Spocto’s Kisan Pay BOT reduces farm loan NPAs and eases collections

Spocto Solutions Pvt Ltd, a collectech start-up & 1^st to introduce contactless collections for banks and NBFCs in India covering all kinds of loans, enters the agricultural sector with its Kisan Pay BOT, a one-stop solution for the banks and farmers, where banks do not have to worry about farmer loan payment under Kisan Credit Cards. Launched in early 2021, till now Spocto has transformed self-pay for 2.5mn farmers in India. It has successfully bridged the digital divide by connecting farmers with loan repayments.

This is first of its kind innovative application that reads farmer data, details like collection timing, due date, analyzing and augmenting with the use of Machine learning, behavioral and psychographic information with use of AI to reach out to the customers in their own desired language. With this, the life of farmers has become easier for loan payments reducing travel to the nearest bank branch for cash payment and thus helps them to adopt digital payment modes enhancing financial literacy and driving inclusion.

The data is enriched with behavioural and psychographic information arrived at with the use of proprietary AI based Machine learning algorithms. The process allows Spocto to reach out to farmers at their preferred timing, through their preferred communication channel in the language they prefer thus increasing their propensity to pay within the due date.

With the help of Spocto Kisan Pay solution integration with banks and NBFC’s, farmers get a call, sms in their regional language with continues education and guidance on payment details, outstanding, due date. The product is currently available in 18 regional languages and offers digital payments over 9 platforms in 100 dialects.

Speaking on this milestone in Kisan Credit Card with Kisan Pay, Sumeet Srivastava, Founder & CEO, Spocto Solutions Pvt. Ltd says, “Financial independence in rural pockets in the country is the need of the hour. With financial counseling and services, we empower and enhance their propensity to pay. Spocto has established itself as a credible organization being able to convert more than 60% of the unpaid bank loans on the backbone of digitization, education using high-end AI and Machine learning.

Indigenously developed, this entire platform is supported by a robust backend team of operations and domain expertise, Spocto is now happy to impact the agricultural sector. We hope this product will be able to drive financial literacy and aid collection of farm loans.

Testing this solution for KCC users, we hope to extend our service across all agricultural loans educating farmers to pay. With the economy on the path of revival, farmers and their credit or loan repayments are an important parameter fuelling growth.”

Details about Kisan Credit Card  

Kisan Credit Card or KCC is an initiative by the Indian Government for the farmers of the country to have access to credit at a reasonable rate and was introduced in August 1998. Speaking on the current agricultural lending landscape, farmers applying for loans under KCC scheme can borrow funds at 7 percent per annum for amount upto 3 lakh. The Kisan Credit Card is linked to the farmer's savings account and loans for agriculture can be availed by any banks and NBFC’s in the country by the farmers. Most of India’s farmers opt for loans as it helps them to meet their various cash needs. Agriculture loans in India are offered to farmers for various things like agricultural crop production expenses, post-harvest expenses, farm maintenance, contingencies & others. Many banks in India provide easy loan facility like ICICI bank that offers farmers to pay back loans over a period of 3 to 4 years in -monthly/half-yearly/ yearly instalments as per their convenience.

Spocto Solutions Pvt. Ltd, is a boutique Big-Data Analytics Company offering its unique customer-driven insights to enhance the collection effectiveness of lending institutions. A collectech pioneer in India, Spocto, through its unique and proprietary Artificial Intelligence (AI) & Machine Learning (ML) based tools & platforms is changing the dynamics of the collection process, allowing the lending institutions to focus on their products and relationship with customers.