Bank of Agriculture loan Opens: Application Requirements and Procedure
Bank of Agriculture loan Opens: Application Requirements and Procedure: The Nigerian Bank of Agriculture popularly known as BOA is saddled with the responsibility of overseeing agricultural credit facility to Small, Medium and Long term farmers, the bank specializes in providing soft and afforded loan with low to no interest to the farmers
Own and finance by the Federal Government, the Bank of Agriculture loan is giving loans to farmers in line with the Federal Government of curbing hunger and sustaining food security in the country
The Bank provides both Direct and Indirect Credit Product
Direct Credit Product
Backed up with a viable, profitable, and bankable business proposal.
Security acceptable to BOA requirement
Interest rate 14% for agricultural production and agro-processing while commodity marketing is 20%.
Last 3 years audited statement of account or statement of affairs required.
Developed to finance agricultural productions and Agro-allied activities.
Loan volume ranges from above N250,000.00 to a maximum of N50,000,000.00.
Limit of N5,000,000.00 to individual persons.
Above N5,000,000.00 to corporate organizations.
Loan tenor not exceeding 5 years.
Disbursement both cash and kind.
Non Agric loans-The BOA offers Non Agric loans like:
Target group – Small holder farmers, petty traders, artisans, etc.
Lien deposit – 20% of loan amount required
Loan size – Maximum of NGN250, 000.00
Loan tenor – Short Term (not more than 2years)
Interest rate – At Prevailing Rates
Bank of Agriculture loan requirements
In case of joint accounts, Signature cards are to be completed by all signatories with signing instructions e.g. “Both to sign”, or “Either to sign” or “Any two or three to sign,” clearly.
In case of minors, four passport photographs should be included in the mandate.
Provision of Means of identification i.e Voters Card, National ID Card, International passport, Driving License.
Two completed signature card
Four recent colored passport photographs each of authorized signatory duly endorsed by the account holder.
Completed account opening package (To be provided at the Branch Office)
How To Apply For BOA Agriculture loan
You can also walk to any BOA branch near you and get the form