Introduction to JanSamarth.in:
JanSamarth, a Government of India initiative, is a paradigm shift in the credit appraisal process, credit delivery, and credit monitoring in India. There are 13 loan schemes, 6 loan categories, and 200+ lenders on one platform.
Challenges for Borrowers:
Before JanSamarth, borrowers faced many challenges. Some of them are as follows:
- It was troublesome for beneficiaries to track the status on loan applications—run after banks for credit
- Lack of knowledge for various schemes
- Lack of transparency in the loan process
- There is no information on loan eligibility
- There is lots of documentation
- There is a lot of time-consuming process to check loan eligibility and disbursement
- No tracking of loan application status
Challenges for Government:
The government faced many challenges at the supervision level.
- lack of standardization of loan eligibility and transparency of the credit appraisal process by banks
- There is no monitoring system between banks and the government on loan status
- There is no information on the TAT for loan disbursement or the number of applications addressed by the bank to beneficiaries
Solutions:
Unique one-stop digital national portal for credit-linked government schemes. Less documentation is required; only a PAN card and an Aadhar card or Udyam number are required to apply for a loan. There are 13 government schemes, 6 loan categories, 200+ lenders, and 10+ nodal agencies on a single platform.
This contactless platform has automated the lending processes based on digital verifications, making the process simple, speedy, and hassle-free. Sophisticated algorithms and automation are used to eliminate time-consuming and tedious credit appraisal processes. Loan proposals are processed with a rules-based engine built using banks’ eligibility criteria.
The portal uses cutting-edge technologies and smart analytics to provide intuitive guidance to beneficiaries for checking subsidy eligibility, and the auto-recommendation system offers the best suitable schemes as per beneficiaries’ requirements and credentials.
Benefits:
- It provides citizens with the right type of government benefits through a simple and easy digital process
- It is enabled with smart analytics to provide intuitive guidance to loan borrowers for checking subsidy eligibility
- The auto-recommendation system offers the best-suited schemes as per the borrowers’ requirements and credentials
- Faster Disbursement with Real-Time Status Tracking for Loan Applications
- Borrowers can choose a member lending institution as per their choice