Stand Up India Loan Scheme | SBI | Helpline |Apply | Eligibility | SC ST | Women
This article will answer all the quires regarding the Stand Up India Scheme. How to apply loan, who is eligible, helpline and customer care numbers, Stand Up India SBI banks process to apply and form, SC, ST and Women Entrepreneurs, Documents Required, Time to repay this loan.
The Stand Up India scheme, as it is also known, was introduced in January 2016 and has been launched on 5th April 2016 is as a program designed to help people with establishing entrepreneurial efforts. The scheme is being used to help people with starting businesses and improving the national economy by offering local business solutions for people all around to benefit from.
The key is to restrict the role of individual states in terms of policy domain. It is also to eliminate many of the obstacles that might get in the way of a business’ operations. These include obstacles like land permissions and the need to bear with foreign investments as a means of making a business operation functional.
The program is also being used to draw many underrepresented communities into the business world. This is especially the case for women who are looking to start their own business efforts.
This program is also to help with allowing people who want to start their businesses to have a much easier time with keeping it running. The tax benefits and the reduced interest rates associated with the funds used for getting the program running will be advantageous for all to look into when finding ways to keep the program active and ready for use.
The Main Concept of Stand Up India
The key concept introduced by the Stand Up India scheme is to make India a country that creates jobs rather than just offers people who are looking for jobs. By creating more jobs, those job seekers can find employment within India. In addition, India will become a more appealing country for businesses to work with.
The most prominent aspect of the process is that it allows a person to get a loan from the government. The money used in the loan can help with establishing a startup with the intention of creating new jobs within India.
Much of the Stand Up India scheme was designed to help younger people around India put in more of an effort to make India a more competitive country in the global economy. It is also being offered to allow them to establish great opportunities for both themselves and for other people within the country.
SC ST and Women Entrepreneurs | Stand Up India
Women who are looking to start their own businesses and those in the SC ST field will be eligible to take advantage of some of the best financial benefits that the Stand Up India scheme has to offer. They will be eligible to apply for and receive loans from the national government.
The values of these loans will vary by each entity. Loans can be from Rs.10 lakhs all the way to Rs.100 lakhs or 1 Crore. The program is designed to help historically disadvantaged groups within the country a fair opportunity to start their own businesses and create new jobs within the country. The value of the loan that will be given out to an entity will be based heavily on the value of the business as it starts up and its general needs as well as the potential credit points relating to how that business is to operate at the start.
In addition, every bank branch in the country will fund at least one SC ST entrepreneur and at least one woman entrepreneur. This is again with the intention of making it easier for the business sector within the country to become more diverse.
These groups have been poorly represented in India as they have struggled to get access to the funds that they need in order to keep their businesses operational and to make whatever they have to offer more appealing to the average consumer. By working with the program, it will be easier for these groups to get the representation that they demand so it will be easier for them to thrive and succeed over time.
Who’s Eligible in Stand Up India Scheme?
The eligibility standards for getting into the Stand Up India scheme are essential for all people to use as the government will only offer assistance to startup opportunities that are properly organized and prepared. A business can be eligible if it has attained the following:
- The business must be an entity that has been properly incorporated within India.
- The business must be less than five years of age.
- The annual turnover from the business must not be greater than Rs.25 crore from any prior financial year. Only smaller entities that are looking to get off of the ground will be accepted.
- The business cannot be formed as a spinoff of another business or as a reconstruction of such a business.
- The overall goal of the business must especially be to ensure that new products and services may be offered through India for people within the country to benefit from.
Most startups should be eligible but it will be critical for anyone that is looking to get into the program to check and see what one has to work with as a means of making it easier for a business to stay functional and to work within the guidelines of the program.
The terms must be followed carefully. The government is willing to reject applicants due to how they feel that some of these entities might not be able to get any better with the funds that they are getting and that they might be trying to benefit from whatever is available to them.
Benefits of Stand Up India Scheme
The benefits associated with the Stand Up India program are designed to help businesses with getting off the ground and becoming more proficient in terms of the services and functions that they are offering. The program will work with the following benefits:
- A startup will be exempt from taxes for the first three years that it operates.
- An Rs.10,000 crore corpus fund will be used to fund the support of startups.
- The capital gains tax will be exempted for venture capital investments.
- A dramatic reduction in the patent registration fee is also covered. This reduction is up to 80 percent in value.
- A new start-up will not be subjected to any government inspections for the first three years that it is operational for.
- Self-certification will be available to allow a startup to work. The self-certification will work for nine labor and environment laws to allow these businesses to continue to operate at their own rates and to stay functional with the risk of interruptions getting in the way.
- Some environmental restrictions, particularly ones relating to places that businesses can operate out of, will be removed in the process of getting a business up and running.
