It started in 2016. Under this, loans of ten lakh to one crore are given to scheduled castes, tribes, backward classes and women traders.
To increase business and self-employment in the country, the government has introduced a stand-up scheme. It started in 2016. Under this, loans of ten lakh to one crore are given to scheduled castes, tribes, backward classes and women traders. The loan rate is very low. In this, interest is calculated according to the base rate ie three per cent in MCLR and the premium during the loan term. The rate of interest cannot be more than this.
Who can take a loan
Businessmen of this category who are 18 years of age and are working for a green field project ie new project, they can get this loan. However, this loan is available for service, manufacturing or trade center. One condition of this is that those applying for loans should not be the defaulters of any bank or any financial institution. Under this scheme, the borrowers have to return the money within seven years. There is also a moratorium period of 18 months.
Apply like this
Under this scheme, loans are available from all bank branches. You can apply in your nearest branch or you can take help of official website of stand-up. On opening the site, you will have to go to ‘Access Loan’ segment. There are three options in this. These include the option of Apply Hair, Directly at Bank Branch and Through Your Lead District. By clicking on ‘Apply Hair’, a new window will open in front of you. In this, the applicant has to enter the name, email id and mobile number. After that he will have to generate OTP.
Apply according to the instructions mentioned in it.
A list of lead district managers can also be seen on the site. In it, according to state and district, agency name, email ID and address are given. Applications can also be made for loans through them.