The Jan Samarth portal is an online platform that enables MSMEs to apply for government loans and other financial assistance. The Ministry of Micro, Small, and Medium Enterprises (MSME) launched the portal in 2019.
The portal provides a single window for all MSME services, including registration, certifications, loan applications, and status tracking. The portal is named after Jan Sangh founder Shyama Prasad Mukherjee.
The objective of the Samarth portal is to provide easy access to various government schemes and services for MSMEs. It will also help reduce the time and cost associated with these services.
Features of the Jan Samarth Portal
Some of the key features of the Jan Samarth portal are:
| Online registration: MSMEs can register on the portal by providing basic information such as name, address, type of business, etc. |
| Loan application: MSMEs can apply for loans online through the portal. They can track the status of their loan application and view the list of documents required for the loan. |
| Certification: MSMEs can apply for various certifications, such as ISO 9001, through the portal. |
| Scheme tracking: The portal provides information on various government schemes for MSMEs. It also allows MSMEs to track the status of their applications for these schemes. |
| Status tracking: The portal provides a facility for MSMEs to track the status of their applications for various services, such as registration, loan, certification, etc. |
Benefits of Jan Samarth Portal
The Samarth portal offers several benefits to MSMEs, including:
| Easy access to government schemes and services: The portal provides a single window for all services related to MSMEs to help reduce time and cost. |
| Reduced paperwork: The portal will help reduce the paperwork associated with various government schemes and services. |
| Faster loan approval: The portal will help speed up the loan approval process for MSMEs. |
| Improved transparency: The portal will improve the transparency of government schemes and services for MSMEs. |
| Enhanced access to capital: The portal will provide access to capital for MSMEs through its online loan application facility. |
| Competitive interest rates: The interest rate for Jansamarth loans is lower than the average interest rate charged by banks and other financial institutions for agricultural loans. This makes it easier for farmers to repay their loans. |
| Easy eligibility criteria: The eligibility criteria for Jansamarth loans is simpler compared to other types of agricultural loans. This makes it easier for farmers to apply and get approved for the loan. |
| Flexible repayment options: Jansamarth loans offer flexible repayment options, which help farmers to choose a repayment plan that suits their circumstances. |
| Quick and easy application process: The online application process for Jansamarth loans is simple. Farmers can get instant loan approval and disbursement within five working days. |
Eligibility Criteria of Jan Samarth Loan Scheme
To be eligible for the benefits offered by the portal, you must be a small business with an annual turnover of less than Rs. 5 crores.
Documents Required For Jan Samarth Portal Registration
The following documents are required for registering on the portal:
- Aadhaar Card
- PAN Card
- Bank account details
- Income tax return filings for the last three years
- GST registration certificate (if applicable)
- Company registration certificate (for registered businesses only)
- Partnership deed (for partnership businesses only)
- Proprietorship declaration (for proprietorship businesses only)
- Address proof (electricity bill, water bill, etc.)
- KYC documents (if applicable)
Types of Loan Covered Under Jan Samarth Portal Scheme
Retail Loan Under Jan Samarth Portal
Individuals, whether they’re employed, self-employed, or students, are eligible to apply for loans through the retail loan products mentioned above. Here are few top 5 financing options for Retail Businesses.
Upon starting the application process, the applicant will undergo authentication via OTP-based Aadhaar verification. Upon successful verification, personal details will be automatically filled in, reducing the need for extensive input by the borrower and ensuring data consistency. Additionally, the PAN provided by the borrower will be authenticated through integration with NSDL. Here are few top tips to scale retail business.
The National Portal is integrated with CBDT systems, allowing it to retrieve income details from IT Returns based on the entered PAN.
Applicants are required to upload bank statements according to product guidelines. To simplify this process, the portal includes functionality for automatically fetching bank statements using penny drop functionality, enhancing applicant convenience.
Credit history and details of existing liabilities will be obtained through integration with credit bureaus and digitally verified.
Furthermore, applicants must provide additional information such as demographic details, income projections, project details, and existing loan details (if applicable).
The platform conducts risk-based scoring based on various parameters including demographics, CIBIL score, and loan tenure.
