Bank Of Agriculture Loan Application Portal

Bank Of Agriculture Loan Application: Do you know that the Federal Government of Nigeria’s Agricultural loan application is ongoing? Do you know where to apply? If not, see the requirements and how to apply for the Bank Of Agriculture Loan here.

If you didn’t know, the Bank of Agriculture (BOA) is the Federal Government of Nigeria’s platform through which farmers can get access to loan applications for the development of their agricultural activities.

Are you into poultry, fishing, piggery, or other agricultural activities? See the Bank Of Agriculture Loan Application portal, requirements, how to apply, and different types of Banks of Agriculture (BOA) loans here as you continue reading.

Types of Banks of Agriculture Loans

There are several available Bank Of Agriculture Loans in Nigeria for farmers. Below are the different types of Bank Of Agriculture Loans available for farmers.

1. Microcredit loans – Bank Of Agriculture Loan

Farmers who are into fishing, horticulture, Agri-food, livestock, and related sectors are eligible to apply for this type of loan. However, cooperative society members and individuals can also apply.

Microcredit loan Requirements:

2 guarantors
Partial payment upfront of about 20%
The loan amount cannot exceed N250,000
The loan tenure is 2years
Has a 12% annual interest rate

2. Grow and Earn More (GEM) – Bank Of Agriculture Loan

This particular Bank Of Agriculture Loan is specifically aimed at helping women farmers who are interested in expanding their business but do not have the funds. Farmers can apply for this loan to address the financial challenges in their businesses.

Loan Requirements:

Applicants must have an account with the Bank of Agriculture office for at least three months
Applicants must not apply more than N1 million
The loan amount issued depends on the project type
Two guarantors
10% partial payment upfront
14% annual interest rate

3. Small and Medium Enterprises (SMEs) Loan

The Small and Medium Enterprises (SMEs) Loan basically is for people working on agricultural initiatives. Applicants can apply for up to N5,000,000.

How to Open a Bank of Agriculture Loan Account

The Bank Of Agriculture Loan offers both corporate or individual accounts for interested candidates.

All interested candidates with a Bank Of Agriculture Loan are advised to visit the official BOA website via www.boanig.com/account-opening-package/ to open their preferred account. Once the portal is launched, select your account choice and fill out the application form correctly before clicking submit.

Documents Required BOA Account Opening:

A filled and duly signed form
A dully signed letter of interest addressed to the Bank of Agriculture
Updated mandate
Photocopy of valid means of identification
Copy of the most recent utility bill
3 passport photos
N3,000-part payment
A signed letter of set-off

Bank of Agriculture Loan Application Portal

The Bank of Agriculture offers both agricultural and non-agricultural loans to farmers in Nigeria. Visit the official Bank Of Agriculture Loan Application Portal at www.boanig.com/loan-service to apply if you are interested.

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Michael

This post is authored by Michael Offiong, an Editor of Recruitment Portfolio. Boasting over a decade of expertise in the recruitment sector, Michael provides up-to-date information on jobs and recruitment topics, career opportunities, and breaking news stories.
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