The government is planning to launch 'Jan Samarth' -- a common portal for delivery of various schemes run by different ministries and departments to improve the ease of living for the common man,

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As part of the Narendra Modi government's vision of minimum government maximum governance, the new portal plans to initially onboard 15 credit-linked government schemes, sources said.

http://psbloansin59minutes.Com for various kinds of credit products, including MSME, home, auto and personal loans. The portal facilitates in-principle approval of loans for MSMEs and other borrowers in 59 minutes by various state-owned banks compared to the earlier turnaround time of 20-25 days.

After receiving an in-principle approval letter, the loan is expected to be disbursed in 7-8 working days. The portal processes loan applications without human intervention till the sanction stage. Any MSME borrower does not need to submit any physical document for in-principle approval for a loan.

Instead, the portal depends on advanced algorithms to analyse data points from several sources such as Income Tax returns, GST data, bank statements etc.

The platform is integrated with the government's Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) to check borrowers' eligibility.

In the first two months of the launch of the portal, state-owned banks had given in-principle approval to 1.12 lakh loan applications of micro, small and medium enterprises, totalling Rs 37,412 crore. 

With PTI Inputs