Chennai, March 4, 2025: Garuda Aerospace, India’s leading drone manufacturer, has signed a Memorandum of Understanding (MoU) with Bank of India, one of the country’s premier public sector banks, to provide financial assistance for farmers purchasing agricultural drones. This partnership aims to enhance farming practices by offering easy access to advanced drone technology through low-interest, zero-collateral loans.

Under this initiative, the Bank of India will offer customized financial solutions, making it easier for farmers, corporate entities, and partnership firms to secure loans for agri-drones. Additionally, Garuda Aerospace leverages the Agriculture Infrastructure Fund Drone Loan scheme to ensure streamlined access to financing and facilitate the adoption of cost-effective drone solutions. Building on its existing collaborations with major financial institutions such as SBI and Union Bank of India, this alliance with the Bank of India will further strengthen Garuda Aerospace’s commitment to leveraging drone technology in agriculture.

Speaking on this collaboration, Agnishwar Jayaprakash, Founder & CEO of Garuda Aerospace, said, “At Garuda Aerospace, our mission is to enhance agricultural productivity through smart drone technology. This partnership with Bank of India is a major step toward making indigenous drone solutions more accessible and affordable for farmers, supporting their transition to precision agriculture and contributing to an Aatmanirbhar and Viksit Bharat.”

Shri Kiran Pathak, Assistant General Manager, Bank of India, emphasized the bank’s commitment to supporting the agricultural sector, said, “Financing drone technology aligns with our goal of driving digital transformation in farming. By supporting this initiative, we aim to help farmers to increase crop yields, and efficiently apply fertilizers, pesticides, and growth promoters.”