International Journal of Mechanical Engineering and Technology (IJMET)

Volume 9, Issue 5, May 2018, pp. 759–769, Article ID: IJMET_09_05_084

Available online at http://www.iaeme.com/ijmet/issues.asp?JType=IJMET&VType=9&IType=5
ISSN Print: 0976-6340 and ISSN Online: 0976-6359

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A STUDY ON FARMERS’ CHOICE OF

AGRICULTURAL FINANCE IN VELLORE
DISTRICT, TAMIL NADU
Dr. J. Ramola Premalatha
Associate Professor, Department of Commerce,
VIT Vellore, Tamilnadu, India

Sonu
Student, Department of Commerce, VIT Vellore, Tamilnadu, India

ABSTRACT
Agricultural farmers in Vellore district is facing many challenges in accessing
financial services as they have limited access to financial markets. Despite the
numerous reforms undertaken by the Government including financial sector reforms,
many rural farmers have remained in poverty with limited capacity to access safety
nets like loans to fight against hunger and disease. This paper is aiming to find out
factors that affect farmer’s decision to access agricultural finance. A survey was
conducted in Vellore District. Employing both purposive and random sampling
techniques, a pre-tested questionnaire was administered on 50 farmers. The data was
collected through interviews as most of them are reluctant to fill the form. Data was
analysed using a regression model. Results indicated the farmers in Vellore district
prefer to borrow from co-operative banks. Also demographic factors like age, gender,
education level, income level, size of household significantly influenced decision to
access finance related factors like amount of loan, average time taken for processing
and loan payback period, influenced the choice of agricultural finance in Vellore
district.
Keywords: Farmers, agricultural finance, demographic factors, finance related
factors, regression, Vellore district
Cite this Article: Dr. J. Ramola Premalatha and Sonu, A Study on Farmers’ Choice of
Agricultural Finance in Vellore District, Tamil Nadu, International Journal of
Mechanical Engineering and Technology, 9(5), 2018, pp. 759–769.
http://www.iaeme.com/IJMET/issues.asp?JType=IJMET&VType=9&IType=5

1. INTRODUCTION
The agricultural sector in India supports about 60% of the population that is exclusively
dependent on agricultural related livelihoods many of whom are poor people in the rural
country side. In order to improve the status of poverty and improve rural lives, access to rural

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 A Study on Farmers’ Choice of Agricultural Finance in Vellore District, Tamil Nadu

finance is very important components. Increased access to agricultural finance therefore

should focus on improving access to banking services and credit in rural areas.
According to an old proverb “Credit supports the farmers as the hangman’s rope supports
the hanged.” In the case of Indian farmers this statement is fully true. Thus, for stimulating the
tempo of agricultural production, an adequate and timely credit, is most essential. Every year
lot of farmers ends their life because their crops are spoiled and they have no way to survive.
They have a big problem of living and farming for which they need financial assistance. They
are of two types - first has institutional and second is non-institutional. Institutional sources
are Commercial banks, cooperative banks, Micro finance Institutions, etc. Non institutional
sources are money lenders, friends and relatives, etc.
Commercial Bank: During 1969-1975 commercial banks were nationalized and the shares of
commercial banks in total institutional credit to agriculture is almost 48% followed by
cooperative banks with a share of 46 per cent. Green revolution in the late 60s and 70s did
necessitate adequate availability of credit. However, the flow of credit was not improved and
the commercial banks were not tuned to needs and requirements of small and marginal
farmers.
Co-operative Bank: Cooperative banks provide farmers with a wide range of banking and
financial services like loan, deposits, banking accounts and so on. These cooperative banks
are considered as substitutes for money lenders, to provide timely and adequate short-term
and long- term institutional credit at reasonable rates of interest.
Micro finance: Micro financing through Self Help Groups has assumed prominence in recent
years. Self Help Group is a group of rural poor who volunteer to organize themselves into a
group for eradication of poverty of the members. They agree to save regularly and convert
their savings into a common fund known as the Group corpus. The members of the group
agree to use this common fund and such other funds that they may receive as a group through
a common management. As soon as the Self Help Group is formed and a couple of group
meetings are held, a Self Help Group can open a Savings Bank account with the nearest
Commercial or Regional Rural Bank or a Cooperative Bank.
Money lenders: Till 1934, professional money lenders were the only source of credit to
agriculture. They used to charge high rates of interest which was unbearable by them and
follow serious practices while giving loans and recovering them. As a result, farmers were
heavily burdened with debts and many of them perpetuated debts. The money lenders freely
supply credit for productive and non-productive propose, and also for short-term and long-
term requirements the farmers. There were discontents among farmers against these practices
and there were riots also. They are easily accessible and maintain a close and personal contact
with the borrowers often having relations with family extending over generations. These
methods of business are simple and flexible.
Friends and relatives: The friends and relatives of farmers give credit to the farmers in little
amount to meet day to day requirements and emergency needs. They give loan with or
without interest and security.

