SBI partners with IoTech World to provide low-interest loan for agri-drones

SBI will provide loans at the market rate to the customers of IoTech World Aviation without any mortgage, a 3 per cent concession in interest.

State Bank of India (SBI) and drone manufacturer IoTech World have come together to provide agri-drones to farmers at affordable prices and low loans. The two companies signed a formal agreement. The SBI will give loans at 3 per cent less than the market rate to the farmers, who buy agricultural drones from IoTech World Company.

Deepak Bhardwaj, the co-founder IoTech World, said that the SBI will provide loans at the market rate to the customers of IoTech World Aviation without any mortgage, a 3 per cent concession in interest. This exemption will be given under the Government of India’s Agriculture Infrastructure Fund (AIF).

Bhardwaj said that Agri-drones will prove a boon for India’s agriculture sector. The loan facility provided by SBI will prove to be very helpful for those farmers who were not able to buy drones due to a lack of institutional finance facilities.”

Anup Upadhyay, IoTech World Navigation co-founder said drones help in the optimum use of fertilizers and pesticides in agriculture, thereby reducing the cost of farming. The use of agriculture-drone is not only helpful in increasing the yield, but also saves a lot of time. Agri-drones are going to prove a miracle for Indian agriculture. It is noteworthy that IoTech World Navigation was started in the year 2017. This company manufactures agricultural drones.

SBI will provide loans at the market