SBI SMILE Scheme For Startups (Interest Free Loan As Equity)

The scheme envisages grant of interest free loan as equity assistance to­wards part of margin requirements of the project, to assist eligible profes­sional and technically qualified entrepreneurs setting up new Micro and Small enterprises and units covered under the Bank’s Project uptech for technology upgradation.

Equity assistance is up to a maximum of Rs.10 lakhs. Professional and Technically qualified persons will cover doctors including dentists, engineers, and management graduates etc. The interest free loan is repayable in 3 years with a moratorium period of 5-7 years.