Agribazaar Launches ‘Kisan Safalta Card’ for Agri Financing

Agribazaar, a private electronic Agri mandi, has introduced the 'Agribazaar Kisan Safalta Card.' According to the firm's statement, the 'Kisan Safalta' card is a quick and easy tool that helps farmers meet their pre and post-harvest farm requirements and allied expenses.

Farmers can use this card to obtain financing when needed. The funds can only be used to purchase farm inputs. According to the company, the card has a 12-month repayment period, which provides enough time to pay off the balance. The crop yield of each farmer determines the card's limit, the financing scale, and maintenance costs.

The card amount is adjustable for marginal farmers, ranging from Rs 10,000 to Rs 50,000. The maximum limit of the 'Kisan Safalta' card can be increased annually following an annual review based on the most recent crop yield and farmer repayment history.

The repayment plan can be rescheduled if crop damage occurs as a result of a natural disaster or if crop yield is low. Farmers can repay the loan once the harvest is complete. The repayment policy also requires that the debt be paid off only after the harvest.

The statement quoted Amit Mundawala, co-founder and Director of Agribazaar, saying, "We felt the need to launch a card for farmers because they offer convenience in today's digital world." Why should farmers be excluded from the digital world when they can adopt cutting-edge farming techniques? The Kisan Safalta card is designed specifically for Indian farmers. They can use it to supplement their farming activities. It, too, offers attractive cash-backs based on usage, just like a regular card. The card includes a loan repayment option.

According to the statement, the card will be available to farmers in Madhya Pradesh, Rajasthan, Maharashtra, and the Delhi NCR region in the first phase.

"Fair and transparent card solutions and offerings to Indian farmers are critical for their work empowerment on a daily basis." I believe that the success of urban card penetration can be replicated in the rural sector if product offerings are tailored to the needs of Indian farmers," added Amit.