BOA Update 2022: Bank of Agriculture Loan Requirements & Application Portal.
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BOA NIGERIA |
Bank of Agriculture Loan Requirements & Application Portal – The Bank of Agriculture (BOA) is a major platform through which the federal government of Nigeria reaches out to farmers with funds to augment their farming businesses.
By farmers, we mean all individuals involved in all kinds of agriculture, from poultry, to fisher, to piggery and other arms of farming.
Here we shall focus on the Bank of Agriculture (BOA) Loan requirement, portal and loan type.
Initially, the operations of the Bank of Agriculture are handled by the federal government, whereas the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance are registered as assisting shareholders of the institution.
If you are a farmer looking for a loan to support your farming business, the BOA should be your first point of call, either as an individual or a registered association.
Types of Bank Of Agriculture Loans
Below are types of loan available farmers;
1. Micro credit loans
This loan scheme is designed for farmers who are into fishery, horticulture, Agro-processing, livestock, etc. This loan can be accessed by individuals and cooperative society members.
Requirements for the loan:
- 2 guarantors.
- 20% partial payment upfront.
- Loan amount requested must not be above N250,000.
- Loan tenure must not exceed 2 years.
- Annual interest rate is 12%.
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2. Grow and Earn More (GEM)
Grow and Earn More loan scheme is designed to help women who are farmers and are interested in increasing the scale of their farming business.
This is in order to help the deal with the challenge of financing that most farmers have.
- You must hold an account with the Bank of Agriculture office close to your project for at least 3 months.
- Loan amount must not exceed N1 million
- Loan is based on project type.
- 2 guarantors
- 10% partial payment upfront
- Annual interest rate is 14%
3. Small and Medium Enterprises (SMEs) Loan.
This loan is available to persons whose projects are agricultural based Up to 5,000,000 naira loan is up for grab in this scheme.
How to Open an account with Bank of Agriculture
You can either open a corporate account or individual account with BOA.
Documents Required to open an account:
- 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.
- 3 passport photos.
- N3,000 part payment.
- Signed letter of set-off.
- Bank of Agriculture loan Portal.
Bank of Agriculture offers both Agric and Non Agric loan services.
Bank of Agriculture Contacts Contact
To contact BOA, visit No, 1 Yakubu Gowon Way, P.M.B 2155, Kaduna, Nigeria. Phone: +234 7040202222; Email: info@boanig.com.