Farming equipment is essential to carry out agricultural activities on a large scale. Without having adequate equipment for the farming activity, it is difficult to meet mass production needs. Among the different tools that are necessary, a tractor is an essential one that aids in a variety of activities.
Why is a tractor important?
Tractors form a crucial part in farming activities like cultivating, ploughing, planting, fertilising, and even harvesting. They are used in every stage of the farming activity and thus are indispensable for a farmer. If finances are a concern, then a tractor loan is the most effective way to purchase a tractor. With rapid digitisation across the nation, availing a tractor loan online has become easy and convenient. Moreover, with minimal requirement for tractor loan documents, you get swift sanctions.
Why is there a rise in demand for tractors in 2021?
2020 is the year we saw a global pandemic start and spread. It did impact all sectors but not so much on the agricultural sector. Farming is necessary for survival and is required even in the worst possible scenarios like a pandemic. Further, the monsoon in 2020 played a driving factor for tractor sales. The country witnessed an adequate amount of rainfall fulfilling the water requirement for the entire crop season. Good rainfall has ensured the output for the upcoming crop season and thus the demand for farming equipment continues.
Followed by the monsoon, a waiver of loans has contributed to surplus funds that could be used to finance tractor purchases. Many schemes were introduced in favour of the farming community wherein the benefit of loan waivers made it possible to invest in advanced farming equipment like a tractor. Further, affordable tractor loan interest rates also contributed to the rise in sales this year.
Apart from the above two, there was another unconventional reason that has led to a rise in the demand for tractors. There was a sociological factor that has helped drive up the sales figures. The pandemic saw limited spending on weddings and other related festivities. The lockdown during the past year contributed to savings that are diverted towards improving the farming technology and purchase of tractors. In addition, a rise in demand for exports has resulted in driving up the demand.
These are some of the recent events that resulted in increasing demand for tractors. With attractive tractor loan interest rates, it is easy to buy a tractor to meet these ever-increasing consumer needs.
