While launching the portal chief minister said that the facility will enable farmers as well as agri-entrepreneurs to access over 300 term loan products of more than 40 banks.
Additionally, it has also been combined with Krushak Odisha which will give access to over 70 model project reports.
The minister said the application can revolutionize credit provisions for cultivators and agri-entrepreneurs.
Patnaik said the application is a one-stop solution for agri-entrepreneurs and farmers to obtain formal sector financing from public and private sector banks, Regional Rural Banks, State Cooperative Banks, and Small Finance Banks.
Advantages of the portal
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Simplification of the loan application process
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Greater visibility of the types of loan products offered by the bank
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Ability to create high-quality DPRs by referring to template DPRs available in the portal
Banks
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Access to a large pool of loan applicants
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Improving application quality by providing model DPR for farmers
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Visibility of loan application status from branch to central level
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Manually uploading approved applications to the core banking system
The chief minister said that the platform would greatly simplify the loan application procedure, which will be very helpful to banks as well as farmers.
By providing farmers with real-time updates during each stage of their loan application, it will also lessen information asymmetry.
In a tweet, Patnaik said that for the convenience of the farmers it is connected to the "Krushak Odisha" database that will provide access to more than 70 model project reports. The "SAFAL" portal will make agricultural loan-related work easier and enable farmers to receive timely information about the loan at every stage.
