IoTechWorld inks pact with SBI for providing loans to its drone customers

The use of agri-drones not only helps in increasing farm output but also saves a lot of time, companys 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.

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.

''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.

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