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Ministry Of Finance
Stand-Up India
Details
Benefits
- Facilitation of composite loan (inclusive of term loan and working capital) between ₹10 Lakh and ₹100 Lakh. Rupay debit card to be issued for convenience of the borrower.
- The web portal by SIDBI provides handholding support through a network of agencies engaged in training, skill development, mentoring, project report preparation, application filling, work shed / utility support services, subsidy schemes etc.
Eligibility
- The applicant must be an Entrepreneur.
- 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.
Application Process
- The first step is to visit the official portal of StandUp India at: https://www.standupmitra.in/Login/Register
- Enter the full details of the business location.
- Select the category between SC, ST, Woman, and whether the stake held is 51% or higher.
- Select the nature of the proposed business; the loan amount desired description of the business, the details of the premises, etc.
- Populate the fields with past business experience, including tenure.
- Select the need for hand-holding is required.
- Enter all the personal details sought, which include the name of the enterprise and the constitution.
- The last step is to select the register button to complete the process.
Documents Required
- Proof of Identity: Voter’s ID Card / Passport / Driving License / PAN Card / Signature identification from present bankers of proprietor, partner of director ( if a company)
- Proof of Residence: Recent telephone bills, electricity bill, property tax receipt /Passport / voter’s ID Card of Proprietor, partner of Director (if a company)
- Proof of Business Address
- Proof that the applicant is not a defaulter in any Bank / Financial Institution
- Memorandum and articles of association of the Company / Partnership Deed of partners etc.
- Assets and liabilities statement of promoters and guarantors along with latest income tax returns.
- Rent Agreement (if business premises on rent) and clearance from pollution control board if applicable.
- SSI / MSME registration (if applicable)
- Projected balance sheets for the next two years in case of working capital limits and for the period of the loan in case of term loan.
- Photocopies of lease deeds/ title deeds of all the properties being offered as primary and collateral securities.
- Documents to establish whether the applicant belongs to SC/ST Category, wherever applicable.
- Certificate of incorporation from ROC to establish whether majority stake holding in the company is in the hands of a person who belongs to SC/ST/Woman category.
- Profile of the unit (includes names of promoters, other directors in the company, the activity being undertaken addresses of all offices and plants, shareholding pattern etc.
- Last three years balance sheets of the Associate / Group Companies (if any).
- Project report (for the proposed project if term funding is required) containing details of the machinery to be acquired, from whom to be acquired, price, names of suppliers, financial details like capacity of machines, capacity of utilization assumed, production, sales, projected profit and loss and balance sheets for the tenor of the loan, the details of labour, staff to be hired, basis of assumption of such financial details etc.
- Manufacturing process if applicable, major profile of executives in the company, any tie-ups, details about raw material used and their suppliers, details about the buyers, details about major-competitors and the company’s strength and weaknesses as compared to their competitors etc.
Frequently Asked Questions
What will be the nature of loan under the Stand-Up India Scheme?
Composite loan (inclusive of term loan and working capital) between 10 lakh and upto 100 lakh representing upto 75% of the project cost would be eligible.
What is the size of the loan under the Stand-Up India Scheme?
Composite loan (inclusive of term loan and working capital) between 10 lakh and upto 100 lakh would be eligible.
How much will be the interest rate for the loan?
The rate of interest would be lowest applicable rate of the bank for that category (rating category) not to exceed (base rate (MCLR) + 3%+ tenor premium).
By when am I expected to repay the loan?
The loan is repayable in 7 years with a maximum moratorium period of 18 months.
Who are the eligible lending institutions for extending loans under the Scheme?
All branches of Scheduled Commercial Banks located across the country.
What is the size of the loan received under this scheme?
Composite loan of 75% of the project cost inclusive of term loan and working capital. The stipulation of the loan being expected to cover 75% of the project cost would not apply if the borrower’s contribution along with convergence support from any other schemes exceeds 25% of the project cost.
What is Hand-holding Support?
Any new entrepreneur requires guidance in his endeavor to set up his or her business enterprise starting from training to filling up loan applications as per bank requirements.
How do I get handholding support?
You may navigate through the portal or seek assistance from connect centre nearest to you to help you identify the nature of handholding support required.
Sources And References
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Ministry Of Finance
Stand-Up India
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