More and more farmers are now approaching NBFCs and private banks for meeting their financial requirements, thus giving a go-by to their traditional financiers — PSU banks and co-operatives, analyses Dhrubashish Bhattacharya, Vice President & National Sales Head – Tractor Finance, Magma Fincorp Ltd

India’s arable land area, used for growing various crops, spans across 159.7 million hectares (394.6 million acres), which is the second largest in the world, only next to the United States. To meet the agricultural demands for such a large area, the country requires about 16 million tractors for farming and commercial purposes. But, currently there are only about 4 million tractors used for agriculture purposes in India. The situation, therefore, opens immense growth scope for companies involved in the business of tractor financing.

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