Overview
Are you a produce farmer or commercial-farmer looking to finance the purchase of small and high value farm equipment? Our Farm Equipment Loan allows farmers to purchase small value equipment such as sprayers, farm tools like steel ploughs, paddlers and tractor attachments/accessories, fodder cutting machine, tractor oil engine, pump and higher value farm equipment and big-ticket equipment; such as tractors, combine harvesters, rice haulers etc.
Product Features
Loan period for working capital purpose is up to a maximum 24 months but development/investment may exceed 24 months.
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No principal loan repayments during the grace period except for the interest where cash flows allows.
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Repayable through equal installment payments whose amounts are dependent on the projected cash flow of the agricultural activity
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Irregular payments can be structured basing on the cash flows
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Interest charged on reducing balance
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Minimum loan amount UShs. 100,000
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Payments from other sources of income are allowed
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Maximum loan amount of up to UShs 8 Billion.
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Benefits
Faster Loan processing speed
Attractive interest rate
Repayment plans structured to accommodate nature of cash flow
Grace periods are offered
Multiple disbursements offered to accommodate different stages of production cycle
Requirements
Current or Savings Bank account
Completed loan application form
Payment of loan processing fee
Financial card
Project undertaken must be an activity in the agricultural value chain
Experience in project being undertaken
Business project must be profitable
Applicant must be resident within the branch designated area of operation
Applicant must be owner or tenant of the land on which he/she operates.
Securities can be mortgaged on titled or unregistered land, moveable assets like cows, goats, sheep, mortgaged household property or business equipment and tools