit limit.
- Margin Money: – 15%.
In order to readdress the complaints of the borrower, Grievance Redressal will be availble in the portal of this scheme. Borrowers will be able to submit their complaints and these complaints will be address by the officers / agencies which has been allocated with this task. Contact details of these officers will be provded at their portal so that the borrower can contact them further.
Role of SIDBI and LDMs
The designated role of the Stand Up India Portal is to maintain and operate the portal of this scheme. Providing handholding support to the trainee borrowers is the main role of SIDBI. It is also allocated with the task of addressing the problems of LDM. Lead District Manager is responsible for monitoring the progress of cases. He has to ensure that the borrower’s requirements have been satisfied to the extent possible.
Role Of Bank Branches And Borrowers
Active participation of both the bank branch and borrower is required in the process of lending and borrowing loan. Banks are responsible for helping borrowers for accessing the portal and processing their loan applications and addressing their complaints. Borrowers have to visit the bank branch for borrowing the loans. They have to provide relevant documents at the time of submitting the application form.
Benefits Of Stand Up India Scheme
The benefits of this scheme are as follows: –
- One of the foremost benefit of applying under Stand Up India Scheme is that it will promote the ideas of new business ventures which the entrepreneurs hold.
- Bank loans upto 10 lakhs will be provided by the Government to the beneficiaries.
- This scheme will empower the ideas of new business entrepreneurs.
- About lakhs of applicants will be able to take benefit under this scheme.
- Applicant can visit any one registered bank under this scheme.
- All those applicants who are going to startup for setting up their Greenfield enterprises such as manufacturing and trading services can apply under Stand Up India Scheme.
- After availing the loan facility, the applicant can repay this loan within the duration of 18 months.
- Applicants can also navigate official website for taking support services such as mentoring and counseling.
- This scheme will promote entrepreneurship at grass root level for economic development and job creation.
- It will provide jobs to thousands of unemployed persons.
- It will reduce the problems of unemployment among youth adults.
- Thousands of youths can make their own business venture by availing the loan facility.
Features Of Stand Up India Scheme
The features of this scheme are as follows: –
- Stand Up India Scheme has been launched by the Central Government.
- Prime Minister Shri. Narendra Modi Ji has started this initiative.
- Launching date of this scheme is 15th April 2015.
- All the SC/ST applicants as well women entrepreneurs will be able to take benefit of this facility.
- On the birthday anniversary of Dr. Bhimrao Ambedkar, Prime Minister has launched Stand Up India Scheme.
- This scheme will facilitate banking loans to the beneficiaries from 10 lakhs to 1 crores.
- A target of covering 2.5 lakhs of borrowers has been set up by the Government.
- Around 2.5 lakhs of bank branch networks have been located for lending loans to the applicants.
- Government will only lend loans to those applicants who are going to start up for Greenfield Project such as manufacturing and trading sector.
- Government has set 7 years of duration for the reimbursement of loan amount by the borrower.
- Rupay Credit Card and Cash Credit Limit will be issued to the borrower by the government.
- This scheme will provide 3 facilities for promoting entrepreneurship : –
- Handholding Support
- Providing information on financing
- Credit Guarantee
- Support facilities such as mentorship, training, skill development programs as well as guidance will also be provided through this scheme.
The eligibility criteria for applying under Stand Up India Scheme are as follows:-
- This scheme is only applicable for SC/ST category of applicants who want to start up their own business ventures.
- Women entrepreneurs can also apply under this scheme.
- Loan will only be provided to the applicant if he or she starting Greenfield enterprises such as manufacturing and trading sector.
- The applicant must not be a nonpayer of any financial institution.
- In case if the applicant hold partnership with the other person then he/she must hold 51% of the shareholding in that business.
Some of the important documents required to apply under this scheme are given below:-
- ID Proofs such as
- Voters’ ID card
- Driving License
- Pan Card
- Residence certificate
- Business address proof
- Memorandum and articles of association of the deed of partnership
- Certificate of Incorporation from ROC
- Caste certificate
Application Procedure Of Stand Up India Scheme
There are 3 ways by which the applicants can apply under this scheme: –
- Through Bank Branch.
- By Visiting Stand Up India Portal.
- Through the Lead District Manager (LDM).
Process To Apply Online Under Stand Up India Scheme
The applicants have to follow mentioned below steps for applying online under this scheme:-
- At first you will need to open and visit the Official Website of this scheme.
- Then you will land on the homepage of this site.
- On the homepage, applicant will required to click on the Register option.
- After clicking on this option, applicant will have to answer few short questions on the page of registration :-
- 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
- Requirement of skills/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 experience in business
- After submitting your responses to all the above mentioned questions, you will be classified as the “Trainee Borrower” or “Ready Borrower”.
- They will make you notify about your eligibility by giving feedback to you.
- Now the applicant can make his registration as well as can login on the portal.
- After login, you will redirect to dashboard of this site, where you will be able see various options such as: –
- Stand Up India Connect Centers
- Applicant has to choose any one option as per his/her choice of requirement with the help centers.
- Steps to seek handholding support: –
- At first search for Help Support while choosing your state and district preference.
- Then select Hand holding agencies.
- After getting contact details, send request to the officer.
- Applicant has directly sent the payment to the concerned agency from the Stand Up India Help Centers.
- Then the applicant have to send the feedback on the completion of service.
- Now upload important documents on the portal.
- Choose banks for applying loan.
- Application Number will be displayed on your screen. Note this number for future reference.
- Choices of reference: – 1st, 2nd and 3rd banks will be getting informed.
- SUCCCs and LDMs will be informed by forwarding information regarding loan application.
- Loan may be sanctioned only it is fulfilling the bank norms.
- Then LDM will monitor the cases and he will process.
- Now the LDM will sensitize the concerned bank branch to come up.
- After that SIDBI will meet the officials of bank branch for further follow-up.
- Loan application will be generated once the handholding requirements will met to the satisfaction of the LDM as well as Trainee Borrower.
If you have any queries and questions regarding Stand Up India Scheme, then you can contact the mentioned below helpline number and Email ID: –
- Helpline Number: – 1800115565
- Email ID: – [email protected]