The Stand up India Loan Scheme is launched on 5 April 2016 by the prime minister of the country. This scheme is started to provide the loans to the lower sections of the country. This scheme is also beneficial for the entrepreneurship and employment of SC/ST and to the women.
The amount of loan under this scheme is 10 Lac to 1 crore. The funds allocated under this scheme will help borrowers to start their ventures and overall growth of the economy of the country.
Objective & Benefits of Stand up India Loan Scheme
Stand up India Loan Scheme is started to provide the financial help to the small entrepreneurs and women employees of the country.
- This scheme provides the creation of a credit guarantee mechanism.
- This scheme will provide the handholding support to the borrowers both at pre loan stage and during the operation.
- Under this scheme the loan will be provided to the SC/ST entrepreneurs by facilitating the banks.
- The loan of Rs 10 Lac to 1 crore will be provided to the applicants with repayable the loan in up to 7 years.
- The main objective of this scheme is to encourage and to motivate the small entrepreneurs to expand their business with minimum rates of interest.
The Eligibility Criteria of Stand up India Loan Scheme
There is a specific criteria to be eligible for taking the loan under this scheme.
- The organization for which the applicant is taking loan should be private or partnership.
- The age of the organization should be less than n 5 years.
- The turnover of the firm should not be more than 25 crores.
- The organization or firm should be dealing with any commercial or innovative products.
- The organization should be patent and granted.
Through this scheme the government encourages the people with unique and planned ideas to shape them in success. There are many banks which are providing the loan under this scheme. The main motto of this scheme is to provide the financial help to the SC/ST along with women.