Stand up India Scheme
Prime Minister launched the “Stand up India scheme” and a Web portal for the scheme on 05th April, 2016.
The “Stand up India Scheme” is being launched now to promote entrepreneurship among Scheduled Caste/Schedule Tribe and Women for loans in the range of Rs. 10 Lakhs to Rs. 100 Lakhs. The Scheme is expected to benefit large number of such entrepreneurs, as it is intended to facilitate at least two such projects per bank branch (Scheduled Commercial Bank) on an average one for each category of entrepreneur.
Objective of the scheme:
The objective of the Stand Up India scheme is to facilitate bank loans between Rs 10 lakh and Rs 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. This enterprise may be in manufacturing, services or the trading sector. In case of non individual enterprises at least 51% of the shareholding and controlling stake should be held by either an SC/ST or Woman entrepreneur.
Eligibility
1. SC/ST and/or woman entrepreneurs, above 18 years of age.
2. Loans under the scheme is available for only green field project. Green field signifies, in this context, the first time venture of the beneficiary in the manufacturing or services or trading sector.
3. In case of non individual enterprises, 51% of the shareholding and controlling stake should be held by either SC/ST and/or Women Entrepreneur.
4. Borrower should not be in default to any bank/financial institution.
Nature of Loan
Composite loan (inclusive of term loan and working capital) between Rs10 lakh and upto Rs 100 lakh.
Purpose of Loan
For setting up a new enterprise in manufacturing, trading or services sector by SC/ST/Women entrepreneur.
Size of Loan
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.
Interest Rate
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 StandUp India Loans (CGFSIL) as decided by the banks.
Repayment
The loan is repayable in 7 years with a maximum moratorium period of 18 months.
Working Capital
For drawal of Working capital upto Rs 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 Rs 10 lakh to be sanctioned by way of Cash Credit limit.
The broad features of the scheme are as under:-
I. Composite loan between Rs. 10 lakh and upto Rs.100 lakh, inclusive of working capital component for setting up any new enterprise.
II. Debit Card (RuPay) for drawal of working capital.
III. Credit history of borrower to be developed.
IV. Refinance window through Small Industries Development Bank of India (SIDBI) with an initial amount of Rs.10,000 crore.
V. Creation of a corpus of Rs. 5,000 crore for credit guarantee through NCGTC.
VI. Handholding support for borrowers with comprehensive support for pre loan training needs, facilitating loan, factoring, marketing etc.
VII. Web Portal for online registration and support services.
Steps for availing Stand up India Scheme:
1. The portal https://www.standupmitra.in provides information to a potential borrower on various kinds of hand holding support from different agencies and also provides a window to get in touch with Banks for availing loans
2. The Applicant first clicks to ‘Register’ and answers to a few short questions on the Registration Page of the portal.
3. Based on the response, the Applicant would be classified as a Trainee Borrower or Ready Borrower. Applicant would also be given feedback on his/her eligibility for StandUp India loan.
4. A trainee borrower / ready borrower may then choose to Register and Login through the portal.
5. Upon logging in to the portal, the borrower is taken to a Dashboard where Applicant is shown Lead District Managers (LDMs) and StandUp India Connect Centres to help him/her.
6. Borrower may choose to seek suitable handholding support and depending on the type of support needed, coordinate with the Help Centres.
7. Steps to seek handholding support :
i. Search for Help Centres (SUHCs) based on State and District (location) chosen during Registration.
ii. Select handholding agencies
iii. Send request through the portal or contact the SUHCs directly using details provided.
iv. Applicant may also choose to contact the SUCCs/LDMs, to followup on his/her request.
v. Payments (if any) for all services availed by the Applicant from StandUp India Help Centers (SUHCs) is to be made directly to the agency concerned.
vi. Applicant may change any chosen handholding agency, if required, after giving feedback on reasons for change.
vii. Applicant may report completion of service and provide feedback.
viii. Facility of uploading various documents like KYC documents, detailed project report etc. are available through the portal which would help the banks in appraisal of the proposal in accordance with their norms.
ix. Choose banks to apply for the loan (option to choose upto 3 banks in order of preference is provided)
x. Application number is generated and intimated to the Applicant. The application is made available on the portal and the bank preferred as 1st choice is intimated as the applied Bank. The 2nd and 3rd choices of banks are also informed.
xi. The information regarding loan application is also forwarded to the linked SUCCs and LDMs.
xii. All banks participating in the portal can select the application for processing and feedback on these actions would be available to the Applicant and also to the linked SUCCs and LDMs.
