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Stand-Up India scheme facilitates the banks with loans amounting between Rs 1 lakh to Rs 1 Crore. It is specially designed to provide loan to at least one Schedule Caste (SC) or Schedule Tribe (ST) and to at least one women borrower to start their business per branch for setting up their enterprises. (2:29)
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Banks not only focus on entrepreneurs visiting there, but they also reach out trainees who have been a part of skill training conducted by various Government programs and charge the lowest applicable rate of interest on the composition loan. (5:00)
You will get to know about the eligibility criteria for taking this loan like, they should be above 18 years old and what are the other factors of consideration. (6:02)
Interest Rates (7:20)
Stand-India Scheme also focuses on the Nature of loan, Purpose of loan and size of the loan. The interest rate would be the lowest applicable rate of the bank for the category. The security besides primary security can be secured by collateral security or of the Credit Guarantee Fund Scheme for Stand-Up India Loans (CGFSIL). And the loan can be repaid in the tenure of 7 years max.
Documents Required (11:55)
Documents play an essential part in getting this loan. If you want to avail this scheme, then you must have proper documents as required by the bank to process your application.
How To Apply (18:50)
There are three ways to apply for this loan, directly at the branch, through SIDBI’s portal and the Lead District Manager.
Training Programs (25:46)
Various agencies provide training sessions like vocational skilling, financial training, Entrepreneurship Development Program, mentoring, work shed, application filling, project report preparation, margin money & subsidy.
How To Apply Via Portal (29:12)
To apply on the portal, you have to visit the Stand-up Mitra website and get yourself registered there. After filling the form online, you will get 4 options like hand-holding agencies, loan enquiry, loan application centre and a knowledge centre.
Institute for Industrial Development - Incubator with MSME, Govt. of India. Mission to impart detailed knowledge on various Govt. scheme under one roof.
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