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Fintech firm Spoon waives interest on farm loans

Our Bureau Kochi | Updated on April 02, 2020 Published on April 02, 2020

Kochi-based fintech start-up Spoon has waived interest and processing charges worth ₹25 lakh on farm loans disbursed to 136 farmers in the Nilgiris with a total ticket size of around ₹1.7 crore.

Kurian George, founder & CEO, Spoon, said the firm currently handles two major agro-impact investment projects, located in Tamil Nadu and Maharashtra, and the present waivers will be applicable to all loans disbursed between November 2019 and March 2020 in these projects in addition to the government-declared moratorium on EMIs. “This will impact nearly 1,000 people in the Nilgiris alone, where they are engaged in carrot, beetroot and potato farming while in Maharasthra, our loans are given to cotton farmers,” he said.

Spoon is currently specialising in impact agro-lending, providing hassle-free loans for cultivation to farmers across the country, he added. The company claims to operate on the principles of impact financing and integrate this with smart technology to benefit the community at a larger scale.

Spoon helps farmers to incorporate tech-based scientific farming methods in place of traditional practices to ensure better yields, Kurian George said.

“In the current scenario, we have to take care of our farmers in the best way we can. Waiving the interest seemed to be the right way to go about it,” said co-founder Vivek George.

Published on April 02, 2020

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