Bank Of Agriculture Loan Application Portal and Requirement 2023
Are you trying to find out how to apply for an agricultural loan from the Federal Government of Nigeria (FGN)? You can learn how to apply for a loan from a Nigerian agricultural bank here.
The Bank of Agriculture (BOA) is the primary platform through which the Federal Government of Nigeria supplies funds to farmers to help them expand their agricultural activities.
Farmers include all individuals engaged in agriculture, be it poultry, fishing, piggery, or other agricultural activities. We’ll look at the terms, application website, and different loan types offered by Banks of Agriculture (BOA).
The Federal Ministry of Finance and the Central Bank of Nigeria (CBN) are listed as supporting shareholders in the Bank of Agriculture, which is under the control of the Federal Government.
Different Types of Banks of Agriculture Loans 2023
These are the various loan programs the Bank of Agriculture offers to farmers.
- 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%
- Grow and Earn More (GEM)
An example of a BOA loan is the “Grow and Earn More” loan, which aids female farmers who want to grow the size of their farming operation. The purpose is to help farmers address the financial challenges they face.
Loan Requirements:
- You must hold an account with the Bank of Agriculture office nearest to your project for at least three months
- The loan amount must not exceed N1 million
- The loan amount differs depending on the project type
- Two guarantors
- 10% partial payment upfront
- The annual interest rate is 14%
- Small and Medium Enterprises (SMEs) Loan
This type of loan is for people who are operating on agricultural initiatives. This loan type offers a loan of up to 5,000,000 Naira.
Steps to Open a 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 choice of 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 current utility bill
- Three passport photos
- N3,000-part payment
- A signed letter of set-off
Bank of Agriculture Loan Official 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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Please leave a comment below right away if you have any questions about this guide.