Central government

Stand up India
The Hon'ble Prime Minister, Shri. Narendra Modi in his Independence Day address on August 15, 2015, revealed his distinct advantage crusade "Start-Up India" Stand-Up India to advance business at grass pull level for financial strengthening and employment creation. The Stand-Up India Scheme dispatched to agree with the festival of the 125th birth commemoration of Dr. Babasaheb Bhimrao Ambedkar tries to use the institutional credit structure to contact the underserved segment of individuals, for example, Scheduled Caste, Scheduled Tribe and Women business visionaries in order to empower them to partake in the monetary development of the country. The plan will profit at least 2.5 lakh borrowers through a 1.25 lakh bank office network situated in the nation over.

Objective
The goal of Stand-Up India conspire is to encourage bank advances between 10 lakh and 1 Crore to at any rate one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and in any event one lady borrower for each bank office for setting up a greenfield venture. This venture might be in assembling, administrations, or the exchanging division. In the event of non-singular undertakings at any rate 51% of the shareholding and controlling stake ought to be held by either an SC/ST or Woman business person. 

Qualification

·         SC/ST or potentially lady business visionaries, over 18 years old. 

·         Advances under the plan are accessible for just green field ventures. Greenfield implies, in this unique circumstance, the first run through the endeavor of the recipient in the assembling or administrations or exchanging segment. 

·         In the event of non-singular endeavours, 51% of the shareholding and controlling stake ought to be held by either SC/ST or potentially Women Entrepreneur. 

·         The borrower ought not to be in default to any bank/monetary organization.

Nature of Loan

·         Composite credit (comprehensive of term advance and working capital) between 10 lakh and up to 100 lakh.

 Reason for Loan

 ·         For setting up another venture in assembling, exchanging, or benefits division by SC/ST/Women business person.

Size of Loan

·         Composite credit of 75% of the undertaking cost comprehensive of term advance and working capital. The specification of the credit being required to cover 75% of the venture cost would not have any significant bearing if the borrower's commitment alongside intermingling support from some other plans surpasses 25% of the task cost.

Loan fee

·         The pace of premium would be the least material pace of the bank for that class (rating classification) not to surpass (base rate (MCLR) + 3%+ tenor premium).

Security

·         Other than essential security, the advance might be made sure about by insurance security or assurance of Credit Guarantee Fund Scheme for Stand-Up India Loans (CGFSIL) as chosen by the banks.

Reimbursement

·         The advance is repayable in 7 years with the greatest ban time of year and a half.

Working Capital

·         For drawal of Working capital up to 10 lakh, the equivalent might be endorsed by the method of overdraft. Rupay check card to be given for accommodation of the borrower.

·         Working capital breaking point over 10 lakh to be authorized by the method of Cash Credit limit.

Edge Money

The Scheme conceives 25% edge cash which can be given in combination qualified Central/State plans. While such plans can be drawn upon for benefiting allowable sponsorships or for meeting edge cash necessities, in all cases, the borrower will be needed to acquire the least 

FAQ's

In order to be eligible for obtaining a loan under the Stand Up India Loan scheme, an individual must comply with the following eligibility criteria: The individual must be above 18 years of age. The entrepreneur must either be a woman or belong to the SC or ST community.

Stand-Up India Scheme Facilitates bank loans between 10 lakh and 1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting up a greenfield enterprise. This enterprise may be in manufacturing, services or the trading sector.

Stand-Up India Scheme Features. Subsidy to Beneficiaries Under the Central-Sector Scheme of Special Central Assistance to the Scheduled Castes Sub Plan, the Below Poverty Line (BPL) Beneficiaries are eligible for subsidy at 10,000/- or 50% of the unit cost, whichever is less.

The Central Government has launched the CGSSI Scheme for the purpose of providing guarantees to loans extended under Stand up India Scheme. The Scheme known as the Credit Guarantee Fund for Stand up India (CGSSI)

Step 1.Keep the necessary documents ready. Applicants need to have the necessary documents required to avail a MUDRA loan.
Step 2.Approach a financial institution.
Step 3.Fill in the loan application form.

Step 1.Keep the necessary documents ready. Applicants need to have the necessary documents required to avail a MUDRA loan.
Step 2.Approach a financial institution.
Step 3.Fill in the loan application form.

Indirect Loan Schemes Offered under SIDBI
Non-Banking Financial Companies (NBFCs), Asset Loan Companies, or any finance company which is registered with RBI and are engaged in providing finance enterprise in MSME sector can apply for loan under SIDBI. The eligibility criteria will depend from lender to lender.

Orient Mahila Vikas Yojana Scheme
Launched by Oriental Bank of Commerce, women, who hold a 51 per cent share capital individually or jointly in a proprietary concern, are eligible for the loan. No collateral security is required for loans between ₹10 lakhs to ₹25 lakhs for small-scale industries.

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