The portal utilizes a business rule engine to assess the limit requirement and, based on the applicant’s data points and product parameters set by the banks, displays a suitable product matching the applicant’s requirements.
Applicants will then select their preferred bank and branch for further processing of the application.
Finally, an ‘Agreement in Principle’ will be provided to the applicant for the selected product.
MSME Loan Under Jan Samarth Portal
Entrepreneurs of various business structures, including sole proprietors, partnerships, private limited companies, LLPs, SEPs, and SHGs, are eligible to apply for loans through this program. View a complete details on the types of company registration in India before starting a business. Applicants are required to furnish essential KYC documents such as PAN, Aadhar card, Voter ID issued by the Election Commission of India, and Udyam Registration Online.
Moreover, income-related documents such as Income Tax Returns (ITR), bank statements, and GST registration details are necessary. The portal offers the convenience of automatically retrieving income-related information like ITR/GST data and bank statement details from their original sources upon obtaining the applicant’s consent. Additionally, applicants can manually upload their bank statements and ITR if needed.
Credit information for applicants is directly obtained from the Credit Information Bureau. Furthermore, applicants are asked to provide additional details such as demographic information, income projections, project specifics, existing loan details (if any), and loan requirements.
The platform conducts risk-based scoring by evaluating various parameters such as demographics, CIBIL score, and loan tenure. Using a business rule engine, the portal determines the loan limit required and suggests suitable loan products based on the applicant’s data and the bank’s predefined parameters.
Applicants then choose their preferred bank and branch for further processing. Upon selection, an ‘Agreement in Principle’ is provided to the applicant for the chosen product.
Agricultural Loans Under Jan Samarth Portal
This funding opportunity is open to a wide range of applicants including self-employed individuals, sole proprietors, partnership firms, companies, corporations, cooperative marketing federations, autonomous government bodies, self-help groups (SHGs), NGOs, and others.
To apply, applicants must furnish essential KYC documents such as PAN, Aadhar, Udyam registration, ITR, bank statements, GST, and other pertinent information. You can also look after Mudra Loan scheme provided by government.
The provided ITR/GST data and bank statement details undergo real-time analysis to streamline the decision-making process.
Upon evaluation, selected applicants will receive an ‘Agreement in Principle’ for the chosen product.
Conclusion
The Samarth portal is a one-stop shop for all MSME-related services. It provides a convenient and easy way for MSMEs to apply for various services, such as registration, loan, certification, etc. The portal also allows MSMEs to track the status of their applications and view the list of documents required for availing of these services. In addition, the portal provides information on various government schemes for MSMEs and allows them to track the status of their applications for these schemes.
FAQs
How to Use the Samarth Portal
The Samarth portal can be accessed through the website www.samarth.gov.in. MSMEs can register by providing basic information such as name, address, and type of business, apply for various services and government schemes, track the status of their applications, and view the list of documents required for availing of these services.
Jan Samarth Portal Registration & Login Process
To register at Jan Samarth Portal go to www.Jansamarth.in click n Jan Samarth Portal Registration, MSMEs need to provide basic information such as name, address, type of business, etc. After successfully registering click on login.
How To Apply For A Loan On The Jan Samarth Portal?
To apply for a loan on the portal, MSMEs need to log in to their account and click on the “Apply for Loan” button. They can then fill in the loan application form and submit it online, after which they will be required to upload the necessary documents. Then the loan application will be processed and approved by the concerned authority. MSMEs can track the status of their loan application through the portal.
What are the interest rates for loans availed through Samarth Portal?
The lending institution will decide the interest rates for loans availed through the portal. However, the government has set a ceiling of 14% per annum for all loans availed through the portal.
What is the repayment period for loans availed through Jan Samarth Portal?
The lending institution will decide the loan repayment period through the portal. However, the government has set a maximum repayment period of 5 years for all loans availed through the portal.
What is the late payment penalty for loans availed through Jan Samarth Portal?
The lending institution will decide the late payment penalty for loans availed through the portal. However, the government has set a maximum late payment penalty of 2% per month for all loans availed through the portal.