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Stand-Up India Scheme facilitates loan for Enterprises in trading, manufacturing, or services. In the case of non-individual enterprises, at least 51% of the shareholding and controlling stake should be held by an SC/ST or woman entrepreneur. The borrower should not be in default with any bank or financial institution.This scheme facilitates loans from Rs. 10 Lakhs to 1Crore.
To meet all kinds of credit requirement for setting up Greenfield projects under manufacturing, services or the trading sector.
Composite loan (inclusive of term loan and working capital) between 10 lakh and upto 100 lakh.
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.
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).
Security – Besides primary security, the loan may be secured by collateral security or guarantee of Credit Guarantee Fund Scheme for Stand-Up India Loans (CGFSIL) as decided by the banks.
The loan is repayable in 7 years with a maximum moratorium period of 18 months.
For withdrawal of Working capital up-to 10 lakh, the same may be sanctioned by way of overdraft. Rupay debit card to be issued for convenience of the borrower. Working capital limit above 10 lakh to be sanctioned by way of Cash Credit limit.
The Scheme envisages 25% margin money which can be provided in convergence with eligible Central / State schemes. While such schemes can be drawn upon for availing admissible subsidies or for meeting margin money requirements, in all cases, the borrower shall be required to bring in minimum of 10% of the project cost as own contribution.
The scheme, which covers all branches of Scheduled Commercial Banks, will be accessed in three potential ways.
Information on certain parameters/ metrics of the borrower (obtained through a set of about 8-10 questions listed below) is collected through the initial registration process in the portal. Based on the information provided, feedback is provided to borrowers.
The approach of the Stand-Up India portal, for handholding is based on obtaining answers to a set of relevant questions at the initial stage. These would be typically be:
In case the borrower requires no handholding support, then the process of application for the loan at the selected bank can be done through the Stand-Up India portal (www.standupmitra.in) . At this stage an application number will be generated and information about the borrower shared with the bank concerned, the LDM (posted in each district) and the relevant linked office of NABARD/ SIDBI. The offices of SIDBI and NABARD shall be designated Stand-Up Connect Centres (SUCC). The loan application will now be generated and tracked through the portal.
In cases where the borrower indicates a need for handholding, then registration as a Trainee Borrower on the Stand-Up India portal (www.standupmitra.in will link the borrower to the LDM of the concerned district and the relevant office of SIDBI/ NABARD. This process which would be electronic could be done at the borrower’s home by himself/ herself.
SIDBI and NABARD as Stand-Up India Connect centres will then arrange for support for such trainee borrowers as requested in one or more of the following ways:
At any time, even after the loan has been sanctioned, any borrower may access the services of the Stand-Up Connect Centers.
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