Agribazaar, a private sector electronic agri mandi, has launched ‘Agribazaar Kisan Safalta Card’.
A statement from the firm said that the ‘Kisan Safalta’ card is a quick and hassle-free instrument that helps farmers meet their pre- and post-harvest farm requirements and allied expenses. With this card, farmers can avail of the financing facility, when required. The funding is restricted to buying farm inputs.
It said that the card comes with a 12-month repayment period, which offers adequate time to clear the outstanding amount. Each farmer’s crop yield determines the limit for the card, the financing scale, and maintenance expenses. The card amount for marginal farmers is adjustable, ranging from ₹10,000-50,000. The maximum limit of the ‘Kisan Safalta’ card can be increased every year after an annual review based on the most recent crop yield and repayment history of farmers.
In case of crop damage following a natural calamity or poor crop yield, the repayment plan can be rescheduled. Farmers can repay the loan after the harvest. The repayment policy also stipulates that the debt is only paid off after the harvest.
Quoting Amit Mundawala, co-founder and Director of Agribazaar, the statement said: “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. They can use it as per the needs of their farming activities. Just like a regular card, it also offers attractive cash-backs as per use. The card offers a flexi loan repayment option.
“Fair and transparent card solutions and offerings to Indian farmers are critical for their day-to-day work empowerment. I believe the urban card penetration success is replicable in the rural sector if the product offerings are tailor-made for the Indian farmer’s needs.”
The card will be available to farmers in Madhya Pradesh, Rajasthan, Maharashtra, and Delhi NCR region in the first phase, the statement said.