Stand up india
STAND UP INDIA
In order to support women entrepreneurs and entrepreneurs form SC/ST community Prime Minister Sh. Narendra Modi on 05th of april 2016 launched Stand Up India loan scheme. Stand up India loan scheme aims to encourage SC/ST and women entrepreneurs to set up greenfield enterprises(first one ever by applicant). The said enterprise may be in manufacturing, services or trading sector. In case of non individual or partnership firms at least 51% of shareholding should be of a SC/ST or a women entrepreneur.
Minimum: Rs. 10.00 Lac.
Maximum: Rs. 100.00 Lac.
Rate of interest: the rate of interest under Stand up India scheme not to exceed
Loan Repayment: maximum repayment tenor is upto 7 years with a maximum moratorium period of upto 18 months.
Security:
Mortgage/Hypothecation of Primary assets created out of loan and by additional collateral Security or Guarantee of (CGSSI) Credit Guarantee Scheme for Stand up India Loans.
Margin: Minimum 10% of project cost from borrowers own fund. As per this scheme 25% of the margin money for the project will be provided by other central and state government schemes which provide subsidies.
Type of Facility:
This loan facility consists of both term loan and working capital.
Working capital above Rs. 10.00 Lac to be sanctioned as CC limit. 20% of the working capital limit subject to a maximum of Rs. 05.00 Lac shall be sanctioned as SME Debit Card.
Stand up India scheme is available in all most all commercial banks and banks have to process such loans within a maximum period of 06 weeks from the date of receipt of application.
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