The Government of India has recently launched the Stand Up India Scheme. Under this scheme, the government is providing loans ranging from 10 lakh to 1 crore rupees to citizens for starting businesses. This includes Scheduled Tribes, Scheduled Castes, and women. The interest rate on the loan amount under the Stand Up India Scheme will be very low. Additionally, the repayment period for this loan has been set for a longer duration. This means that any citizen can now easily obtain a loan under the Stand Up India Scheme and start their own business.
If you also want to obtain a loan under the Stand Up India Scheme, you will first need to get complete information about the objective of the Stand Up India Scheme, the benefits available under the Stand Up India Scheme, eligibility for the Stand Up India Scheme, necessary documents for the Stand Up India Scheme, and how to apply for the Stand Up India Scheme. All this information has been explained in detail in this article.
What is Stand Up India Scheme
The Stand Up India Scheme is a loan provider scheme launched by the government, under which Scheduled Castes, Scheduled Tribes, and women are provided with loan amounts ranging from 10 lakh rupees to 1 crore rupees through their banks to start businesses. This is to provide them with financial assistance in starting their businesses, enabling them to grow their ventures and earn more profits. Under this scheme, poor families also receive financial support, allowing them to live their lives properly, open businesses, and become self-reliant.
For your information, under this scheme, a loan ranging from 10 lakh rupees to 1 crore rupees will be provided to the bank accounts of at least one Scheduled Caste, Scheduled Tribe, and women. Additionally, if an entity is non-individual, it is mandatory that 51% of the shareholding must be held by a woman, Scheduled Caste, or Scheduled Tribe individual. Only then will non-individuals be eligible to receive benefits under the Stand Up India Scheme to start their businesses.
Objective of Stand Up India Scheme
The main objective of the Stand Up India Scheme is to provide loans to all bank account holding citizens of India to start their businesses. This will enable them to initiate their own ventures. Because business is the only medium through which numerous jobs will be created, and people will gain employment. This will reduce unemployment in India. Moreover, all citizens will become self-reliant and will be able to live their lives properly.
Under the Stand Up India Scheme, those starting a business receive financial assistance, enabling them to launch their ventures. It’s worth noting that another main objective of this scheme is that when businesses start and grow, they will generate numerous employment opportunities. This will provide jobs to people, thereby reducing unemployment in the country. Importantly, this scheme gives particular emphasis to the lower and poor class Scheduled Castes, Scheduled Tribes, and women. This is to ensure they receive financial support and to bring about improvements in society.
Benefits of Stand Up India Scheme
- Under this scheme, citizens are provided loan amounts to start businesses.
- This scheme also offers loans to Scheduled Tribes/Scheduled Castes and women.
- The loan amount available under this scheme ranges from 10 lakhs to 1 crore rupees.
- The benefits of this scheme will lead to growth in businesses.
- As businesses start due to the benefits of this scheme, people will also gain employment.
- When people get employment due to the benefits of this scheme, unemployment will be eliminated.
- The benefits under the Stand Up India Scheme will lead to business growth in lower-class families.
Documents Required
- Applicant’s Aadhaar Card
- Applicant’s PAN Card
- Applicant’s Caste Certificate
- Applicant’s Income Certificate
- Applicant’s Residence Certificate
- Photocopy of the applicant’s Bank Passbook
- Passport size photo of the applicant
- Applicant’s mobile number, etc.
Eligibility Criteria
- Finance is provided for Greenfield Enterprises.
- If the applicant is a male, he must be from SC / ST category.
- The age of the applicant must be at least 18 years.
- The applicant must not be in default to any bank/financial institution.
Stand Up India Yojana Online Apply Step-by-step Process
- To apply for the Stand Up India Scheme, first visit the official website of the Government of India.
- Choose the Stand Up India Scheme option on the website’s home page.
- After this, a new page will open in front of you.
- The application form for the scheme will open on the new page.
- Download the form and take a printout.
- Read the application form carefully and enter all the required information.
- Attach all the necessary documents requested.
- Alternatively, you can also fill out an offline application by visiting your nearest bank.
- Now submit the application form at your nearest bank office.
- Once your form is verified, the loan will be credited to your bank account.
- For further information, contact the same bank office.
- In this way, you can easily apply for the Stand Up India Scheme.