2. OBJECTIVES OF THE STUDY

 Examine the socioeconomic characteristics of farmers of Vellore district
 To find out the sources of finance available to farmer’s in Vellore district.
 To Ascertain the institutional and socioeconomic factors that influence in selection of
financial institutions in agriculture credit in Vellore district
 To know the satisfaction level of the farmer’s from the institution lending policies

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 Dr. J. Ramola Premalatha and Sonu

3. REVIEW OF LITERATURE
Agricultural Credit is defined as a type of financing used to provide funding for agricultural
producers. The rural credit market in general is comprised of institutional credit agencies,
private moneylenders, landlords (who include money-lending rich farmers), retail shops and
grain traders. Interest rates not only vary between lenders and regions but they vary according
to purpose for which the loan is sought. As a result, an informal loan may be demanded both
by those who cannot post the collateral required by the formal sector and by those who can
but are unwilling to do so because of the associated risk. The ensuing collateral reduction,
however, comes at a cost as informal lenders expend resources on monitoring that must be
recovered via a higher interest. (Boucher and Guirkinger 2007).
Basu 1997 said that the rural credit market in general is comprised of institutional credit
agencies, private moneylenders, landlords including money-lending rich farmers, retail shops
and grain traders. Interest rates not only vary between lenders and regions but they vary
according to the purpose for which the loan is sought.
Park et al., (2003) posited that lack of credit is a barrier to investment and income growth
of poor households in developing countries of the world. Access to credit is an antidote to
poverty reduction among rural poor. Access to credit enhances the adoption of new and more
risky technologies that will improve farmers’ levels of income and hence, alleviate their
poverty. Additional capital as a result of access to credit enhances the level of household’s
productive assets, and also raise their expenditure and it is that expenditure that lead to
improvement in consumption (food and non-food) of the rural poor (Eswaran et al, 1990 and
Haddad et al, 1997).
Mansuri (2007) says that the informal market is often characterized by heterogeneous
non-specialists for whom money lending is a means of increasing returns to other economic
activities. However, not all informal lenders are equally placed in lending to all rural
households. In particular, occupational differences among lenders generate systematic
differences in the cost and reliability of the information that each lender can acquire, and in
the lender’s enforcement capacity with respect to particular types of borrowers.
The old rural finance paradigm of the 1960s and 1970s was based on public authorities’
desire to facilitate access to rural finance. The objective was to promote agricultural
development by modernizing agriculture. The most common approach involved direct
government intervention via state-owned development banks and direct donor intervention in
credit markets with favorable terms and conditions like soft interest rates or lenient
guarantees. However, this system was costly and unsustainable, due to poor repayment, and
ultimately did not have the desired effect on the development of agriculture production
(Meyer, 2007).
The National Commission on Agriculture (2008) examined the requirements of
institutional credit18 for covering the new agricultural strategy of agricultural development
and all aspects of rural development including production, marketing, processing and
transportation. The Commission stressed greater involvement of commercial banks in
financing agricultural development. It was suggested that the share of commercial banks in
agricultural advances should Increase from 8.8 per cent in 1974 to 15 per cent in 1988 and a
greater weightage must be given to the needs of small and marginal farmers and provision of
credit to them on preferential terms in respect of both interest charges and quantum of
advances to enable them to modernize agriculture.

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 A Study on Farmers’ Choice of Agricultural Finance in Vellore District, Tamil Nadu

