SUMMARY
Small businesses and startups can also raise money via the Stand Up India Scheme or the PM Employment Generation Programme
Currently, the portal has posted 13 schemes across four categories intended to help students, farmers, businessmen and MSME entrepreneurs
After checking eligibility with the Jan Samarth platform, a user can submit an online loan application to 125+ lending institutions including all public sector banks
During the week-long celebration of the finance ministry and the Ministry of Corporate Affairs, Prime Minister Narendra Modi announced the launch of the Jan Samarth Portal. The portal will be a one-stop platform for all credit-linked government initiatives, with major emphasis on loans across education, agri infrastructure, business and livelihood generation activities.
The prime minister stated that earlier it was the responsibility of the people to go to the government for availing benefit of the schemes, however, change is there in course.
“Now the emphasis is on taking governance to people and freeing them from the rigamarole of doing rounds of different ministries and websites. This portal will improve the lives of students, farmers, businessmen and MSME entrepreneurs. It will help them in realising their dreams,” Modi said.
Jan Samarth Portal comes in handy for availing different startup credit schemes including the Stand Up India Scheme or the PM Employment Generation Programme which are intended to promote entrepreneurship in the country.
According to the Jan Samarth website, beneficiaries will be able to connect with lenders directly. Users can digitally check their eligibility for schemes, apply online under eligible schemes and receive digital approval.
The idea is to connect users with the right type of government scheme and provide them support to raise loans for their business activities.
Here’s How Jan Samarth Portal Will Work
The Jan Samarth portal provides a single-window facility for 13 government schemes and helps a user submit an online loan application to 125+ MLIs (Member Lending Institutions including all public sector banks).
The portal checks with CBDT, GST, UDYAM, NeSL, UIDAI and CIBIL to ensure that users’ credit history is duly checked, thus providing an in-principle sanction to the application. The move is aimed to reduce the physical effort that an individual has to undertake visiting banks and several ministries.
To begin with, a user simply has to answer some eligibility questions, post which the platform connects them with the most relevant subsidy scheme. It also outlines the optimal EMI amount, loan tenure and interest rate and directs the user to the banks providing loans.
Currently, the portal has posted 13 schemes across four categories. Finance Minister Nirmala Sitharaman has outlined that the government will keep adding more schemes and partners with time.
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