Objectives of the scheme:
- The objective of the Stand-Up India scheme is to facilitate bank loans between 10 lakh and 1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting up a greenfield enterprise.
Salient features of the scheme
- The enterprise may be in manufacturing, services or the trading sector.
- For setting up a new enterprise in the manufacturing, trading or services sector by SC/ST/Women entrepreneur.
- 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.
- SC/ST and/or woman entrepreneurs, above 18 years of age.
- Loans under the scheme are available for only green field projects.
- In case of non-individual enterprises, 51% of the shareholding and controlling stake should be held by either SC/ST and/or Women Entrepreneur.
- Borrower should not be in default to any bank/financial institution