About Stand Up India Loan Scheme
Stand Up India Loan Scheme in one of the latest initiatives taken by the Indian Government for the women and the backward classes of our country. It is, by nature, a loan scheme that aims to provide economic assistance to the country’s lower classes. Employment and entrepreneurship amidst women, as well as ST and SC, are also promoted by the Stand Up India Scheme. This is one of the many central government schemes launched in India.
Stand Up India Loan Scheme’s Main Objectives
Providing financial support to women, Scheduled Castes and Scheduled Tribes along with employment and entrepreneurship opportunities are the Stand Up India Loan Scheme’s primary objectives. In the construction of business for ST and SC, women in need be given economic help by this financial aid. The youths of the nation also encouraged by this initiative to invent innovative ideas for increasing employment opportunities in our country.
Process for applying for the Stand Up India Loan
The Central Government will launch a web portal very soon for the purpose. The entire process of application will take place online. If a candidate interested in taking a loan, he or she has to mention his or her action plan and provide legal records. Based on the documents, decided whether the person will get the loan or not.
The Stand Up India Loan Scheme’s eligibility criteria
The Indian Government wants to assure the backward people in the country that they are not alone in their struggle. With the intention to help as many Indians as possible by creating employment opportunities and by giving financial support to start a business on their own, the government has taken this initiative. If you want benefited by this scheme, you must be eligible for it. After verifying all details, the eligible candidates are selected.
Go through these points to find out whether you are qualified for the Stand Up India Loan Scheme or not:
- The company should be a partnership firm or a private limited company.
- The company or firm’s age should not exceed five years.
- Only a firm that deals with products that are commercial and accepted by the Department of Industrial Policy and Promotion is eligible for applying for this loan.
- The company’s annual turnover must not be more than Rs 25 crore.
- Valid documents as well as letters need to be provided by the company.
Stand Up India Scheme’s advantages
Stand Up India Loan Scheme facilitated for Four categories of Indians. They are the incubator, angel investor, adviser, and consultant. Everybody will get fair chances to thrive in the business world. Angels investors also can give professional and legal advice by the Stand Up India Loan Scheme required for surviving the initial two years while doing business. The loan amount to be paid by borrowers within 7 years time. The borrower of loan is free to decide what amount of money he will pay back on a monthly basis.
Stand Up India Loan Scheme Interest Rates
The rate of interest for the Stand Up India Loan will be far less compared to other loan schemes that are available for industrialists in India. The exact rate of interest determined according to the amount borrowed by the person.
Primary characteristics of the Stand Up India Loan Yojana
The intention of the Stand Up India Loan India is to help 2.5 lakh ST/SC entrepreneurs and women candidates to open and run their own companies.
- Within 3 years the government aims to sanction 2.5 lakh loans.
- The interested candidates can apply online at the dedicated website created by the authorities and fill the application form.
- 100% income tax relief provided by this scheme to startups.
- The application process, as well as the licensing process for the loan, is automatic. It ensures quick accessibility and approval.
- After 90 days one can exit from the scheme if he/she wants.
- The startups can take a loan from Rs 10 lakh to Rs 1 crore.
- At least 500 schools in several parts of India included in this scheme.
- If you want more information about this scheme, call at the helpline number of Stand Up India Loan Scheme which is 011-40540722.
Stand Up India Website: https://www.standupmitra.in
Stand Up India Facebook: https://www.facebook.com/startupstandupindia, https://www.facebook.com/startupIndiaStandupIndia1
Twitter Stand Up India : https://twitter.com/StandUp4India
Stand Up India Customer Care: https://www.standupmitra.in/Home/ContactUs