Bank Of Agriculture Loan Application Portal and Requirement 2023
Are you in search of how to apply for a Federal government of Nigeria (FGN) agricultural loan 2023
? Here, you will see how to get a loan from a bank of agriculture in Nigeria.
The Bank of Agriculture (BOA) is the primary platform through which the Federal Government of Nigeria provides funds to farmers to help them develop their agricultural activities.
Farmers include all individuals engaged in agriculture, be it poultry, fishing, piggery, or other agricultural activities. We will examine the conditions, application portal, and different types of Banks of Agriculture (BOA) loans.
Bank of Agriculture is supervised by the Federal Government, with the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance cited as supporting shareholders.
Types of Banks of Agriculture Loans
The following are the different types of loans available to farmers in the Bank of Agriculture.
1. Micro credit loans
This type of loan is for farmers working in fishing, horticulture, agri-food, livestock, and related sectors. Individuals and members of cooperative societies may apply for this loan.
Requirements for the loan:
- 2 guarantors
- 20% partial payment upfront
- The loan amount requested must not be above N250,000
- Loan tenure must not exceed 2years
- The annual interest rate is 12%
2. Grow and Earn More (GEM)
The “Grow and Earn More” loan is a type of BOA loan that help women farmers who want to expand their farming business. The aim is to help farmers address the financial challenges they face.
- You must hold an account with the Bank of Agriculture office close to your project for at least three months
- The loan amount must not exceed N1 million
- The loan amount varies depending on the project type
- Two guarantors
- 10% partial payment upfront
- The annual interest rate is 14%
3. Small and Medium Enterprises (SMEs) Loan
This type of loan is for people who are working on agricultural initiatives. This loan type offers a loan of up to 5,000,000 Naira.
How to Open Bank of Agriculture Account
With BOA, you can open either a corporate or individual account.
To open a BOA account, go to https://www.boanig.com/account-opening-package/ to select your preferred account type and fill out the form.
Documents Required to open BOA account:
- A filled and duly signed form
- A signed letter of intent addressed to the Bank of Agriculture
- Updated mandate
- Photocopy of valid means of identification
- Copy of the most recent utility bill
- Three passport photos
- N3,000-part payment
- A signed letter of set-off
Bank of Agriculture loan Application Portal
The Bank of Agriculture provides both agricultural and non-agricultural loans. To apply for a loan, go to www.boanig.com/loan-service on the BOA website.
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If you have any questions about this guide comment below right now.