Stand Up India Scheme

The Stand Up India scheme is an initiative of the Indian government which helps people from minority groups and first-time woman entrepreneurs avail funding of up to ₹1 Crore for their first business. These loans are offered through India's scheduled commercial banks (SCBs).

Features of Stand-up India Scheme

Under the scheme, one SC/ST member and one woman entrepreneur can get a loan of up to ₹1 Crore for their first business.

• Funding of anywhere between ₹10 Lakhs to ₹1 Crore can be availed by the scheme beneficiaries.

• Loans are only granted to applicants who are setting up a business for the first time in either the trading or manufacturing sectors of India.

• Through the scheme, applicants can avail funding of up to 75% of the project cost, provided they contribute 25% of the same at the most themselves.

• Loans granted under the scheme can be secured with the help of a guarantor or offering a collateral/security, subject to the rules of the lender.

• Loans can be repaid by borrowers over 7 years and are entitled to a moratorium period of up to 18 months.

Note that the funding is supposed to be used for setting up the ventures and fulfilling its initial working capital requirements. Also note that the amount allocated to working capital requirements cannot exceed ₹10 Lakhs.

Stand-up India Scheme Eligibility and Interest Rates

Let us now look at the eligibility criteria and the interest rates applicable under the scheme.

Disclaimer: The figures mentioned above are subject to changes. You are advised to check with the lending institution before applying.

Steps to Register for Stand-up India Scheme

To become a Stand Up India scheme beneficiary, you must follow the steps given below:

1. Visit the official website of the portal.

2. Then, you must enter the information related to your business and its location.

3. After that, confirm if you are a woman entrepreneur/scheduled caste member who holds 51% stake or more in your venture by clicking on the relevant checkboxes.

4. After that, on the page that will follow, you will have to describe the nature of your business, specify the sector that it belongs to and the loan amount you desire.

5. Next, you will be needed to select if you are going to need handholding support of any kind as per your need or interest.

6. Finally, you will need to fill in your personal details such as your name, the name of your business and the username that you desire. To complete the process, click the ‘Submit’ button.

After you have clicked on the ‘Submit’ button, the relevant officials will reach out to you to explain the future steps.

Alternatively, you can apply for a loan under the Stand up India business loan scheme through the offline route. You can visit any bank that is nearest to you and check if they provide loans under the Stand up India scheme. If yes, you can fill up the application form given by them, attach the required documents and submit it to the concerned officials.

Documents Required for the Stand Up India Loan Scheme

To avail a loan as a beneficiary of the scheme, you must submit the following documents:

• A copy of the duly-filled application form along with some passport-sized photographs.

• Identity proof: Driving licence, passport, Aadhaar card, Voter’s ID or a PAN Card.

• Residence Proof: Aadhaar card, PAN Card, electricity bill or a phone bill.

• Proof of business address

• Deed of partnership (If available).

• Copies of lease deed or rent agreement of the office space/manufacturing unit.

• Any other document as per the requirements of the bank.

Stand Up India Bank’s List

The banks which offer loans under the Stand up India scheme are: