Credit cards sprout new benefits for India's hydroponic farmers
What's the story
Hydroponic farming is growing deep roots in India's urban landscape, with soil-less agriculture becoming a profitable and sustainable trend.
Yet, funding this futuristic farming method can be tricky. While no credit cards are exclusively designed for hydroponic enthusiasts, innovative financial products are bridging the gap with rewards, cashback, and financing tailored to agricultural needs.
Curious how credit can cultivate your next harvest? We've listed five innovative credit cards and solutions reshaping hydroponic farming in India—where technology meets green-thumb ambition.
KCC benefits
Flexible financing with Kisan Credit Card
The Kisan Credit Card scheme is a one-stop solution for farmers and agricultural enthusiasts. It offers a revolving credit facility not just for hydroponic farming but also for buying seeds, fertilizers, pesticides, and equipment.
Key benefits include convenient repayment schedules matching harvesting cycles, hassle-free documentation, and low-interest rates starting from 2% per annum.
Plus, you get insurance coverage, including national crop insurance and personal accident insurance.
Unnati Advantages
Unnati Credit Card: Tailored for farmers
The Unnati Credit Card is a first-of-its-kind co-branded card that enables farmers to buy agricultural inputs from Farmer Producer Organizations.
It supports contactless payments on the Visa network and provides "credit limits with an enhancement option based on the farmer's profile."
By offering low interest rates and convenient repayment options, this card facilitates timely renewal and proper utilization of credit for agricultural inputs.
AIF opportunities
Boosting infrastructure with AIF loans
The Agriculture Infrastructure Fund scheme offers loans up to ₹2 crore with interest subvention and credit guarantee coverage.
While not a conventional credit card, these loans facilitate investments in hydroponic infrastructure and other projects.
Farmers, FPOs, and agri-entrepreneurs are eligible.
Repayment terms are project cash flow-aligned with up to a two-year moratorium period.
RuPay convenience
Digital transactions via Rupay Kisan Cards
The digitization push in agriculture continues with the government initiating the conversion of traditional Kisan Credit Cards into RuPay ATM cum Debit Kisan Credit Cards, facilitating easier digital transactions for farmers.
Notably, these cards will be linked to the farmer's savings account, ensuring they earn interest on balances. Plus, they will continue to provide national crop insurance and personal accident insurance coverage.
Flexible spending
General credit cards with agri-benefits
Many general-purpose credit cards from banks like HDFC, ICIC, and Bank of India offer advantages for hydroponic farming enthusiasts, thanks to their flexible spending limits and rewards programs.
You can use these cards to buy equipment or inputs needed for hydroponic farming, and earn cashback or points on relevant purchases. Plus, they often come with competitive interest rates.