Apply for Bank of Agriculture loan | Application Requirements and Procedure

Bank of Agriculture is one of the most popular banking institutions in Nigeria. The bank, whose mission is to stimulate agriculture, improve lives and grow communities, provides lucrative loan products to its customers. Here are all the details about Bank of Agriculture loan products.

visit the official site https://www.boanig.com/ to apply for this loan

About Bank of Agriculture loans

The bank provides both Agric loans and Non-Agric loans.

Agric loans

The Agric loans in Nigeria, offered by BOA, include the following.

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Direct Credit Product

1. Developed to finance agricultural productions and Agro-allied activities.
2. Loan volume ranges from above N250,000.00 to a maximum of N50,000,000.00.
3. Limit of N5,000,000.00 to individual persons.
4. Above N5,000,000.00 to corporate organizations.
5. Loan tenor not exceeding 5 years.
6. Disbursement both cash and kind.
7. Staggered disbursement.
8. Backed up with a viable, profitable, and bankable business proposal.
9. Security acceptable to BOA requirement
10. Interest rate 14% for agricultural production and agro-processing while commodity marketing is 20%.
11. Last 3 years audited statement of account or statement of affairs required.

Non Agric loans

The BOA also offers Non Agric loans, which include:

Micro Credit

1. Loan size – Maximum of NGN250, 000.00
2. Loan tenor – Short Term (not more than 2years)
3. Interest rate – At Prevailing Rates
4. Target group – Small holder farmers, petty traders, artisans, etc.
5. Lien deposit – 20% of loan amount required

Bank of Agriculture loan requirements

The main requirement for all the loans is to have an active Bank of Agriculture account. What do you need to open one? The following are the requirements for opening an Individual Savings Account:

1. Two completed signature card
2. Four recent colored passport photographs each of authorized signatory duly endorsed by the account holder.
3. Completed account opening package (To be provided at the Branch Office).
4. 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.
5. In case of minors, four passport photographs should be included in the mandate.
6. Provision of Means of identification i.e Voters Card, National ID Card, International passport, Driving License.

Bank of Agriculture loan application process

The process of application is easy and fast. You just need to go to one of the branches of the bank. Ask a manager to give you a loan application form. After filling it, submit the form.