Explore Jan Samarth: Your Guide to Loan Applications Online

Published On Oct/10/2024

Over the years, the government of India has launched several loan schemes to benefit citizens. One such loan initiative is the Jan Samarth Platform. It was launched in June 2022 and is a national digital platform that allows loan seekers to access credit-linked government schemes under a single roof.

If you are intrigued by the Jan Samarth platform and want to know more about it, this guide is for you.

What is Jan Samarth Portal?

The Jan Samarth portal is a new digital initiative by the Government of India. It is a platform that links about 13 credit-linked government schemes, allowing loan seekers to get the best credit scheme that suits their needs.

The main objective of this scheme is to promote financial inclusivity, growth, and development of different sectors with the right to government benefits through a simple and streamlined digital process. With this platform, all lenders and borrowers can connect seamlessly.

Through this initiative, the government aims to ensure that all loan seekers can check the eligibility criteria, upload the necessary documents, and get the loan approved faster in a few simple steps.

Features of Jan Samarth Portal

It provides a single-window facility that links 13 credit-linked schemes with lenders. The government aims to incorporate more schemes into the platform.
The Jan Samarth Portal lists four broad categories of loan schemes: Agri-Infrastructure, Livelihood, Business, and Educational.
Also Read: Business Loan: Meaning, Types and How To Apply?
The Jan Samarth Portal connects more than 125 lenders in India, including the major public sector banks, under a single-window facility. It allows you to choose the right lender according to your preferences and apply for a loan.
Apart from the Jan Samarth loan, the government aims to integrate several other digital features, making the loan application process smoother and easier for both lenders and borrowers.
Just like borrowers can check their eligibility for the loan through this portal, it will act as a medium to enable the lenders to verify and assess the applicant's eligibility and provide preliminary approval.
Once you apply for a loan through the portal, you can receive regular updates on the status of the loan application and know the next step you must take without having to visit the lender multiple times.

How does the Jan Samarth portal work?

The Jan Samarth Portal provides all loan applications with intuitive guidance, enables them to check their eligibility for the credit-linked scheme offered by the government, and provides the best loan recommendations to suit their needs. It is a one-of-a-kind portal that has UIDAI (Unique Identification Authority of India), NSDL (National Securities Depository Limited), LGD (Local Government Directory), CBDT (Central Board of Direct Taxes) and other services integrated into a single platform.

Because of these digital integrations, the member financial organisations and the borrowers get access to the digital data that will be authenticated and verified. This significantly reduces the hassles associated with the loan application and approval process.

Types of loans you can get in the Jan Samarth portal

Currently, the government of India allows potential loan borrowers to get different credit-linked government schemes listed under four broad categories. The categories are as follows:

Business Loan

As a potential loan borrower, you can get different credit-linked government schemes under the business loan category to start a new business or expand your existing enterprise. You can choose the specific credit scheme you want based on gender, the type of business enterprise you own, and the economic sector.

Currently, six credit-linked schemes are listed under the business loan category, including:

Stand-up India Scheme
SRMS (Self-Employment Scheme for Rehabilitation of Manual Scavengers)
PMSVANidhi (Pradhan Mantri Street Vendor Atma Nirbhar Nidhi Scheme)
PMMY (Pradhan Mantri Mudra Yojana)
WMS (Weaver Mudra Scheme)
PMEGP (Prime Minister’s Employment Generation Programme)

Also Read: Top 5 Government Loan Schemes For Small Businesses In India

Livelihood Loan

Under this loan category, only one scheme, DAY-NRLM (Deendayal Antyodaya Yojana—National Rural Livelihoods Mission), is listed. The main objective of offering this loan is to provide financial assistance to the poor, especially women, allowing them to access funds and reduce poverty.

Agri-Infrastructure Loan

Under this category, borrowers can avail of government credit-linked schemes for maintaining their land and the produce after harvest. The loan is extended to the beneficiaries mainly with the objective of developing the agricultural infrastructure in the country and encouraging more people to consider agriculture as a full-time profession and thriving business.

Under this category, three credit-linked schemes are listed, including:

ACABC (Agri Clinics and Agri-Business Centres Scheme)
AMI (Agricultural Marketing Infrastructure)
AIF (Agriculture Infrastructure Fund)

Education Loan

Under this loan category, borrowers can find many credit options for pursuing studies in India and overseas. The loan is extended for all major courses, allowing the borrowers, especially those belonging to the lower-economic groups, to get access to quality education,

Different loan schemes listed under this category include:

CSIS (Central Sector Interest Subsidy)
Padho Pradesh
Dr. Ambedkar Central Sector Scheme

How do you keep track of your loan application on the Jan Samarth Portal?

Once you apply for a loan through the Jan Samarth Portal, you can easily track the status of your application through the same centralised online portal. And, tracking your application status is quite simple, it is a two-step process, as follows:

Step 1 - Log into the Jan Samarth portal with your official registration credentials
Step 2 - Navigate to the dashboard's 'My Application', and you will see the state of your application displayed on the screen.

Conclusion

Jan Samarth portal is a boon for all loan seekers. It allows you to learn about the different government loan schemes, assess your eligibility, apply for the loan, and even track your loan status, all under a single roof. In a nutshell, the portal has made the loan application easier and more convenient for all.

If you are looking to apply for a loan and want to look for other options beyond the government schemes, you can find a wide range of loan solutions at major NBFCs like Udyog Plus, part of Aditya Birla Finance Limited. You can apply for business loans, personal loans, or loans against property and get the funds at the most competitive interest rates and with flexible repayment terms and conditions.