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How Women Business Owners Can Get a Loan via the Stand Up India

The Stand Up India Scheme has been started to offer financial assistance to SC/ST categories and to apply a loan for women entrepreneur for setting up their business. This scheme facilitates applicants to acquire loans starting from INR 10 lakh up to INR 1 crore.

This business loan for women or SC/ST ensures finance to entrepreneurs to build new infrastructure on unused lands that require no remodelling or demolition of a previous structure.

Eligibility for Stand Up India Loan Scheme

  • This loan for women is available only for individuals of above 18 years of age.
  • The loan is only acquired for setting up a new venture, i.e. it must the first venture of the loan borrower.
  • The enterprise must be in services, manufacturing or trading sector. 
  • If the applicant is a company, at least 51% of the shares must be with a woman entrepreneur or an SC/ST.
  • The Borrower must not be at default with any financial institute or bank.

How to Apply for Stand Up India Loans?

To apply for Stand Up India Loans, you need to meet the eligibility criteria first. After that, you can apply for this loan through:

The branches of commercial of scheduled banks

Stand Up India Portal (https://www.standupmitra.in/)

Lead District Manager (LDM)

The Online process for applying for this scheme or loan is similar to that of the Mudra Loans. Furthermore, the system decides to approve the loan based on your initial application inputs and eligibility criteria.

How long does it take to get such loans approved?

According to the strict scheme guidelines, this loan can be approved only by the concerned branch within just three to six weeks of completing the application procedure. The actual timelines, however, may vary. You need to understand that there is no guarantee that your loan under the scheme will be approved. Although banks do the necessary diligence and inquiry before sanctioning this loan!

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