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Peer-to-peer lending gives Indian farmers access to solar-powered hydroponic fodder units

A hassle is how Mysuru-based Chiknanjaiah would describe a traditional banking experience. "It takes a lot of time and it isn't easy," he shares. But Chiknanjaiah has never visited a bank. His opinions are coloured by the cautionary tales of his farmer friends. So, when he discovered a loan that he could secure within a matter of days to purchase his dream solar-powered hydroponic fodder unit, he was thrilled.

Today, the device — which enables him to grow fresh fodder — has proven to be an antidote to what was otherwise a cumbersome process.

"Since I started feeding my cows fresh fodder, there has also been an increase in the fat percentage of the milk," he explains, adding that this boost in quality has also improved his earnings. But above all, Chiknanjaiah is grateful that he "did not have to stand for hours in a bank queue to make this happen".

This relief is mirrored by Nagajyothi from Seegampatti village in Tamil Nadu. Like Chiknanjaiah, she too availed herself of an EMI option — she pays Rs 1,900/month for a year — for her solar-powered hydroponic fodder unit. She praises the machine for its triple advantage: Nagajyothi no longer has to purchase fodder at hefty prices, the unit consumes less water, and it frees up her time to focus on household chores.

Read more at The Better India

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