Women entrepreneurs can get a loan of Rs 1 crore with this govt scheme
lifestyle Feb 21 2024
Author: Ishwi Singh Image Credits:freepik
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Stand-Up India
Stand-Up India is a government scheme that offers financial support to businessmen who belong to SC/ST and women entrepreneurs who are above the age of 18.
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The objective
The purpose of this initiative is to facilitate bank loans to at least one SC/ST borrower and at least one woman borrower per branch.
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Greenfield projects
To set up Greenfield projects, the financial support begins from Rs 10 lakh. The loans are offered for fields such as manufacturing services and agriculture etc.
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The borrower must not be a defaulter
The loans are offered from Rs 10 lakh to Rs 1 crore. The borrower must fulfil the conditions of paying back the amount within 7 years with interest.
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Interest rate
The loans are provided on minimal interest rate. The interest rates are determined by Stand-Up India Authority, banks, NBFCs, and RBI.
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GST and service tax is levied on the loan
For a loan amount of Rs 10 lakh, the bank provides the borrower a Rupay debit card. For amounts exceeding Rs 10 lakh, the borrowers are given a cash credit limit.
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To apply for the Stand-Up India Scheme
Visit the official website at www.standupmitra.in. Read the documents carefully and complete your registration by providing necessary information.