Stand Up India Scheme
The Stand Up India Scheme, launched by the Government of India, is designed to support entrepreneurship among women and SC/ST communities. As of now, loans amounting to ₹9409 crores have been sanctioned to 219,188 beneficiaries out of 212,286 applicants. This initiative offers loans ranging from ₹10 lakhs to ₹1 crore, promoting new ventures and business projects.
Eligibility
- SC/ST and Women Entrepreneurs
The scheme primarily benefits SC/ST individuals and women entrepreneurs from any category. Both male and female SC/ST members and women from other categories can avail the benefits. - Greenfield Projects Only
The scheme supports only new projects. Existing businesses or expansion projects are not eligible. - Age Requirement
Applicants must be above 18 years of age. - Non-Individual Entities
For companies, at least 51% of the shareholding and controlling stake should be held by SC/ST individuals or women. - Non-Defaulters
Applicants should not be defaulters in any bank or financial institution.
Beneficiaries
The scheme is open to manufacturers, service providers, traders, and businesses involved in allied agricultural activities. Recently, the fourth category has been added, expanding the beneficiary base.
For more on eligibility, visit PM Awas Yojana 2024 Gujarat Online Registration.
Loan Details
Loans range from ₹10 lakhs to ₹1 crore. For a project costing ₹1 crore, banks can finance up to 85% (₹85 lakhs), and the promoter must contribute at least 15% (₹15 lakhs).In case the promoter lacks the required margin money, they can merge this scheme with another state or central government scheme to fulfill the margin requirements.
Working Capital
The scheme provides term loans (for construction and machinery) and working capital. For working capital up to ₹10 lakhs, an overdraft facility is available. Amounts exceeding ₹10 lakhs are provided as cash credit.
Collateral Security
Collateral security is required. However, the government has launched the Credit Guarantee Scheme for Stand Up India (CGSSI) to mitigate this requirement.
For more information on collateral requirements, visit PM Vishwakarma Darzi Yojana.
Loan Tenure and Moratorium
The maximum loan tenure is 7 years with a moratorium period of up to 18 months. This grace period allows new businesses to stabilize before starting EMI payments.
Application Process
There are three ways to apply:
- Directly at the Branch
Each branch of scheduled commercial banks must provide loans under this scheme to at least one SC/ST and one woman entrepreneur. - Through Lead District Manager (LDM)
Applicants can contact LDMs for assistance. Details are available on the scheme’s official website. - Online through Stand Up India Portal
Visit standupmitra.in to apply online. The portal provides a step-by-step application process.
For a detailed application guide, visit Ladli Behna Yojana Big Decision 2024.
FAQs
Q1. What is the Stand Up India Scheme?
The Stand Up India Scheme is a government initiative to support SC/ST and women entrepreneurs by providing loans for new projects.
Q2. Who can apply for the Stand Up India Scheme?
SC/ST individuals and women entrepreneurs above 18 years of age can apply.
Q3. What is the loan amount under this scheme?
Loans ranging from ₹10 lakhs to ₹1 crore are provided.
Q4. Are existing businesses eligible?
No, only new (greenfield) projects are eligible.
Q5. What if I do not have the required margin money?
Promoters can merge the scheme with other government schemes to fulfill the margin requirements.
For checking application status, visit Check Application Status.
Conclusion
The Stand Up India Scheme is a significant initiative to boost entrepreneurship among marginalized communities and women. By providing financial support and easing the collateral requirements, it aims to foster new business ventures and economic growth.
For more detailed guidelines and application processes, visit PM Awas Yojana Online Apply Gujarat.
