IFFCO Kisan Finance obtained an NBFC licence in June, 2018 and commenced its journey with tractor loan product initially in Madhya Pradesh, Rajasthan and Uttar Pradesh. Gradually, it has added Bihar, Telangana, Andhra Pradesh, Haryana and Chhattisgarh in its area of operations.
As of end August, 2024, we have acquired around 95000 customers, all of them in rural and semi urban markets, and disbursed a sum of approximately Rs 3688 Crs to them. With the exception of one year due to Covid-19, we have maintained a decent year on year business growth levels. We have leveraged technology to the maximum in achieving this performance.
While each of our disbursements is made after a face to face interaction with a customer at his/her farm or home, we do not collect any physical document from him/her except the formal loan agreement. All our loans are processed digitally helping us make a name for ourselves in having the fastest TAT for customer service. We are focused on engaging with our customers digitally, yet maintaining a close personal connect with them.
Our performance so far gives us the confidence and strength to diversify into new products. These include harvester combines, used Commercial vehicles, implements and wholesale loans in our portfolio. In the tractor portfolio, we shall continue to widen as well as deepen our presence across markets and keep enlarging the size of our field team in order to obtain higher volumes. Our technological focus also helps improve the productivity of our team in the field and keep our costs lower, the benefit of which is ultimately to be passed on to the customer.
In due course, we will offer small business loans to our customers and also expand our presence in dealer and vendor financing.
We will also continue to give high priority to adhere to systems and processes that are compliant with the ever changing regulations in the financial sector as well as with the best industry practices so as to lay a strong foundation for our future growth.
We are grateful to all our key stakeholders in this journey including our customers, employees, investors and lenders. Their continued support will help us achieve several more milestones in times to come
