Govt. scheme Stand-up India Loan Scheme -details -benefits -eligibility & Procedure | Business loan
The Stand-up India Loan Scheme is a government initiative aimed at providing financial assistance to entrepreneurs from marginalized communities in India. Here are the details, benefits, eligibility criteria, and procedure for the scheme: Details: The scheme provides loans for greenfield projects in the non-farm sector. The loan amount ranges from Rs. 10 lakhs to Rs. 1 crore. The loan is provided by scheduled commercial banks. The repayment period is up to 7 years. Benefits: The scheme aims to promote entrepreneurship among women and marginalized communities. The loan is provided at a lower interest rate compared to regular bank loans. The scheme provides credit guarantee cover for up to 75% of the loan amount. The loan can be used for a wide range of activities in the non-farm sector. Eligibility: The applicant must be a woman or a member of the Scheduled Castes (SC), Scheduled Tribes (ST), or Other Backward Classes (OBC) community. The applicant must be above 18 years of age. The pr