Such benefits will be ideal for people who are looking for ways to get more money for their businesses when they are trying to start them up. When used properly, it should be easier for a business to grow and start thriving as required.
How to Enroll/Apply in Stand Up India in SBI
People who are looking to enroll in the Stand Up India scheme can do so by using the official app for the system. This application can be used on mobile devices and computers and is designed to simplify the process of getting support from the government.
Anyone who applies through this will have to provide information on one’s business plans, financial details and other aspects relating to how a business is to stay functional and work. The app was launched on April 1 and will give people an open opportunity to see if their startup plans will actually be easy to support for any intention.
People who qualify to get into the Start Up India program can be exempt from many taxes for the first three years. This is to allow a business to have an easier time with growing and less time struggling with the expenses that might relate to whatever one has. A business can get full freedom from the Captial Gain Tax for the first three years of operation. In addition, a freedom from the taxes in profits over the first three years will be offered to those who qualify for the program.
The interest rate associated with getting a loan managed within the Start Up India program is critical to consider as it will entail the total cost associated with getting a loan ready within the program. Fortunately, participants will not have to worry about paying too much to get a loan running through the program.
However, details on the specific interest rate that will be paid will vary by each entity that will take advantage of the program. This is still expected to be dramatically lower than what interest rates have been in the past for many traditional loans. Loans that have been given out before the program started have entailed interest rates of around 35 percent on average. The reduced interest rates offered by the Stand Up India program will certainly help people with getting their businesses started without being forced into interest rates that might be impossible for some of them to handle.
How Can a Loan Be Repaid?
The process for repaying a loan through the program can be extended as a person will not have to worry about spending far too much time with trying to get a repayment managed. In particular, a loan can be repaid at a rate of up to seven years after it is first given. This allows entrepreneurs to have control over how much they are going to actually pay each month. The fact that the loan can be repaid with reduced total interest rates helps as well.
Who Will Fund This Scheme?
The Indian government is expected to fund the scheme with the Mudra credit guarantee fund being used to help with covering a large portion of the charges associated with it. The initial amount that will be offered to applicants will be good for Rs. 10,000 crore. At least Rs. 1 lakh crore in loans will be made available to smaller units within the initial process of offering financial support. This is to offer the necessary financial support that a business might require.
Is This Good for the Economy?
The Stand Up India program will be beneficial for the economy as it ensures that more people will be able to take advantage of their given opportunities to start their own businesses. In particular, the economy will benefit as many who are disadvantaged in most cases will have an easier time with getting the money that they require in order to thrive and keep on running.
This is also being designed to assist in making India a country that does more to produce jobs. In particular, India will become more of a country that provides people with job opportunities that they might not have in most other situations as more jobs will be created within the country for those in the country. This will be used for the country’s economic growth instead of through outside companies that outsource their jobs to India.
Is the PAN Card and Aadhar Card Required?
Although a PAN Card may not be a necessity for most who are applying to get into the program, it is still recommended that a person who applies for the program has one of these cards. This is to at least make it a little easier for the business to properly grow.
The Aadhar Card is still needed when it comes to getting a startup set up though. This is to ensure that such an entity can continue to operate within the country’s guidelines. This is also to make it easier for the startup to be recognized by the government as needed.
There are a few important drawbacks for interested parties to look into when it comes to getting into this particular program. First, businesses that are already established within India and are currently functional are not able to get into the program. In addition, these businesses will have to provide enough details relating to their planned businesses efforts to the government as a means of ensuring that they can actually operate as demands within the guidelines of the law.
The terms that define a startup might be relatively complicated for some people to follow. This is due to how the terms entail supporting businesses that don’t earn much. A business that earns less than Rs. 25 crore in a prior financial year can easily apply for the program but it will be hard for another entity to qualify for it.
Also, the business plan that is to be issued must meet the four key standards that businesses in India are expected to work with. These are the standards relating to innovating new items, development things, deploying whatever has been created and marketing the products or services to a commercial audience The key is for a business to actually show that it has enough information available in terms of what it might have to offer to people at a certain time.
Helpline | Customer Care Phone Numbers For Stand Up India Scheme
Those who are looking for help or added information with regards to how the Stand Up India program can work for them should consider contacting the group at 011 40540722. This is the official phone number being made available for use when getting the program to start working for one’s general needs.
|Service Available||Purpose of Service||Money Involved or other benefit|
|Reduced interest rate||To improve how a business operates||Less than the 35 percent standard|
|Capital support||To fund operations||Rs. 10,000 crore or higher|
|Patent registration fee is reduced||Allows the business to grow||80 percent reduction in the cost|
|Extended loan repayment rate||To reduce monthly payment totals||Up to seven years in length|
- All Modi Yojanas
- Mudra Scheme