Agriculture serves as the foundation of the Indian economy, so it is unsurprising that financial support is extended by banking establishments to farmers throughout the nation. These loans cater to a diverse range of agricultural undertakings, encompassing not only food crop cultivation by also various related domains including horticulture, aquaculture, animal husbandry, sericulture, beekeeping, and flower cultivation.
All major banks and financial institutions in India, at all levels, provide substantial financial assistance to farmers. However, the National Bank for Agriculture and Rural Development (NABARD) pioneered the idea of supporting rural economy and agriculture through financial credit in the early 1980s. When it comes to agricultural loans, all other banks in the country fall within the purview of the NABARD.
This financial institution is collaborating with the Government of India to strengthen the agriculture industry. It is credited with various creative programs that have greatly benefitted farmers across the country. The NABARD’s most noteworthy initiative is the Kisan Credit Card (KCC).
Here are some of the schemes that NABARD has helped Greatly in developing Agriculture in India. A few of them are as below.
The primary goal of this initiative is to assist farmers across the country by providing them with godowns. As a result, their holding capacity will improve dramatically, and they will be able to sell their products at reasonable prices rather than under hardship. Furthermore, with a nationalized warehouse system in place, agricultural commodity marketing becomes easier.
Dairy Entrepreneurship Development Scheme:
This scheme is intended to enhance the dairy sector, specifically by establishing modernized dairy farms, promoting calf rearing, providing infrastructure updating logistical operations, and generating self-employment.
Solar Programmes:
These programs were put in place to lessen reliance on grid power by encouraging the use of solar equipment. The objective is to replace diesel pumps with solar ones, which have low running costs and are environmentally beneficial.
Agriculture loan from HDFC Bank:
Farmers and agriculturists can get agricultural loans from HDFC Bank. The goal of these loans ranges from the establishment of orchards and plantations to the promotion of commercial horticulture and field crop production. Furthermore, warehouse receipt financing is available to all farmers and small traders through the HDFC bank.
Agriculture loan from State Bank of India:
State Bank of India (SBI) is a trailblazer in funding agricultural projects, supporting millions of farmers nationwide via its vast network of over 16,000 branches. With diverse offerings like the Kisan Credit Card and gold loans for crops, SBI caters to varied farming needs. The bank empowers mechanization through loans for tools like tractors and harvesters, supports ventures like dairy and fisheries, and aids debt-ridden farmers via the Debt Swapping Scheme. SBI also aids in agricultural marketing, agribusinesses, and land acquisition. These services are accessible through SBI branches and subsidiaries.
Allahabad Bank, a nationalized bank in India, presents the Kian Credit Card through its Akshay Krishi initiative, echoing the KCC scheme’s attributes. This offering extends to framers, including tenant farmers and cultivator owners. Notably, Allahabad Bank introduces its unique version, the Allahabad Bank Potato Growers Credit Card Scheme, aimed at promptly aiding farmers in meeting cultivation needs.
Agriculture loan from Punjab National Bank:
Punjab National Bank offers a diverse range of agricultural financial products. These encompass funding for biogas units, wasteland development, minor irrigation setups, and support for apiculture. The bank also provides warehouse receipt financing and insurance coverage under the Pradhan Mantri Fasal Bima Yojana, aiding farmers in case of crop failure due to natural calamities. These offerings complement their regular services like the Kisan Credit Card and debt swapping.
Agriculture loan from Bank of Baroda:
This is a prominent choice for agricultural loans, catering to a wide spectrum of sectors within agriculture. From tractors to heavy machinery, the bank supports essential equipment procurement. It extends working capital, facilitating the establishment and operation of ventures like dairy, pig farms, poultry, and more. Additionally, farmers seeking four-wheelers for enhanced farm management can access loans up to Rs. 15 lacks from the Bank of Baroda.