India is an agricultural country. The majority of the population here depends on agriculture and that is why agriculture is considered to be the backbone of our economy. But for a long time, the biggest problem facing farmers has been the lack of money. If the farmer does not have capital, he will not be able to buy good quality seeds, fertilizers, pesticides or modern machinery. Without it, both crop yield and income are affected.
Even today many small and medium farmers hesitate to take loans from banks. The reason is that the process of taking a loan from the bank is long and complicated. At times, farmers also face difficulties in fulfilling guarantees or documents. In such a situation, farmers are forced to borrow from money lenders and later get trapped in expensive interest rates.
In view of these problems, KiVi Fintech has started a new initiative. This company is working to provide easy and digital credit to farmers and rural entrepreneurs. Especially in Tamil Nadu, farmers are getting great relief from this initiative.
What is KiVi Fintech?
KiVi Fintech is a modern digital financial platform. It aims to provide affordable credit to farmers and small businesses in rural India. The platform works with banks and other financial institutions. That is, KiVi is like a bridge, which reduces the distance between farmers and banks.
The biggest feature of KiVi is that it is easily available even in rural areas. Farmers can apply for the loan through their mobile phone or from the nearest partner center. Here the paper process is very simple and the loan is approved quickly. With this, farmers get money on time and they are able to invest in farming without delay. This is the reason why the farmers of Tamil Nadu are increasingly adopting the services of KiVi Fintech.
Financial Challenges of Farmers in Tamil Nadu
Tamil Nadu is one of the leading states in the country in terms of agriculture and production. Here rice, wheat, raginess, potatoes, cardamoms, oranges and apples are grown. Despite this, farmers are facing a lot of financial crises. The biggest problem is that farmers are not getting loans on time. Due to long procedures and strict conditions in banks, it becomes difficult for small farmers to get loans. Many times they have to be deprived of loans due to lack of documents or guarantees.
When farmers are unable to take loans from banks, they are forced to borrow money from private money lenders. The interest on these loans is very high. Farmers can't get rid of debt even after selling crops. Gradually, this debt becomes a huge burden. In such a situation, if farmers get easy and cheap loans, their lives can change. This is what KiVi Fintech is doing now.
Why is the initiative of KiVi Fintech important for farmers?
Farmers can progress only when they get money on time. The initiative of KiVi Fintech gives many such benefits to the farmers which are difficult to get in traditional banks.
- Speedy loan approval: The farmer does not have to wait long after applying.
- Less paper process: No need to fill complex forms or submit multiple documents.
- Digital features: The application is possible only from the village with the help of mobile and internet.
- KiVi: offers loans at lower interest rates than money lenders.
- Crop Based Loans: farmers can take loans as per their requirement.
These benefits increase the confidence of the farmers and they start using new techniques and tools in farming.
The Impact of KiVi Fintech in Tamil Nadu
KiVi Fintech has launched its services in several districts of Tamil Nadu. Farmers here said that now they do not have to wait for months to get a loan. Earlier, they used to shuttle between banks and moneylenders. Now if you apply from mobile, you get the money in a few days.
Farmers used this money to buy seeds, fertilizers, pesticides and irrigation equipment. Some farmers also bought small tractors and agricultural machines. This had a direct impact on their income. Apart from this, women farmers and Self Help Groups (SHGs) have also started small scale businesses by taking loans from KiVi Fintech. This has also increased the economic independence of rural women.
Strengthening the rural economy
Credit to farmers is not just limited to agriculture. It strengthens the economy of the entire rural area. When the farmer's income increases, he improves the education, health and living standards of his children. Employment opportunities are also being created in the villages. The loan obtained through KiVi Fintech makes the farmers self-reliant. They no longer depend only on traditional farming but also venture into new crops and businesses. This increases economic activities in the villages and accelerates the pace of development.
Future prospects
Once the model of KiVi Fintech is successful in Tamil Nadu, it can be adopted in other states as well. Small and marginal farmers in many states of India are still deprived of financial services. If digital platforms like KiVi reach there, then the agricultural economy of the country will get new strength. In the future, KiVi Fintech can also bring insurance, savings and investment plans for farmers. This will not only provide loans to farmers but will also provide long-term economic security.
Conclusion
Agriculture is the soul of India and the development of the country is incomplete without the progress of the farmers. KiVi Fintech's initiative in Tamil Nadu is a big step in this direction. It has transformed the lives of farmers by providing them timely and easy loans.
Today the farmers of Tamil Nadu are moving towards digital credit by getting out of the trap of money lenders. They are now becoming self-reliant and considering farming as a remunerative profession. KiVi Fintech has proved that if financial services reach the farmers at the right time and in the right way, then their future is assured it can be bright.
