Standup India has Started in 5th April; Stand Up India is a unique initiative by Indian Government of for the SC, women & backward tribes. It is the loan scheme to give financial support to the lower sections of a country. The stand-up India project also supports entrepreneurship & employment for SC or ST & women.
Initial objective of Stand Up India Loan Project
The primary purpose of the Stand Up scheme is to offer financial help to SC or ST & women to support entrepreneurship & employment in the country. The funding will be given to launch & expand businesses to SC or ST and women in poverty. The action will also support young minds to come up with creative and innovative ideas & create and raise job opportunities in our country.
Value of Financial Aid
The amount loan assistance under the stand-up India scheme would range between Rs. 10 lakh to 1 Crore. The action will provide and allow under-served to use the institutional securities in the form of the bank loans. Under the scheme of Stand Up India initiative, the RuPay debit cards have issued by money borrowers to rescind the money or capital for operations.
The funds allotted under the Stand-Up India scheme will aid borrowers to start their investments and overall improve the economy of the country. Other than the funding, the government will also support overcome the legal & operational barriers for entrepreneurs under the project.
How to register or apply for the Stand Up India Loan
The Central government might start the dedicated web portal soon where the excited applicants can apply online for a loan under the scheme of Stand Up India. A self-certification method will also begin for the similar plan. The interested candidates can fill the application forms online by filling all the needed data such as the personal details, and proposed business details. The candidates will be required to submit their program of action along with the legal records to approve their loan necessary.
Acceptability Criteria for Stand Up India Loan Scheme
The government intends to reach out the highest people & provide funding to begin their businesses. But, it will not be possible to give loans to everybody. The candidates will be needed to abide the rules & restriction or guidelines of the scheme of stand-up India. The assigned team will examine all the loan applications & approve only those giving pukka need & potential for success.
The primary eligibility criteria for the stand-up India scheme loan is company must be private limited or LLP or a partnership firm.
The period of the business or company could not more than five years.
The yearly turnover of a company should not surpass Rs. 25 Crore.
An organization dealing with the innovating consumer products or business goods with the endorsement from Department of Industrial Policy & Promotion (DIPP) will only be qualified for a loan. The company should also provide few more letters or records at the time of the application for a loan.
Advantages of stand-up India Scheme in India
The stand-up India loan project will help four kinds of people primarily incubator, angel investor, consultant, & entrepreneurs. The project gives the proper platform to all and spread their businesses. Stand-Up India offers professional time, advice, & knowledge about the laws to the angel investors & help for beginning two years of the initial stage of the project. An incubator would get proper coaching & expertise knowledge to implement their ideas & thoughts into the definite appearance & structure.
The major advantage is for the loan borrowers; they must not worry so much about repaying the loan amount. The borrowers will give the time of up to seven years to repay the loan amount. The borrowers of loan also have the freedom to decide the amount should pay back per month.