Garuda Aerospace and Bank of India Collaborate to Provide Agri Drone Loans to Farmers
In a significant move for the agricultural sector, Garuda Aerospace, a prominent drone manufacturer in India, has entered into a Memorandum of Understanding (MoU) with the Bank of India, a leading public sector bank in the country. This partnership is designed to facilitate financial assistance for farmers looking to acquire agricultural drones, with the intention of improving farming practices by providing accessible advanced drone technology through low-interest, zero-collateral loans.
This initiative will see Bank of India offering tailored financial solutions for farmers, corporations, and partnership firms to obtain loans specifically for agri-drones. Moreover, Garuda Aerospace will make use of the Agriculture Infrastructure Fund Drone Loan scheme to enable easier access to finance, thereby encouraging the adoption of budget-friendly drone solutions. This collaboration follows Garuda Aerospace’s existing partnerships with major financial institutions such as SBI and Union Bank of India, further emphasizing their commitment to integrating drone technology within the agricultural sphere.
Agnishwar Jayaprakash, the Founder & CEO of Garuda Aerospace, commented on this partnership, stating, “At Garuda Aerospace, our goal is to boost agricultural productivity with innovative drone technology. Joining forces with the Bank of India marks a pivotal step in making indigenous drone solutions more affordable and available to farmers. This will aid their shift towards precision agriculture while contributing to the vision of an Aatmanirbhar and Viksit Bharat.”
Shri Kiran Pathak, Assistant General Manager at Bank of India, reiterated the bank’s dedication to advancing the agricultural sector, stating, “Financing drone technology aligns with our mission to spearhead digital transformation in farming. By participating in this initiative, we seek to assist farmers in enhancing crop yields and efficiently utilizing fertilizers, pesticides, and growth promoters.”
Established in 2015, Garuda Aerospace has quickly established itself as a leader in drone innovation, deploying over 2,500 drones throughout India. The company is recognized as the first entity to successfully facilitate drone loans and subsidies, playing a vital role in modernizing agriculture.
