Stand Up India scheme is a loan scheme that provides loans from Rs. 10 Lakh to Rs. 1 Crore to the scheduled caste, scheduled tribe, or a woman. The loan is obtained from the banks for setting up a new project or business. The scheme is backed by the Department of Financial Service (DFS), Ministry of Finance, Government of India. It intends to promote entrepreneurship among women and scheduled caste and tribes.
People who want to apply for this loan need to fulfil certain eligibility criteria:
The minimum age of a person who is applying for this loan should be 18 years, and there is no maximum age limit mentioned here in this scheme.
The entrepreneurs must be belonged to scheduled caste/scheduled tribe or must be a female gender for getting a loan under this scheme.
The company must be a partnership firm or a private limited.
This scheme is available for only greenfield project. Greenfield indicates, the first time entry of the beneficiary in trading or services or manufacturing.
The turnover of the firm should not exceed 25 crores.
In the case of a non-individual enterprise, 51% of the shareholding and controlling stakes must be held by the women and/or SC/ST entrepreneur.
The company should deal with any commercial or innovative consumer goods. The approval of DIPP is also required.
The beneficiary should not be a defaulter to any bank or financial institution.