Magma Fincorp is contemplating to finance entire range of agricultural equipment in Punjab and Haryana. In the current financial year, the company would finance tractors, harvesters, rotavators, drip irrigation system and in the next fiscal year it would extend it to other agricultural equipment deployed in the farm sector.
Magma had disbursed Rs 798 crore in Punjab and Haryana last year, with the share of tractor loan at Rs 115 crore. So, the company sees huge potential in financing agricultural equipment. Further, Haryana and Punjab are among the top states in farm mechanisation. The shortage of farm labour in Punjab and Haryana has propelled the demand of farm equipment