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An average Indian farmer is a perennial debtor since he has to work on inefficient farmland, using traditional methods of cultivation, and is exposed to the risks of a poor aIt’scultural season. It’s more than complex for the farmer to come out of debt once they face a crop failure, low crop prices, or moneylenders’ malpractices. In fact, a large part of the liabilities of farmers is ‘ancestral deb.’ Thus, along with his landed property, he passes on his debt to the next generation.

Four main reasons for rural indebted­ness in India:

(i) low earning power of the bor­rower,
(ii) use of loans for unproductive purposes,
(iii) high rate of interest levied by the moneylender, and
(iv) the manipulation of accounts by lenders.

‘Financial aid is a necessity of the hour.’

Agri finance in India is not only required for the cultivation, production, and dealing of crops but also to keep the agricultural economy alive. Most Indian farmers encounter burdensome problems such as a lousy monsoon, a poor harvest, or an accident forcing them to approach the mon­eylender for a loan. Agricultural finance in India is a re­quirement of the farming business and a symp­tom of the despair persisting among the farmer community.

This agri finance scheme was launched in August 1998 to provide short-term formal financial services to farmers. The plan was introduced by Indian public sector banks and created by the National Bank for Agriculture & NABARD (National Bank for Agriculture and Rural Development). The provisions were to meet the comprehensive capital requirements of the agriculture sector by giving financial support to farmers. 

With a similar objective to make agri finance easier for our farmers, agribazaar has introduced its own Kisan Safalta Card. Farmers will be issued based on their holdings to purchase agriculture inputs and draw cash for their production and personal needs. Kisan Safalta Card is a hassle-free mechanism that supports farmers and fulfills their pre and post-harvest requirements.

Farmers can satisfy their financing needs when required with this card.
Some of the major benefits of the Safalta Card are a 12-month repayment period with a flexible loan repayment option, card amounts ranging from ₹10,000 – ₹50,000, offers attractive cash-backs as per use, and much more.

“We felt the need to launch a card for farmers as they offer convenience in today’s digital world. When farmers can embrace the latest farming techniques, why should they be excluded from the digital world? The Kisan Safalta card is tailor-made for the Indian farmer.”
– said Amit Mundawala, co-founder and Director of Agribazaar.