Companies which have multiple owners can also avail under the Stand Up India loan scheme provided that the applicant (who must be a woman, SC or ST) has a minimum of 51% share in that company. Another additional condition here is that Stand-Up provides loans only first-time entrepreneurs and the project for which the capital is being raised must be from the trading, services, or manufacturing sector.
Some of the benefits of the Stand-Up India scheme include -
Repayment
The repayment period of the loan is of 7 years. However, the repayment can be extended by another 18 months.
Rate of Interest
Borrowers stand to receive the lowest rate of interest provided by the lending partners which will however not exceed the tenor premium+3%+base rate of interest.
Loan Amount
The loan amount that will be disbursed will be 75% of the business’s requirement while the rest has to funded by the borrower. Loans between Rs. 10 lakhs and up to Rs. 1 crore can be availed.
Should these amounts be less for your needs, you can even apply for high-value business loans which are provided by a number of lenders including financial institutions such NBFCs (Non-Banking Financial Companies) at very competitive interest rates.