What are the Business loan schemes initiated by the Government of India?
Stand Up India: Introduced by the Government of India, Stand Up India is a scheme to promote Women Entrepreneurs and those belonging to the SC/ST category. Under this scheme, the government helps banks offer Business Loans between from 10 lakhs and 1 crore to at least one Woman Entrepreneur and one SC/ST borrower per bank/NBFC branch, to help them set up their own enterprise. Start Up India: Also an initiative of the Government of India, the Startup India Scheme aims to help startups fuel growth and expansion. In order for a startup to avail this benefit, it has to first obtain a certificate of recognition by applying on the Startup India Mobile App/portal. Mudra Loan under PMMY: Most banks/NBFCs provide Micro Units Development and Refinance Agency (MUDRA) loans to Micro, Small and Medium Enterprises (MSMEs) nationwide. Under the Pradhan Mantri MUDRA Yojana (PMMY), SMEs can avail loans ranging from a minimum of Rs. 50,000 to a maximum of Rs. 10 lakhs.