Start up India came into effect on 16th January 2016 in an attempt to reduce the unemployment rate of India, which has increased to 7.6% from 4% between the year 2017 and 2019. Start up India scheme is an initiative by the Government of India to provide affordable business finance to the entrepreneurs of the country.
The scheme provides subsidised loan amount of Rs.10 Lakh to Rs.1 Crore to women entrepreneurs and SCs and STs. Let us understand the.
In addition to the above, you will require a patron guarantee from trademark office and Indian patent and approval from the Department of Industrial Policy and Promotion (DIPP). If your firm is specialised in providing fund and equity services, it should be registered under Securities and Exchange Board of India (SEBI). Also, your firm should hold attractive policies and products.
If you fail to match all the criteria mentioned above, you can apply for advances that are provided at a low-interest rate. Bajaj Finserv provides you Loan Against Property that you can avail after meeting minimal eligibility criteria such as age bracket of 25 to 70 years and CIBIL Score of 750 and above. They also provide a longer tenure to make your EMIs affordable.
There are two ways in which you can apply for a subsidised loan under Start up India scheme.
You will also be required to furnish some papers after meeting the eligibility criteria. The necessary documents are KYC documents, address proof, business address proof, income proof and business existence proof. Additional documents may also be required to apply for this loan as per the lender.