To stimulate sustainable economic growth and generate large scale employment, the government of India has launched a flagship initiative known as “Start-up India”. The initiative is to provide financial support for innovation, development, deployment or commercialization, of new products, processes or services driven by technology or intellectual property. The aim of the initiative is to foster entrepreneurship and promoting innovation by creating an ecosystem that is conducive for the growth of Start-ups.
Union Start-Up Scheme (pdf)
About the Scheme
The features of the Union Start-up Scheme are:
Note: As and when the entity cease to be a start-up i.e. within a maximum period of 5 years as per the Start-Up India Scheme, the concessions in the interest rates / service charges allowed under the scheme will be reviewed by the bank on a case to case basis.
|Quantum of Finance||Minimum: Rs.0.10crore Maximum: Rs.5.00crore|
|Margin||20% (Working capital as well as Term Loan)|
|Interest Rate||Concession over applicable rate of interest|
Personal guarantee of promoter directors, partners of the firm/company having sufficient means and of all mortgagors of collateral security, if any.
|Repayment||Working Capital:12 Months
Maximum Door to Door repayment shall be 10 years including moratorium period not exceeding 36 months. Repayment can be in monthly / quarterly installments. Interest shall be recovered separately.
Please proceed to the nearest branch for the application of this scheme.
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