The Stand Up India scheme is designed to promote entrepreneurship among women and individuals from Scheduled Castes (SC) and Scheduled Tribes (ST). Under this initiative, eligible entrepreneurs can receive loans ranging from Rs 10 lakh to Rs 1 crore. These loans are intended to support businesses in the manufacturing, services, and agriculture sectors. The repayment period is up to seven years, with a maximum moratorium period of 18 months.
Eligibility Criteria and Key Conditions
This scheme is exclusively available for first-time business owners. A minimum of 51% control and ownership in a non-personal enterprise must be held by a female applicant or an individual from the SC/ST category. Additionally, loan recipients will be issued a RuPay debit card for financial convenience.
To qualify for the scheme, applicants must meet the following conditions:
- The applicant must be at least 18 years old.
- They should not have a history of loan defaults with any bank.
- The applicant must be an entrepreneur.
- If the applicant is male, they must belong to the SC/ST category.
- There should be no default record in any bank or NBFC.
Application Process
Entrepreneurs can apply for a loan under this scheme through multiple channels:
- Visit a nearby bank branch and submit an application.
- Contact the Lead District Manager for assistance.
- Apply online via the official portal: www.standupmitra.in.
Steps to Apply Online:
- Visit the portal and enter details about the business location.
- Confirm that you hold at least 51% ownership in the enterprise.
- Provide details about prior business experience and its duration.
- Specify if additional support from a hand-holding agency is required.
- Enter all personal details, including business name and legal documentation (Memorandum and Articles of Association).
- Click the ‘Register’ button to complete the registration process.
- Answer business and financial queries to determine your classification as either a ‘Trainee Borrower’ or a ‘Ready Borrower.’
By following these steps, aspiring entrepreneurs can take advantage of the Stand Up India scheme to launch and grow their businesses successfully.
