The Indian government started the Stand Up India Scheme in 2016 to encourage women and people from the Scheduled Caste (SC) and Scheduled Tribe (ST) groups to start their own businesses. The goal of the program was to give these less fortunate people money and help so they could be more independent and start their own businesses.
Here are some of the most important parts of Stand Up India:
1.Objective: The main goal of the Stand Up India Scheme is to help at least one Scheduled Caste or Scheduled Tribe borrower and at least one woman borrower per bank branch get a loan between 10 lakh and 1 crore so they can start a new business.
2.Eligibility Criteria: In order to get a loan through this program, you must be a woman business or a member of the Scheduled Caste or Scheduled Tribe group. The person must be an Indian national who is at least 18 years old and has never missed a payment on a loan.
3.Nature of the Loan: The Stand Up India Scheme loan is a “composite loan,” which means it has both working capital and a term loan. The loan can be used to start up new businesses in the production, service, or trading areas.
4.Loan Repayment: The loan can be paid back over a time of up to 7 years, with a maximum break of 18 months. The plan also offers lower interest rates to make sure that the borrowers can pay them.
5.Implementation: The Stand Up India Scheme is put into action by a number of listed commercial banks all over the country. One person at each of these banks is in charge of loan applications and helping people who want to borrow money.
6.Support and Helping Hands: The plan focuses on helping and guiding the customers through the whole loan process. Through different programs for entrepreneurship growth, the borrowers can also get help like training, advice, and coaching in business.
The Stand Up India Scheme has done a lot to help women and people from the Scheduled Caste and Scheduled Tribe groups in India start their own businesses and get access to money. It has given these less fortunate parts of society chances to become self-sufficient and help the country’s economy grow.