Page 35 - Banking Finance April 2023

ARTICLE

minutes by various state- owned banks. The portal process mentioned. The applicant has to explore the scheme and
loan applications without human intervention and without they can check the eligibility under a scheme of their own
the physical document's submission. interest. For example; if someone wants to avail education
loan credit under Central Sector Interest Subsidy (CSIS), then
In the similar line the government launched the new portal they need to fill up the form where they have to provide
called Jan Samarth portal, which will facilitate digital the basic details like location, gross annual income of family,
approval of the loan specified on the portal. Where the category, course, length of the course, type of course, course
applicant can check the eligibility, apply online and get fee and the required loan amount. After filing the details,
digital approval. the eligibility will be decided that either they are eligible or
not eligible under the scheme. Thereafter the eligible
All the nationalised bank along with the other private beneficiaries can apply online to get instant digital approval.
lenders and financial institutions are the lending partner for
the portal along with SIDBI and NABARD. Benefits of Jan Samarath Portal:

The eligible applicant will get the following
The following process to be followed for getting
benefits through the portal:
the digital approval of the loan:
Beneficiaries need not to try hard for the loan.
1. Checking Eligibility: The applicant has to answer certain
Beneficiaries need not to go around the banks and other
questions and to get it to match with the best suitable
agents.
schemes available on the portal.
Beneficiaries will get the loan while sitting in their
2. Apply Online: The applicant has to provide the basic
details & documents then the advanced technologies house.
will capture/ auto-filled required details through smart No need to do more of the paper works.
analysis.
In a single portal the beneficiaries will get bundle of loan
3. Get Digital Approval: After providing the basic details schemes
and documents, the applicant has to view the offers
The loan will be given on the basis of need and eligibility
from more than 125 lenders and will get a digital
of the beneficiaries
approval from the selected bank.
The updates of all the activities will be available on the
4. Tracking the Application: The applicant can check the
portal.
status of the application on real time basis at their own
convenience.
Conclusion:
Process for Registration on the portal: The success of the portal is fully dependent on the lenders
and the other key stake holders i.e. the ministries and nodal
The web address for the portal is: https://
agencies. From the lenders side the more important task
www.jansamarth.in/. The applicant is required to visit the
will be to dispose the application within no time; so, the
official website of the portal. Then they have to click on the
beneficiaries will receive the credit as per their need. The
direct link of registration and the registration page will
ministries have to release the subsidies to the beneficiaries
appear. The applicant has to click on Applicant login, then
accordingly.
there are two options for registration i.e. e-mail Address
login or mobile number login. After entering the details like
email or mobile number and entering the captcha and The most important thing is that the benefits should reach
agreeing with the terms & conditions mentioned, the to the needy people for their growth and to meet out the
applicant to click on get OTP. After receiving the OTP, the financial needs. Once the portal will function properly and
same should be validated. After validation the applicant will it will reach to the actual beneficiaries the government will
get registered on the portal. direct to add some other credit -linked government schemes.
Hope the portal will reach to needy people and country will
After the login, on the home page, scheme details are enrich in the financial literacy.

30 | 2023 | APRIL | BANKING FINANCE