Business Loan: Many people want to start their own business, but a lack of funds becomes the biggest obstacle. If you are also facing this problem, a special government scheme can help you. This scheme is called the Stand-Up India Scheme, under which loans ranging from ₹10 lakh to ₹1 crore can be availed. The best part is that no guarantee or collateral is required for this loan. So far, more than 2 lakh people have benefited from this scheme, with women being the largest beneficiaries. This scheme was launched on April 5, 2016
Objective of the Stand-Up India Scheme
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The objective of the Stand-Up India scheme is to encourage entrepreneurship not only among women but also among people from the Scheduled Castes and the Scheduled Tribes. The government wants new entrepreneurs to emerge from small towns and villages and start their own businesses. This will not only create new employment opportunities but also strengthen the country’s economy.
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Loan Amount Available Under the Scheme
Under this government scheme, loans ranging from ₹10 lakh to ₹1 crore can be availed. The loan repayment period is up to 7 years, which includes an initial moratorium period of 18 months. This means you don’t have to pay EMIs during this period.
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Who Can Avail the Scheme?
Women or men belonging to the Scheduled Castes or the Scheduled Tribes can apply for this scheme. The applicant must be at least 18 years old. Additionally, the applicant should not have been declared a defaulter by any bank or NBFC. This loan is given only for new businesses, i.e., greenfield projects. If the applicant is not from the SC or ST category, they can still avail of this scheme by giving at least 51% ownership in their business to a person from the SC or ST category.
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How to Apply for the Loan
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Eligible individuals can apply online by visiting the official Stand-Up India website. Alternatively, the option of applying offline by visiting the nearest bank branch is also available. Applying with accurate information and documents makes the loan approval process easier.