NEW DELHI, Feb 7 (PTI): Drone manufacturer IoTechWorld Avigation on Tuesday said it has signed pact with State Bank of India (SBI) to provide concessional loans to farmers for purchasing its agri drones under a central government scheme.
An agreement was signed on February 1 between IoTechWorld Avigation Pvt. Ltd and State Bank of India, a company statement said.
SBI will offer collateral-free loans to customers of IoTechWorld Avigation at competitive rates and also provide an interest subvention of 3 per cent on the loans as mandated under the Agriculture Infrastructure Fund (AIF), Deepak Bhardwaj, co-founder of the Gurugram-based drone manufacturing company, said.
“Agri-drones are going to be a game changer for the Indian agriculture sector. The loan facility being extended by the SBI will be very helpful for farmers who were not able to purchase drones because of a lack of institutional financing facilities,” he added.
IoTechWorld Avigation’s Agribot Drone got India’s first DGCA ‘Type Certification’ in June 2022.
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‘‘Drones help in optimal use of farm inputs like fertilisers and pesticides, and thus reduce the cost of farming. The use of agri-drones not only helps in increasing farm output but also saves a lot of time,’’ company’s co-founder Anoop Upadhyay said.
Further, Upadhyay said that the AIF is a financing facility for creating post-harvest management infrastructure and community farm assets.
The government has launched Rs 1 lakh crore AIF few years back.
Established in 2017, IoTechWorld Avigation, one of the leading Kisan (agriculture) drone manufacturer in India, has a presence in 14 states and has over 26 channel partners.
