Stand UP India Loan Scheme
To boost the Business sector government has brought up a Stand UP India Loan Scheme in which government is providing loan from 10 Lakh to 1 Crore Loan to Start Business. With the aid of financial assistance under Stand Up India Scheme, it helps people in facilitating to start their own business. So if you want to know get 10 Lakh to 1 Crore Loan to Start Business under Stand UP India Loan Scheme then here you can read the complete detail and how to Apply Procedure to fill the application form.
1 Crore Loan to Start Business by Government
Benefits of Stand-Up India Scheme
In this Scheme, loans were given at very concessional rate. In starting a business, government also provides an exemption in income tax for the first 3 years. After that there is 3% interest rate with base rate, which cannot be more than tenor premium. There is 7 years’ time is bounded to repay the loan taken, whereas, moratorium time will be given of 18 months.
Who is Eligible for Stand Up India Scheme?
- Applicant pursuing for loan lies under Scheduled Caste, Scheduled Tribe category or a woman entrepreneur.
- Applicant must be of minimum 18 years of age.
- Loan will be given only for the green field project and it must be first business of the beneficiary who is taking the loan.
- Borrowers should not be defaulters by any bank or institution.
Documents Required for the Loan Application:
- Aadhaar card, PAN card, Voter ID card, residence certificate etc. as an identity proof.
- A Valid Caste certificate for people belonging to Scheduled Castes (SC) and Scheduled Tribes (ST). Women don’t need any caste certificate to apply.
- PAN card, passport size photo, bank account details and income tax return as a business address certificate.
- If the commercial premises are on rent then rent agreement is required for that as well.
How to Apply for Stand UP India Loan Scheme:
- If you fulfill the eligibility criteria then you can visit any nearby bank and apply for the loan.
- Also the applicants can apply online for the loan by visiting the official website of stand-up India i.e. standupmitra.in
- When the homepage is open, visit on the option “Apply Here” given under “You May Access Loan” on the left side of the page.
- Choose you category from New Entrepreneur, Existing Entrepreneur & Self-Employed professionals.
- Now fill the Mobile Number, Name and Email Id and Generate OTP.
- Enter the OTP received on Mobile Number and Email Id and proceed with the further process and fill the form properly. After this, all the process of loan application will have to be completed according to the instructions
For more details regarding the scheme you can visit the official website and grab more and more information. For any queries you can comment the issue in below section