Land is considered as one of the most widely prevalent forms of collateral in credit markets of developing economies. It has also been observed that the landless segment do get loans. Using a nationally representative data for Indian households, the present study examines whether assets other than land, that is, physical and financial assets enable the landless to obtain loans. We also study if there is any association between different types of assets and purpose of loan, which represents immediate and direct return from projects. We introduce instrumental variables to tackle the issues of endogeneity in a Heckman Probit model (sample selection model). Results suggest that physical assets act as substitute to land not only in getting credit from any source but also particularly in getting formal credit. However, financial instruments serve dual roles: these are both substitutable and complementary to land in the formal sector. Further, a complementarity is observed between land and productive investments in formal sector. On one hand, our study explains why looking beyond land as collateral is important for households with limited immovable property while on the other hand some of our findings re-establishes the dominance of land.

土地被认为是发展中经济体信贷市场上最普遍的抵押品形式之一。据观察，无地群体确实获得了贷款。本研究利用印度家庭的全国代表性数据，研究了土地以外的资产，即实物和金融资产是否能够使无地者获得贷款。我们还研究不同类型的资产和贷款目的之间是否存在任何关联，这代表了项目的即时和直接回报。我们引入工具变量来解决赫克曼概率模型（样本选择模型）中的内生性问题。结果表明，实物资产不仅在从任何来源获得信贷方面，而且在获得正式信贷方面都可以作为土地的替代品。然而，金融工具具有双重作用：它们既可以替代正规部门的土地，又可以补充土地。此外，正规部门的土地和生产性投资之间存在互补性。一方面，我们的研究解释了为什么将土地作为抵押品对于拥有有限不动产的家庭来说很重要，而另一方面，我们的一些研究结果重新确立了土地的主导地位。