Punjab Startup Policy: Interest Subsidy Scheme — Eligibility Criteria

To be eligible for the Punjab Startup Policy: Interest Subsidy Scheme, applicants must meet several key criteria:

• The applicant must be a startup officially recognized by the Department for Promotion of Industry and Internal Trade (DPIIT). This recognition is fundamental, validating the startup's innovative nature and growth potential, and aligning with national startup promotion efforts.
• The startup must be registered in Punjab, ensuring the scheme directly benefits the state's economy and supports local entrepreneurship, contributing to job creation and innovation within Punjab.
• The startup must have secured a term loan or working capital loan from a scheduled bank or a registered financial institution. This condition ensures the startup has already obtained formal financing, with the subsidy acting as a support mechanism for existing financial commitments.
• The loan must be held in the startup's name, confirming direct accountability and benefit.
• The startup's loan EMIs must be current, demonstrating sound financial management and commitment to repayment obligations.
• The loan funds must be used exclusively for business operations, setup, or scaling, ensuring the capital directly contributes to the startup's growth and operational requirements.
• The scheme is open to startups operating as private limited companies, Limited Liability Partnerships (LLPs), or partnerships.
• The program primarily targets startups in the product or revenue stages of their development.

Punjab Startup Policy: Interest Subsidy Scheme is open to startups at the product and revenue stage. The programme is targeted at startups registered in Punjab. Applicants should be registered as private limited, llp and partnership. Applicants must hold DPIIT (Startup India) recognition.