Stand Up India Scheme – Apply Online, Key Features, Eligibility

Stand Up India Scheme – Apply Online, Key Features, Eligibility: Stand up India Scheme is indeed a marvelous initiative taken up by the government. This scheme is launched by PM Modi on 5th April 2016. To mention, the Stand Up India scheme completely aims at the provision. The scheme is designed for the people who are belonging to the scheduled caste or scheduled tribe or women of the country. Stand-up India Scheme loan is between Rs. 10 lakhs to Rs. 1 crore. This is completely based on the requirement of the person. Give a look at the below sections of this page and get to know about the Stand Up India Scheme Features, Stand Up India Scheme Eligibility Criteria, and Stand up India Scheme Application and more.

Stand Up India Scheme – Overview

Stand up India Scheme Aim

Stand up India Scheme aim’s is to promote and progress entrepreneurship among the back trodden sections of society. Under the Standup India Scheme, a sum of 1.25 lakh bank branches are expected to lend money every year to at least one Dalit or tribal entrepreneur and a woman in their relevant service arena.

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Key Features of the Stand Up India Scheme

• There are many salient features of the Stand Up India Scheme. First and foremost comes encouraging people who are considered to be the unbothered people across the country. This enables them to take that step to become entrepreneurs. Additionally, loaning them a sum of good money will let them start a productive business. Here are the Key Features of the Stand Up India Scheme.
• The Stand Up India Scheme is part of an initiative by the Department of Financial Services (DFS), Ministry of Finance. This is to promote entrepreneurial projects across the country.
• Additionally, a RuPay debit card is given for the withdrawal of the credited amount. The credit history is maintained by the bank from time to time.
• There is a Refinance window through which the Small Industries Development Bank of India (SIDBI) has an initial amount of Rs. 10,000 crore.
• Stand Up India Scheme will surely benefit the institutional credit structure by initiating bank loans in the non-farm sector.
• The NCGTC is the creation of a corpus of Rs.5000 crore for a credit guarantee.
• Stand Up India Scheme provides Rs 10 lakhs to Rs.1 crore as a loan amount. This is inclusive of working capital that is for setting up a new enterprise in the country.
  On an average basis, this scheme states that every bank branch needs to facilitate entrepreneurial projects. One for SC/ST and one for a woman.
• There is also support given to the people by providing pre-loan training like understanding the procedures, facilitating the loan, factoring, marketing, progressing, etc.
• There is also a web portal that is for assistance for people with online registration and support services.
• The Stand Up India scheme will be led by the Small Industries Development Bank of India (SIDBI) with the involvement of the Dalit Indian Chamber of Commerce and Industry (DICCI) and other sector-specific institutions.
• National Bank of Agriculture and Rural Development (NABARD) provides the designation of Stand Up Connect Centres (SUCC).
• Therefore, through Stand up India Scheme, people who apply will be conveniently familiarised with the online platforms and other resources of e-marketing, web entrepreneurship, factoring services, and registration.

Eligibility Criteria for Stand Up India Scheme

Before applying for the loan, make sure that you are cross-checking your eligibility criteria. Here are the Eligibility Criteria for Stand Up India Scheme.

• The candidate must be 18 years or above.
• The provision of the company must be a private limited/ LLP or a partnership firm.
• To note that, the turnover of the firm must not be more than 25 crores.
• Ensure that the entrepreneur should be a woman or belong to ST/ SC category.
• The loan is only for funding greenfield projects. For instance, the project must be the very first one being undertaken in the manufacturing or service sector.
• The applicant must not have another Organisation’s defaulter.
• The company must be dealing with commercial or innovative consumer goods.
• There should be an approval of DIPP.
• Borrowers should not be in default to any bank/ financial institution.
• Relevant bak documents.

Benefits of Stand Up India Scheme

• In this section of the article, you will understand the Benefits of the Stand Up India Scheme.
• Stand Up India Scheme will definitely motivate new entrepreneurs. Thus leading to lessening unemployment.
• The scheme Stand Up India is considered to be the best platform for investors. They will surely get professional advice and knowledge about laws.
• Moreover, the best part of the Stand Up India Scheme for entrepreneurs is there is no immediate payback. Seven years is the time provided for the repayment. However, a sum amount needs to be paid each year as per the borrower’s choice.
• Additionally, there is good assistance that is provided in the start-up for the initial two years along with the post-set-up aid to the consultants.
• Stand Up India Scheme will help to eliminate institutional obstacles.
• This also creates space for job creation, leading to socio-economic empowerment of Dalits, tribals, and women.

Finally, this developmental progress in regards to access to bank accounts and technological education will further lead to financial and social inclusion to bring upliftment to society.

Documents for Stand-Up India loan Application

Here you will understand the list of Documents for the Stand-Up India loan Application. Use this as a checklist and do not miss any document whilst applying for the scheme.

• SC/ ST Category documents.
• Proof of Business Address. Should include all the relevant documents.
• Memorandum and articles of association of the Company / Partnership Deed.
• Assets and liabilities statement of promoters and guarantors with all the latest income tax returns.
• If applicable Rent Agreement and clearance from the pollution control board and SSI / MSME registration.
• Proof of Identity. This includes – Voter’s ID Card / Passport / Driving License / PAN Card / Signature identification from present bankers of the proprietor, partner of director ( if a company/ organisation).
• Residence Proof. Recent telephone bills, electricity bill, property tax receipt /Passport/ voter’s ID Card of Proprietor, partner of Director (if a company)
• In case working capital should provide Projected balance sheets for the next two years.
• Primary and collateral securities photocopies of lease deeds/ title deeds.
• Certificate of incorporation from ROC.
• Profile of the unit ( must include the names of promoters, other directors in the company, the activity that is being undertaken as well as the addresses of all offices and shareholding pattern)
• Project report (for the proposed project if term funding is required). This should contain the essential details like – machinery, from whom to be acquired, price, names of suppliers, financials like capacity of machines, the capacity of utilization, production, sales, projected profit and loss, and balance sheets, and details of labor, staff to be hired.
• Additionally, the details regarding the Manufacturing process, the major profile of executives in the company, tie-ups, details about raw material used and suppliers, buyers, major competitors and the company’s strengths and weaknesses.

How to apply for Stand up India Scheme?

There are three potential ways to apply for Stand-up India Scheme.

• Directly at the branch
• Through Stand-Up India portal (www.standupmitra.in) or
• Through the Lead District Manager ((LDM)

To conclude, all the relevant information regarding the Standup India Scheme – Apply Online, Key Features, and Eligibility are conveniently presented in this article. Follow freshersnow for more informative articles.