Eligibility to get a loan …
– Must be an SC / ST woman and over 18 years of age.
-Loans are available only for green projects under the scheme.
– This loan is available only for new projects.
-In the case of partner companies, 51% stake and controls should be maintained by SC / ST and / or women entrepreneur.
– The borrower should not have arrears (default) to any bank / financial institution.
– Debt nature – Combined loan (including this installment loan and capital) ranges from Rs 10 lakh to Rs 1 crore.
– Establishment of a new venture with SC / ST / Women Entrepreneurs in the field of manufacturing, business or services.
– Get a loan based on your project report. Be clear about the product or service that your company manufactures.
– 75% of the loan is available in the project report. For example, if your project cost is Rs 1 crore, then you will get a loan of Rs 75 lakh. In addition you will have to bear 10 percent of the cost of your project.
– Rupee card is provided to borrowing industrialists. This allows you to withdraw money whenever needed under Working Capital without having to take out a lump sum loan.
– There are two types of loans that you can get. Term loan and working capital.
– Interest Rate – Interest Rate Base Rate (MCLR) + 3% + Tenor Premium not to be exceeded. That is about 11 to 13 percent interest.
– Guarantee – In addition to the initial guarantee, the loan should be guaranteed by the Stand-up India Loans (CGFSIL) Credit Guarantee Fund Scheme.
– Payment – Repayable within 7 years with a maximum moratorium of 18 months.
How to apply for loans
The scheme can be used in all three possible ways, including all branches of scheduled commercial banks. Available directly at the branch or through the Stand-up India Portal (www.standupmitra.in) or through the Lead District Manager (LDM).
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