Dutta and Basak (2008) suggested that Co-operative banks should improve their recovery
performance, adopt new system of computerized monitoring of loans, implement proper
prudential norms and organize regular workshops to withstand in the competitive banking
environment.
Anjani Kumar, K.M. Singh and Shradhanjali Sinha (2010) found that although the
institutional credit to agriculture increased continuously, moneylenders still are the main
source of credit to agriculture. They found that the institutional credit given to agriculture
increased during last four decades. The commercial banks had remained the most important
source of institutional credit. But the declining share of investment credit hampered the
growth of agriculture. They also found that the socio-demographic factors like family size,
caste, gender, and occupation and education level of the farmers affected the use of
institutional credit. Hence, they remarked that the simplification of credit procedures is
essential for the better access to credit.
Harikesh Maurya (2015) identified the beneficiaries of co-operative banks’ agricultural
credit and an attempt is also made to examine farmers’ attitudes. He found that across the size
groups, the maximum beneficiaries are the medium farmers.
V.Balakrishnama Naidu, A.Siva Sankar and P.Surya Kumar (2013) stated that about 66
percent population in India depends on agriculture. Therefore, agricultural credit is an
essential input for higher agricultural productivity. Agricultural production and productivity
should be improved to produce food for all population. Together with agricultural credit, other
factors like seed quality, minimum support prices, rainfall, irrigation and environmental
conditions were also considered significant in improving agricultural productivity. Because of
the misuse of credit, it was very difficult to estimate the exact use of credit for agricultural
purpose.
Cooperatives increase agriculture income in many ways: (1) Raising the general price
level for products marketed or lowering the level for supplies purchased; (2) reducing per-unit
handling or processing costs by assembling large volumes, i.e., economies of size or scale; (3)
distributing to farmers any net savings made in handling, processing, and selling operations;
(4) upgrading the quality of supplies or farm products handled; and (5) developing new
markets for products.

4. STATEMENT OF THE PROBLEM

India is agricultural based country and its 70% population stay in rural area. Agriculture is a
dominant sector of our economy and credit plays an important role in increasing agriculture
production. Availability and access to adequate, timely and low cost credit from institutional
sources is of great importance especially to small and marginal farmers. There are two
important institutions viz., the commercial banks and the cooperatives, lending to
agriculturists in the area under enquiry viz., Vellore District, Tamil Nadu State, India. Vellore
district’s economy is based on agriculture and hence provision of timely and adequate credit
to farmers is very important.The utmost problem of the farmers is from where to buy and how
to buy. However the cooperative and commercial bank put together are not able to eliminate
money lenders who are financing that usurious rates. But the cooperative banks lending to
agriculture has helped the farmers to reduce their borrowing from non-institutional agencies.
Though there has been steady progress by the banks in farm credit the questions that arises in
this context are -
Do the farmers in Vellore district borrow funds for agriculture and if so what are the
factors influence them to select the particular financial institution?
Are they satisfied with their choice of finance?

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 Dr. J. Ramola Premalatha and Sonu

5. RESEARCH METHODOLOGY
Both primary data and secondary data was used in the collection of data. The primary data
was collected through a structured questionnaire and discussion with the borrowers of
agricultural finance. The borrowers of commercial banks, co-operative banks, money lenders,
family and friends and MFI were formed in the population of the study. The sources of
secondary information collection include articles from RBI, Government of India, Pro-quest
and Emerald. The sample size for the study constituted to 50 from the villages in Vellore
district. Random and purposive sampling method was used to collect data. The data was
collected through interviews as most of them are reluctant to fill the form. In this survey, the
value of Likert scale is used and the results are transferred into a percentage value. The data
were then being analysed by using Statistical Package for the Social Sciences (SPSS)
software.

6. LIMITATIONS OF THE STUDY

The study is mainly concerned with demographic and finance related factors for the selection
of financial institutions for agricultural credit in Vellore District.
Different Financing Sector Available For Agriculture Finance in Vellore District

Commercial Banks

Cooperative Banks

Sources of
Money Lenders finance

Micro finance
Institutions

Family and Friends

Figure 1 Sources of Finance

The above discussed sources of finance available are considered as a major part in this
study.

7. DATA ANALYSIS AND INTERPRETATION

In order to analyse the impact of factors influencing selection of type of bank for agriculture
credit by famers, two hypotheses were formulated. They are tested with regression in order to
understand their impact.
The data related to kinds of expenses met by the respondents are presented in the Table 1.

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 A Study on Farmers’ Choice of Agricultural Finance in Vellore District, Tamil Nadu

Table 1 Kinds of expenses

Kinds of Expenses No of respondents Percentage
Paying wages 50 100
Purchase of seeds and fertilizers 50 100
Digging wells and boring wells 50 100
Purchase of electric motor with pump 50 100
Installation pipe lines 50 100
Transportation 50 100
Purchase of tractor and machinery 50 100
Source: Primary data

In the above table it is inferred that, all thee respondents have mentioned that they have all
the expenses mentioned in the above table in Vellore district.
The preferred financial institutions by the farmers in Vellore district is presented in the
Table 2

Table 2 Preferred financing institution by the respondents

Financing institution No of respondents Percentage
Commercial Banks 11 22
Co-operative society 29 58
Money lenders 06 12
Friends and family 04 08
Micro finance 0 0
Institutions
Total 50 100
Source: Primary data

In the above table it is inferred that 58% of the respondents prefer to borrow funds from
cooperative society, 22% from Commercial banks, 12% borrow from money lenders, 8% of
the respondents prefer to borrow from friends and family and none of the respondents prefer
to borrow from micro finance institutions functioning in Vellore district.

