The BRICS TimesMoney issues often stop people from starting businesses. This news helps if you plan a startup. Learn loan details here.
Many people wish to quit their jobs and start their own work. Funds are crucial for starting. Many cannot start a business due to a lack of money. This news is useful for your business plans. Today we explain a scheme offering loans from 10 lakhs to 1 crore. This is known as the Stand Up India Scheme. Over 2 lakh people have benefited so far. You do not need to pledge collateral for this loan.
What is the Stand Up India Scheme?
The Ministry of Finance launched this scheme on April 5, 2016. It falls under the Azadi Ka Amrit Mahotsav initiative. Loans are given to SC, ST, and women for self-employment. The goal is encouraging SC/ST groups and women to start businesses. The government believes new entrepreneurs will emerge from small towns. They will create jobs for themselves and others too.
What is the Loan Eligibility?
You must be an SC/ST male or female to apply. Women of any category are also eligible. You must be at least 18 years old. The applicant should not have defaulted on any bank loans. You get an 18-month moratorium period in this plan. The loan repayment tenure is set at 7 years.