The feedback would contain the following information:
A. Bank and Branch name and status with date of the following:
a. Picked up for Processing
b. Sanctioned
c. Regretted
d. Disbursed
xiii. Loan may be sanctioned only if it conforms to the bank norms.
xiv. The Applicant may followup with the bank chosen directly [office] and may also be required to submit additional information / documents directly as required by the bank.
xv. The Applicant may also followup regarding the application through the SUCCs and LDMs.
xvi. The SUCCs / LDMs may also monitor the applications and followup with the banks.
The overall intent of the proposal is to leverage the institutional credit structure to reach out to these underserved sectors of the population by facilitating bank loans in the non-farm sector set up by such SC, ST and Women borrowers. The initiative will also develop synergies with ongoing schemes of other Departments.
The process would be led by SIDBI with involvement of Dalit Indian Chamber of Commerce and Industry (DICCI) and various sector – specific institutions all over the country. The offices of SIDBI and National Bank for Agriculture and Rural Development (NABARD) shall be designated Stand Up Connect Centres (SUCC).
The launch event would involve distribution of 5100 E-Rickshaws by Bhartiya Micro Credit (BMC) under the Pradhan Mantri Mudra Yojna scheme. In addition the recipients will also be covered under Pradhan Matri Jan Dhan Yojna, Pradhan Mantri Suraksha Yojana, Pradhan Mantri Jivan Jyoti Yojana, Atal Pension Yojana schemes and other eight significant Prime Minister schemes.
“Bhartiya Micro Credit (BMC) aims to spread awareness of the financial inclusion and social security schemes and proposes to take the benefits to poor and destitute people in the country. The idea is to facilitate the up gradation of pedal rickshaw pullers into E Rickshaw owners and help create threefold increment in their income. Credit for all these facilities are being provided under Mudra Scheme. The progression to E rickshaw from pedal rickshaw will also help contribute towards achieving the goals of Swachh Bharat Abhiyan. Sach hua Sapna, Rickshaw hua apna!, shared Vijay Pandey, Managing Director, Bhartiya Micro Credit.
As the first step of this process the pedal rickshaw pullers are provided training post which certificate is provided by NSDC. 150 women drivers have been trained. In addition the customers will also be able to book E Rickshaw through Ola mobile apps and make online payment via Freecharge, which will be integrated under the Digital India initiative.
Under the scheme, charging and service station will also be set up, which will help the growth of emergence of small and micro enterprises along with creating many opportunities for entrepreneurs. This organically integrates Bhartiya Micro Credit (BMC) E-Rickshaws program into Prime Minister Shri Narendra Modi flagship ‘Stand Up India’ initiative.
The Prime Minister on 15th August 2014 launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) for “Banking the Unbanked”. As is well known, it met with resounding success as more than 21.3 crore accounts have been opened. Further, Pradhan Mantri MUDRA Yojana (PMMY) was launched by the PM for “Funding the Unfunded” by facilitating loans upto Rs. 10 lakh on 8th April, 2015. As on date, over Rs. 1.22 Lakh crore have been disbursed wherein over 57.75 lakh Scheduled Castes, 15.15 lakh Scheduled Tribes and 2.52 crore women entrepreneurs have been benefited under this scheme. To intensify this inclusive growth, the PM in his address to the nation on 15th Aug, 2015 had announced the “Start up India Stand up India” initiative.
source:http://pib.nic.in and https://www.standupmitra.in
while applying Loan for 1 Lakh you can apply it from any app whichever you are thinking is best and giving good service is totally depend on you.
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