The Stand Up India Scheme helps scheduled caste (SC) or Scheduled Tribe. Every bank branch has a borrower and at least one woman who set up a greenfield enterprise with bank loans ranging from ten lakh to one crore. This business entity could be in the manufacturing, service, or trading industries. In non-individual firms, at least 51 percent of the shareholding and controlling stake should be held by an SC/ST or a woman entrepreneur.
Ready borrower: If a borrower does not require any handholding assistance, he or she is referred to as a ready borrower. This borrower can begin the loan application procedure at the chosen bank. Following the application, the borrower will be given an application number, and details more about the borrower will have been shared with the bank LDM and the relevant NABARD and SIDBI link offices. Following that, a loan application will be created and tracked via the portal.
Trainee borrower: A borrower who requires handholding assistance is classified as a trainee borrower. NABARD and SIDBI will provide financial training, skilling, margin money mentorship, support utility, connection, and other services to the trainee borrower. Aside from that, the LDM will monitor the work process with SIDBI and NABARD local offices to fix difficulties and alleviate bottlenecks. The loan application will be generated through the site once the handholding requirements have been met and the LDM and trainee borrower have been satisfied.
