Agricultural Loan

Agricultural Loan

This product is for members engaged in active agriculture.

Terms and Conditions

1. Maximum Loan amount 3 times total savings and share capital/IUS.

NB: not less than a third of the minimum amount shall be in IUS.

2. Maximum Loan period 24 months
3. Grace period Not more than 6 months
4. Repayment frequency Monthly/ quarterly/ bi-annually
5. Loan Interest At the prevailing rates approved by the AGM
6. Interest calculation method Reducing balance amortized
7. Loan processing fee 2% of the approved loan amount
8. Penalty fees 1% of the amount in arrears 30 days and above accrued monthly
9. Other fees Loan application fee of 10,000/= and Insurance fees according to insurance policy rates.
10 Security Savings/share capital/guarantors/stock/tangible collateral, any other acceptable security.