- About Startup India
- How to get Startup India Loan?
- Benefits of Startup India loan
- Startup India website
Make in India not only applies to manufacture but every field of innovation. The Startup is the new norm around the globe. Facebook, Instagram, Flipkart were all startups at one point. India understood the importance of startups in a country and hence started the Startup India initiative. Startup India aligns with the vision of our prime minister Shree Narendra Modi. Startup India provides support to get Startup India loan, aid, exemption from taxes, and much more.
About Startup India
Startup India initiative was announced by Indian Prime Minister – Narendra Modi on 15 August 2015, during the independence day celebration ceremony. The effort is focused on developing the entrepreneurship domain in India. Handholding, Funding, and Incubation are the three pillars of this scheme. This initiative also helps in discarding the state policies which delay the investment and burgeoning of startups. Startup India loan is granted to new companies.
In India, any company younger than ten years with an annual turnover of fewer than 100 crores is a startup. An initial fund of INR 20000 crore is set up for this scheme. It aims to provide support to 10 Lakh mobile applications. It also focuses on micro-financing the startups, but low-interest startup India loan.
The scheme was launched on 16 January 2016 by the former finance minister of India – Arun Jaitley (1). The main points or this initiative are as follows:
- Create a 10000 funding pool for the startups.
- Make patent registration fees low.
- Improvement in the Bankruptcy Code, to ensure that a 90-day exit window is provided to every Startup.
- No inspections for the first three years.
- Freedom from several taxes for the first three years.
- It is targeting 5 lakh schools along with 10 Lakh children in innovation-related programs.
How to get Startup India loan?
To avail the loan from the Startup India initiative, you need to have a prepared plan for your Startup. Startup India loan is only passed from the bank if you have registered your Startup with the action and have a well-addressed report about your startup plans for the next 3-4 years. You can approach a bank with your report and avail the loan from there. The government has set eligibility criteria under Pradhan Mantri Mudra Yojana, which should be checked before applying for the loan. You can get the details online on the Startup India official website.
The other loan scheme under Startup India loan is Stand-Up India, which provides loans to women/SC/ST entrepreneurs. This makes it easier for women to become leaders. The process starts with your registration, then a proper report of your startup plan is submitted to the bank. You can get a loan between 10-100 lakhs. The bank only provides 75% of the cost of the project. You have to bring 25% of the price on your own. The banks will keep collateral for security.
Benefits of Startup India Loan
Startup India is a scheme that supports your Startup to flourish. India is focusing on becoming a country developed enough to support its entrepreneurs. With Startup, India entrepreneurs can start new ventures which can become the next Flipkart soon. Investment in our businesses will help the GDP of India to grow.
For entrepreneurs, the Startup India loan is the most significant benefit of the whole scheme. Finance always is an obstacle in every innovation, and Startup India loan has tackled this obstacle flawlessly. Now anyone with an innovative plan can be an entrepreneur. SC/ST/ Women are given a chance to be leaders, which is the first step towards a developed India that provides equal opportunity for all. Along with capital, there are several benefits like low registration fees, several tax exemptions, self-certification of compliance, incubation centers, etc.
Startup India website
All the detailed information about Startup India registration, Startup India Loan, Startup India scheme, and policies are given on the official website of the initiative. The UI of the site is user-friendly and easy to understand. After visiting it once, a person will find it easy to navigate through it.