Stand Up India Loan Scheme | Hindi | Apply |Details | Eligibility
In the early months of this current year, our Prime Minister has launched another employment scheme or the backward and financially weak classes. Stand up India Scheme or SUIS does not give away jobs to the unemployed people rather it creates job for all. By launching this scheme, PM has opened a vast opportunity for all the people who want to stand on their own feet. Women, dalits, SC/ST and other backward classes will be eligible to take loans under this scheme and can start their own business for survival. Till now the Government of India has launched a bunch of employment schemes. Some of them succeeded whereas some of them fail to meet their promises. Unlike other schemes here in this scheme PM has promised to give away a loan amount, not a job to those who are unemployed and want to be financially dependent.
- What is it?
SUIS is a loan scheme for the people of India who are willing to have their own business but due to financial instability they failed to do so. According to our Prime Minister, India is one such country where people have intelligent minds, ideas, concepts and above all much more dedication towards their career than other countries. If these people get a strong financial backup they as well as the country can achieve a lot more success than other developing countries.
- Looking at the current employment scenario in the nation Mr. Modi launched this financial scheme to support the start ups in the month of January this year. From the first week of April, that is in the current financial year the Scheme has already been started.
- The scheme was previously launched in the mid of the year 2015. Again in the year 2016 the scheme took another step and launched in the first month. It says that not only financing the business to set up but also it helps one to factor and market their products and services.
- Also refinancing will be available under this scheme where women especially widows can take loans to refinance their business.
- Who are the beneficiaries?
This scheme is mainly launched for the backward classes in the economy. People who are fallen under the Dalit group, Schedule cast, schedule tribe, financially backward women, widower and other economically backward groups. All the people who don’t need jobs for survivals are the beneficiaries of this scheme.
Under this stand up India scheme, there are several banks and development financial organisations who have offered loan amount for pre-loan training, financing and refinancing. As per the calculation SIDBI will provide nearly 10,000 crore rupees for refinancing the widow entrepreneurs and NCGTC will provide 5,000 crore rupees for financing various start ups.
According to a calculation poor people have the larger share of bank deposits compare to rich people in India. It does indicate that they have quite a good knowledge of how to utilize money and how to save them rightly. As some of the official say our countrymen have that potential to make the most out of anything. So it is definitely our Government’s responsibility to support them and make their dreams come true.
- How to apply?
From the first week of the month April the registration forms are available across the internet. You can download the e-registration form, fill it up and submit it. Also they have toll free help number and email id where you can drop your queries regarding the loan.
Also there must be some papers needed along with the application form. These are identity proof, citizen proof, current family income, residence proof, the nature of business and some other documents. To know more about the required documents you can call on the help centre number or drop an email.
Previously there were a lot of schemes, related to employment, have been launched in India. Unlike all the others which promised to give jobs to the seekers, the stand up India scheme is beneficial for all the backward people who are looking to set up their own firm. As mentioned that the scheme immensely beneficial for the women entrepreneurs and backward classes in the economy, it also provides some other benefits like tax benefits and such. Under this scheme the benefits are
- Start up financing: the scheme is launched to finance the start up business in India. Most of the start ups fail to earn success because of the financial instability. So this scheme is specially designed for the start up financing.
- Refinancing: not only start up financing but also there is a provision of refinancing especially for the widows and their enterprises.
- Pre-loan training: before receiving the loan the government experts will provide training as well to those who are not technologically updated.
- Business types: there is no bound of business types under this scheme. Anyone can start any type of business. As today we all are fully or partially dependent on technology so ecommerce, internet research, online marketing are some of the new businesses that are immensely taking over the market. All these businesses are being supported by this scheme.
- Tax free: under this scheme the applicant will get a three years tax relaxation. That means after starting up their business applicants do not need to pay income tax for next three years.
Stand Up India Scheme – Quick guide
|What is Stand up India Scheme?||A loan facility to support start ups in India|
|Who can apply?||Women, Dalits, SC, ST and OBC|
|How to apply?||E-registration, Bank application|
|Any Tax facility?||3 Years income Tax relaxation|
|Women facility?||Finance and refinancing for the widows|