Maharashtra farmer applies for Rs 6.6 crore bank loan to buy helicopter, says farming is unaffordable

Citing that farming had become unaffordable, a 22-year-old cultivator from Maharashtra’s Hingoli has applied for a bank loan of over Rs 6 crore to purchase a helicopter and rent it out. Kailas Patange, a resident of Taktoda village in the district, approached a bank in Goregaon with his loan application on Thursday.

Patange, who owns two acres of land, said irregular rainfall and drought-like conditions had made farming unaffordable over the years. I cultivated soybean on my land over the last two years. But it didn’t fetch me good returns due to unseasonal rains. Even the money from crop insurance wasn’t enough, Patange said.

Considering these factors, Patange chanced upon the idea of buying a helicopter and renting it out to make a good living.