Table 3 Funds borrowed by the respondents

Funds borrowed No of respondents Percentage
Yes 47 94
No 3 6
Total 50 100
Source: Primary data

From the above table it is inferred that 94% of the respondents borrow funds from various
financial institutions for agriculture purpose and only 6% of the respondents have their own
funds.
The data pertaining for the reason for selecting the institution are presented in the Table 4.

Table 4 Reasons for selecting the institution

Reasons Strongly Agree Agree Neutral Disagree Strongly Disagree
Rate of Interest 17(36.2%) 13(27.7%) 12(25.5%) 5(10.6%) 0 (0%)
Less formalities 11(23.0%) 18(38.3%) 17(36.2%) 1(2.1%) 0(0%)
More Schemes 6(12.8%) 14(29.8%) 19(40.2%) 6(12.8%) 2(4.2%)
Easy Repayment 10(21.3%) 8(17.0%) 21(44.7%) 6(12.8%) 2(4.2%)
Source: Primary data

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 Dr. J. Ramola Premalatha and Sonu

In the above table, it is inferred that the farmers of Vellore district select the cooperative
banks as these banks offer less rate of interest compared to other banks and also these banks
follow less formalities to sanction the loans. It is surprising to note that availability of many
schemes and easy repayment did not attract the farmers in Vellore district.

8. DEMOGRAPHIC FACTORS
Demographic factors of the consist of gender, age level, level of education, marital status,
Income level and type of family are analysed for selection in type of financial institution for
agriculture credit. Keeping the selection of the financial institutions as the dependent variable
and the demographic factors as independent factors for which regression analysis is done. The
results are discussed herewith. Percentage analysis is also done along with to show the highest
percentage value.
H1-Demographic factors have significant impact in selection to the type of financial
institution for agriculture credit.

Table 5 Table showing demographic factors

Commercial Co-op banks Money lenders Friends Total P Value Sig.
banks and family
Age in years
Up to 25 2 (4.3%) - - - 2 .012 Yes
26 to 35 6 (13%) 1(2.1%) 7
36 to 45 14 (30%) 14
46 to 55 10 (21.2%) 3 (6.5%) 13
Above 55 6(13%) 5(10.6%) 11
Gender
Male 12(25.5%) 25 (53%) - - 37 .000 Yes
Female - 7 (14.9) 2(4.3%) 1(2.1%) 10
Education
No formal - - 5(10.6%) 5 .000 Yes
education
School level 2(4.3%) 18 (38.3%) 1(2.1%) 1(2.1%) 22
Graduates 8 (17%) 10 (21.2%) 2(4.3%) - 20
Others 2(4.3%) 3 (6.5%) - - 2
Annual Income
< Rs. 50,000 2(4.3%) 23(48.9%) 4(8.5%) 1(2.1%) 30 .000 Yes
Rs. 50,000- - 8(17%) 2(4.3%) 10
1,00,000
> Rs. 1,00,000 - 2(4.3%) 5(10.6%) 7
Family Size
2 2(4.3%) 8(17%) 2 (4.3%) 1(2.1%) 13 .026 Yes
4 6 (13.0%) 16(34%) 5(10.6%) - 27
Yes6 2(4.3%) 2(4.3%) 3(6.5%) - 7
Source: Primary data

It can be observed that 30% of the respondents who are in the age group of 35 to 45 years
prefer to borrow from co-operative banks. 21percent who are in the age group of 46 to 55
years prefer commercial banks. 53 percent of male respondents are interested to borrow from
cooperative banks. 38 percent of the respondents who have school level education would
prefer to borrow from the co-operative banks. The family size of 4 also influence the choice
of financial institution which is seen from the above table. The regression analysis show that
the demographic factors influence the choice of financial institutions as the p value is < 0.05.
The Hypothesis is accepted as there is a significant influence of demographic factors on the
choice of financial institutions in Vellore District as shown by Regression Analysis.

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 A Study on Farmers’ Choice of Agricultural Finance in Vellore District, Tamil Nadu

9. FINANCE RELATED FACTORS

The finance related factors such as amount of loan, length of loan period, average time taken
for processing the loan has an impact on selection of type of financial institution is analysed.
Second Hypothesis is formulated and tested to understand its impact.
H2- Finance related factors have significant impact in selection of financial institution for
agriculture finance.

