SAFL extends its interest free credit facility to 23 widows from Vidharbha Region

by Shrutee K/DNS

Sustainable Agro-commercial Finance Ltd. (SAFL), an NBFC focussed on financing farmers and agriculture has extended its month old innovative scheme of interest free special financial assistance to 23 widows of farmers with approximately Rupees 503,615 in the Vidharbha Region of Maharashtra. This enhanced financial assistance will support financially and socially deprived widows to set up their own small enterprises for a better future and sustainable livelihood.

SAFL, an exclusive farmer focused NBFC has provided financial facility to the widows of farmers in the region without any margin money or security for a period of three years at the following simple interest rates: 0% simple interest for a sum of Rs. 5,000, 5% simple interest for borrowings between Rs. 5,001 to Rs. 15,000, 6% simple interest for borrowings between Rs 15,001 to Rs 25,000, 7% simple interest for borrowings between Rs 25,001 to 50,000

At a small function arranged at the Vikash Bhavan Hall in Wardha District, a group of 12 individual widows were handed over cheques to commence with their own small businesses. SAFL also handed over cheques separately to another eleven widows from Yavatmal and Wardha district to start flour mills, shops for bangles & bindis, imitation jewellery for women, utensils shops, kirana shops, cosmetics shops, sewing machines for tailoring enterprises, motor pumps for lifting water from nearest lakes, diesel engines for water lifting and sprinkler irrigation for their own available unused land. 

SAFL is the first farmer focused NBFC in India providing agri-infrastructure loans with a wide and diverse range of financing options on commercial terms for almost every need of agricultural activity. It also envisages bringing maximum cotton growing area of Vidharbha under the drip irrigation facility as well as augmenting, restoring and renovating existing minor and small scale irrigation resources through provision of water lifting devices. In addition, SAFL also extends finance to the second major crop of Vidharbha and Marathwada viz. Sugarcane so as to ensure water consumption is reduced by at least 40% thus making available the saved water resources for other uses.

Shri. Rahul A. Sarang, Tahsildar & Executive Magistrate, Wardha, Wardha District said, “The farmer community and their families in the region are grateful to SAFL for supporting them to overcome the hurdles and help them to find out some ways for better living”.

Dr. Suresh U. Nemade, Programme Coordinator, Krishi Vigyan Kendra, Selsura, Wardha said “This is a very good initiative taken by SAFL and would request other lending agencies to adopt similar practices in the region by offering loans at zero rate or low interest rates in order to help the farmers and others to make a better living. Looking  at  the  distress  of  farmers  in the recent years,  the rural credit agencies should take up   successful  programs  to  boost  up  the morale, as also to elevate the socio-economic status of farmers of this region”.

Speaking on the development Shri. Milind Kulkarni, Dy. CEO, Sustainable Agro-commercial Finance Limited said “Like most of India, Vidharbha and Marathwada too depends largely on rainfall, which has a high level of uncertainty. Hence there is an urgent and dire need for conserving and optimizing usage of water. Besides drip irrigation systems, other innovations including high yield strains such as BT cotton and other high yielding seedlings/plants, farm mechanization for improving productivity  need to be adopted,”

“For many years an Indian farmer is unable to access timely, adequate and affordable capital to invest and develop agricultural infrastructure and we are committed towards offering permanent solutions for sustainable development and efficacy of farmers as well as our nation”  said Mr. Arvind M. Sonmale, Managing Director & CEO, Sustainable Agro-commercial Finance Limited,

SAFL currently finances Micro Irrigation Systems (MIS) like Drip Irrigation & Sprinkler Irrigation, Agri Projects, Lift Irrigation schemes, Small Business, Farm Equipment, Solar Pumps & Appliances, Farm Mechanization, Land development, Horticulture Plantations, Poly Houses, Shade Nets, Dairy etc. It has also expanded its business operations to Karnataka and Madhya Pradesh with its offices now at Belgaum, Bijapur, Mudhol, Athani, Bellary in Karnataka and at Indore, Dhamnod, Barwani, Khargone, in Madhya Pradesh.