Do you wish to apply for Agricultural Loan? Do you have what it takes to apply and register online for Agricultural Loan Application Form in Nigeria? Here we will be talking about 3 Types of Bank of Agricultural (BOA) Loans in Nigeria, how to get BOA Loans in Nigeria and Agriculture Loan Registration Form Link Portal.
The Bank of Agriculture (BOA) loan is an initiative through which the federal government of Nigeria reaches out to farmers with funds to augment their farming businesses in Nigeria. Agric businesses from poultry to fisher, piggery and other arms of farming are eligible to apply for this loan application.
Please note better: 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
Bank of Agricultural Loans in Nigeria
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 2years
- Annual interest rate is 12%
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%
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 get BOA Loans in Nigeria for Interested Farmers
You can either open a corporate account or an individual account with BOA.
To open an account, visit https://www.boanig.com/account-opening-package/ to select your preferred account type and fill the form.
Bank of Agriculture offers both Agric and Non Agric loan services. Visit to BOA loan portal on www.boanig.com/loan-service to apply for a loan.
Requirements to open account Bank of Agriculture Loans in Nigeria
- 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
Office address for Bank of Agriculture Loans in Nigeria
To contact BOA, visit No, 1 Yakubu Gowon Way, P.M.B 2155, Kaduna, Nigeria. Phone: +234 7040202222; Email: firstname.lastname@example.org.