SAFAL (Simplified Application For Agricultural Loan) has been launched by CM Naveen Patnaik- AgriTech (All about Agriculture)

SAFAL (Simplified Application For Agricultural Loan) has been launched by CM Naveen Patnaik.

SAFAL (Simplified Application For Agricultural Loan) has been launched by CM Naveen Patnaik- AgriTech (All about Agriculture)

Today i.e 26th Oct 2022, Chief minister of Odisha Shri. Naveen Patnaik was inaugurated the agri loan portal SAFAL(Simplified Application For Agricultural Loan). All farmers and agri- entrepreneurs of odisha can apply for loan from supported bank.
The loan is available for above sector i.e Agriculture, Horticulture, Fisheries, Sericulture and Animal Husbandry.

About the portal:

Success in modern farming depends on a proper combination of money, management, and marketing which are primarily driven by credit. The basic role of credit in Agriculture and allied sectors is to provide capital to acquire any kind of productive assets, land, machinery, etc making credit quintessential for farmers and agri-entrepreneurs for setting up or expanding their practices.

The Common Credit Portal is a one-stop solution for farmers and agri-entrepreneurs to avail formal sector credit from public sector banks, private sector banks, regional rural banks, Odisha State Cooperative Bank and small finance banks. Through the common credit portal, the farmers and agri-entrepreneurs can access 50+ loan products offered by 20+ banks. They can apply for the loan online, track the submitted loan application and receive regular notifications on their application process.

Features of the credit portal:

Online Application: User-facing web portal and mobile app to apply for and process the loan products offered by 20+ banks in the agriculture and allied sector. Relevant information such as guidelines, and model DPRs for all loan products are available on the platform.

Status Tracking: Applicants can track the real-time status of their applications on the portal or the app using their mobile number. They can know at what bank-level their application is and who is responsible for processing the next stage of their application.
Proactive Status Notification: Applicants also get notifications via SMS and/or E-mail as their application is reverted, sanctioned or rejected at each stage. They are also informed about any activity that needs to be undertaken at their end.
Online Application Processing: End-to-end processing of applications is enabled online on the web portal and mobile app for each bank level.

Common Portal: The credit portal is a single portal for accessing all bank loan products available for farmers and agri-entrepreneurs across agriculture and allied services.
Advantages of the portal.

Farmers:

• Easier loan application process
• Better visibility on the type of loan products offered by banks
• Ability to prepare quality DPRs by referring to model DPRs available on the portal
• Handholding support by the govt to loan-seeking farmers and agri- entrepreneurs

Banks:

• Access to a large pool of loan seekers
• Better quality applications because of the provision of model DPRs to farmers
• Visibility of the status of loan applications from the branch to the headquarter level
• No need for manually digitising sanctioned applications into the Core Banking System
• Access to the independently calculated Agri-credit score of the loan seeker.

List of Supported Bank:

1. Axis Bank
2. Bandhan Bank
3. Bank of Baroda
4. Bank of India
5. Bank of Maharashtra
6. Canara Bank
7. Central Bank of India
8. DCB Bank
9. ESAF Bank
10. Federal Bank
11. HDFC Bank
12. ICICI Bank
13. IDBI Bank
14. IDFC first Bank
15. Indian Bank
16. Indian overseas Bank
17. Odisha Gramya Bank
18. PNB Bank
19. Punjab and Sind Bank
20. SBI
21. UCO Bank
22. Union Bank
23. 17 DCCB

And more.

PM Rojgar Mela 2022

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AgriTech (All about Agriculture)