An Enugu-based bank, Umuchinemere Procredit Micro-Finance Bank, says it is offering active poor farmers a loan of single digital interest rate of two per cent to enhance agricultural productivity.
\nMarketing Manager of the bank, Mrs Chinenye Ochi, said in Enugu on Tuesday on the sidelines of the ongoing workshop of International Fund for Agricultural Development (IFAD) Technical Assistance Support to Financial Suppliers and Other Value Chain Actors in three states.
\nShe noted that the loans, which is within N200,000, is given without collateral security or a guarantor but should be repaid between six months duration or a farming season.
\n\u201cThe bank is passionate to see rural but active farmers grow by availing them credit to implement their farming programmes and to grow to big farmers.
\n\u201cThe farmers micro-loans between N0 and N200, 000 is given without much protocols or demand, knowing that those borrowing are active in their farming responsibility and have good personal financial\/book keeping records,\u201d she said.
\nOchi noted that a farmer loaned N200,000 would be expected to pay back N224,000 at the end of the six months or farming season as specified in the term and schedule of the loan.
\n\u201cWe also have discussion with farmers to understand them and structure the loan payment schedule to benefit both the farmer (borrower) and the bank (the lender).
\n\u201cThe bank is also farmers friendly and might restructure terms of repayment, if there are genuine reasons or natural occurrence beyond the farmer\u2019s control,\u201d he said.
\nShe also said that the two per cent also goes for farmers borrowing beyond N200,000 but those at the these category up to N500,000, needed guarantors to undersign for them.
\n\u201cWhile for farmers still wanting the two per cent for N500, 000 and above monetary value; the bank needs guarantors and a collateral security for that segment of the agric loan,\u201d she said.
\nThe workshop is being attended by over 50 participants drawn from three states of Anambra, Ebonyi and Enugu.
\n <\/p>\n\n
\n <\/div>\n\n","protected":false},"excerpt":{"rendered":"
An Enugu-based bank, Umuchinemere Procredit Micro-Finance Bank, says it is offering active poor farmers a loan of single digital interest rate of two per cent to enhance agricultural productivity. Marketing Manager of the bank, Mrs Chinenye Ochi, said in Enugu on Tuesday on the sidelines of the ongoing workshop of International Fund for Agricultural Development […]<\/p>\n","protected":false},"author":1,"featured_media":32842,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[701],"tags":[18],"class_list":["post-32839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-agriculture","tag-nigeria","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n
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