The backbone of our economy, the ultimate source of the country’s livelihood and the foundation of civilization, agriculture entails a craftsman who utilizes implements to carry out the art of farming. Revolutionizing traditional farming practices, the discovery of agricultural techniques and machineries has improved efficiency, output and productivity by saving time, reducing the need of human labor, and increasing the efficient use of land. For the new generation of farmers, investing in high quality agricultural machinery becomes an essential pre-requisite for scalability, prosperity and innovation.
However, investing in these ground breaking implements comes with its financial constraints. The quest for maximum yield, uniform growth and enhanced productivity makes farmers head towards financial solutions such as acquiring farm implement loans. Fieldking, a leading manufacturer of top-notch agricultural implements seeks to partner with farmers and help them access a real financing plan to fulfill their agricultural needs and hop onto the business side of farming.
Farm Implement Loans: A Valuable Asset
The difference between a bountiful harvest and a mediocre one is the use of cutting-edge technology that can be accessed through a funding strategy of obtaining credit. Let’s understand the benefits of agricultural implement loans and how this strategic move benefits the farmers:
- Cash flow management: The farming sector is unpredictable due to various factors such as market trends, prices and weather conditions. Acquiring a loan will not only make technological equipment available to the farmers but will also future-proof them against unexpected events or help them invest money in other areas of growth.
- Accessing ground breaking technology: With numerous big corporations entering the agricultural space, it is often difficult for small farmers to compete with their limited resources and outdated machinery. Farm implement loans help in securing automated implements and other sophisticated technology that makes farmers stay competitive and yield flourishing harvests. Additionally, with such financial aid, they can maintain and upgrade their implements which ultimately leads to economic empowerment.
- Enhanced productivity and predictability: Implement loans open the doorway of opportunity for farmers to invest in modern technology and increase crop yield, engage in timely operations and reduce the need of manual labor. Additionally, it becomes easier for farmers to device a standard and stable budgeting plan that allows them to allocate their monthly resources effectively without facing financial stress.
- Other potential benefits: Purchasing farm implements with a loan might offer various tax benefits such as depreciation deductions. Equipment financing not only lets the farmers’ access tax incentives but also helps in profiting from various government schemes and funding programs.
Eligibility Criteria
While the eligibility criteria may differ across financial plans and institutions, the basic set of requirements includes:
- Land ownership: Farmers must own a part of land as collateral for the loan. If there is a lack of ownership, loan must be acquired in groups.
- Age: The farmer must be 18 years or older to apply for the loan.
- Residential stability: Applicant must have a permanent residential house.
- Farming experience: Some banks require minimum years of experience to qualify for loan approval.
- Credit history: A good credit score increases the chances of loan approval.
- Repayment ability: Proof of the ability to repay the loan.
Here is the complete list of documents required:
- Proof of identity
- PAN card
- Passport
- Voter ID card
- Driving license
- Aadhar card
- Address Proof
- Latest utility bills such as telephone, electricity, water bill
- Ration card
- Land ownership documents
- Income certificates
- Bank statements
Apply for Implement Loans: A Step-by-Step Guide
Agricultural equipment financing is an essential step that can possibly make a big difference to the growth of your farming business. Let’s dig deeper into the whole process of obtaining farm equipment loan:
- Assessment: Fully analyze your farm equipment loan needs, amount of funds required and your capacity to repay the funds in the form of Equated Monthly Instalments (EMI).
- Review your needs: Select the type of implements you want the loan for or whether you want to replace or upgrade your machinery to carry out various agricultural activities more efficiently.
- Understand and review your agreement: You must fully understand your agreement’s terms and conditions including the interest rates. Review this agreement periodically, negotiate if needed and update the institution if there are any changes in your business.
- Document submission: Collect and submit the required documents.
- Loan approval and sanction: After the submission of your documents, get your loan approved and disbursed without delay.
Agricultural Equipment Financing with Fieldking
Embracing excellence through the ideals of authenticity and transparency, Fieldking frames the wave of technological advancements. We have joined hands with retail finance partners including banks such as SBI, Federal Bank, PNB, INDUSIND, TVS Credit Service and Mahindra Finance to ensure that customized farm implement loans are available at competitive rates and flexible repayment tenure for our customers. With no hidden charges and fast loan acquirement, farmers can easily access innovative Fieldking implements that remain reliable and durable through various seasons. Some of these banks cover all Fieldking products and are available Pan India while few others cover some of the products and are available across some states. Fieldking customer support team helps farmers to understand retail finance and government subsidiary schemes to take well informed decisions regarding implements to choose and finance.
By nurturing and upgrading agricultural land and making farming tasks easy and faster, Fieldking implements are transforming business growth and fulfilling the ambitions of farmers. Implement Loans ease accessibility to these implements and are a highly welcomed vital factor in the unpredictable farming sector.