Table 6 Table showing finance related factors

Finance related Source of finance P Sig.
factors value
Commercial Co-op Money Friends and Total
banks banks lenders family
Amount of loan
<Rs. 50,000 2(4.3%) 20(42.6%) - - 22 .000 Yes
Rs. 50,000- 1,00,000 8(17%) 13(27.7%) 1(2.1%) 22
> Rs. 1,00,000 3 (6.5%) 3
Length of loan period
<1 year 12(25.5%) 20(42.6%) - - 32 .046 Yes
1-5 years - 6 (13.0%) 3 (6.5%) 1(2.1%) 10
> 5 years 5(10.6%) 5
Average time taken for processing loan
< 7 days - - 7(14.9%) 7 .021 Yes
7-14 days 2(4.3%) 16(34.0%) 1(2.1%) 1(2.1%) 20
> 14 days 8(17%) 12(25.5%) - 20
Source: Primary data

In the above table it is inferred that about 43% of the respondents borrowed around
Rs.50,000 from cooperative banks and about 28% of the respondents borrowed from Rs.
50,000 to Rs. 1,00,000 from cooperative banks and 6.5% of the respondents has borrowed
more than Rs. 1,00,000 from other banks. Hence, out of 47 respondents, 70% prefer to borrow
from the cooperative banks.
Also it is inferred that around 43% of the respondents borrowed funds for less than 1 year,
13% have borrowed funds for 1 to 5 years, and about 11% of the respondents have borrowed
funds for more than 5 years from the cooperative banks. Also 6.5% of the farmers had
borrowed from money lenders for a period of 1-5 years.
In the above table it is inferred that 34% of the respondents said that average time taken
for processing loan is 7-14 days, 25.5% of the respondents said the time taken for processing
loan is above 14 days. Money lenders take less than 7 days to process the loan according to
15% of the respondents. This is also one of the reasons for approaching them for agricultural
credit.
All the three factors influence the farmers in selecting the financial institutions for
agricultural credit in Vellore district. The Hypothesis is accepted as there is a significant
influence of finance related factors on the choice of financial institutions in Vellore District as
shown by Regression Analysis.
The data on the opinion of the farmers on the service provided by the financial institution
selected by the respondents are presented in the Table 7.

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 Dr. J. Ramola Premalatha and Sonu

Table 7 Opinion on service provided

Opinion on Service No of respondents Percentage
provided
Excellent 5 10.6
Good 29 62.7
Average 11 23.4
Poor 2 4.3
Total 47 100
Source: Primary data

Figure 2

In the above table it is inferred that about 63% of the respondents have opined that the
services offered by the cooperative banks are good, 23.4% of the respondents found it
average, 10.6% of the respondents felt excellent, and only 4.3% of the respondents said the
services are poor.
The data pertaining to the expectations of the farmers for improvement is presented in the
Table.

Table 9 Suggestions given by the farmers in Vellore District

Statements (5) (4) (3) (2) (1)
Strongly Agree Neutral Disagree Strongly
agree disagree
Agriculture loan with low interest and 18 (38.3%) 24(51.0%) 5(10.6%) 0 0
security
Special government attention is needed 13(27.7%) 25(53.2%) 9(19.1%) 0 0
Farmer’s should have right to decide the 42(89.4%) 5(10.6%) 0(0%) 0 0
market value of crops
Farmer’s should be encouraged to use the 18(38.3%) 27(57.4%) 2(4.3%) 0 0
organic farming
Source: Primary data

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 A Study on Farmers’ Choice of Agricultural Finance in Vellore District, Tamil Nadu

Agriculture loan with low interest and security

Special government attention is needed.
Farmer’s should have independent right to decide the market value of
crops. Farmer’s should be encouraged to use the organic farming

Figure 3

In the above table, it is inferred that 89% of the respondents want to have the right to fix
the value for their crops. This may lead to increase their socio-economic condition.

10. SUGGESTIONS
It is suggested that farmers should be given loans with longer payback periods to enable them
to invest in farm activities that generate sustainable incomes. The choice of a credit outlet is
affected by a number of demographic factors and finance related factors. Providing training to
borrowers on procedural formalities of financial institutions could be helpful in increasing
their access to institutional credit. The procedure for loan distribution could be made simple
so it may not be difficult for the less educated and illiterate households to access institutional
financing agencies for the credit. Besides providing credit at a cheaper cost the bank should
try, by all possible means, for the inculcation of saving habits among the borrower farmers,
for it contributes to the farmers’ long run economic prosperity. The banks can plan to
announce new schemes for attracting new customers and satisfying the present ones.

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[3] Boucher, S. and C. Guirkinger (2007). Risk, wealth, and sectoral choice in rural credit
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