Private sector electronic agri marketplace, Agribazaar launched a farmer-centric card, the Agribazaar Kisan Safalta Card. 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 the Kisan Safalta Card, farmers can avail of the financing facility, when required. The funding is restricted to buying farm inputs. The company has partnered with Yes Bank and RuPay for this initiative.
Agribazaar Kisan Safalta 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 Agribazaar Kisan Safalta Card, the financing scale, and maintenance expenses. The card amount for marginal farmers is adjustable, ranging from ₹10,000 to ₹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.
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The Kisan Safalta Card can be used in precision farming, providing financial services and getting the farmer’s overall land records scorecard. 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. Its repayment policy also stipulates that the debt is only paid off after the harvest. Additionally, the interest rate is comparable to that of similar agri-offerings.
Highlighting the new offering, Amit Mundawala, Co-founder & Director, Agribazaar 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 Indian farmers. They can use it as per the needs of their farming activities. Just like a regular card, it also offers attractive cashbacks as per use. The card offers a flexi loan repayment option.”
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“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 rural India if the product offerings are tailor-made for the Indian farmers’ needs,” Mundawala added.
What is Agribazaar Kisan Safalta Card?
- A personalised card for farmers that is useful for agri-financing.
- The card can be universally used at PoS or e-commerce platforms providing farm inputs.
- Both physical and virtual cards for online and offline transactions.
- Attractive cashback on using Agribazaar Kisan Safalta Card.
- The application and disbursement process for Kisan Card loan is quick and hassle-free.
The Kisan Safalta Card will be offered to farmers at a pan-India level. In the first phase, it will be available to farmers in the states of Madhya Pradesh, Rajasthan, Maharashtra and Delhi NCR region.
(The story is based on a press statement made by Agribazaar.)
