BOA: Bank of Agriculture Loan 2022 (Get up to N5,000,000.00) How To Apply

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Bank of Agriculture Loan 2022| The online portal for Bank of Agriculture Loan (BOA) are now open, get access to Direct Products and Services (Small and Medium Enterprises) and Agric loan or Non Agric. The loan Limit of N5,000,000.00 to individual persons and Above N5,000,000.00 to corporate organisations. Requirement and eligibility to apply. Read through.

Bank of Agriculture (BOA) Limited was incorporated as Nigerian Agricultural Bank (NAB) in 1972 and became operational in 1973. In 1978, the institution’s name was changed to Nigerian Agricultural and Co-operative Bank (NACB) Limited to reflect a broader mandate. In October, 2001, following the Federal Government’s efforts to streamline the operations of its agencies, the NACB, People’s Bank of Nigeria (PBN) and the risk assets of the Family Economic Advancement Programme (FEAP) were merged to form Nigerian Agricultural, Co-operative  Rural Development Bank (NACRDB) Limited. Ten years later, in October 2010, the Bank was rebranded and it adopted the new name Bank of Agriculture (BOA) Limited as part of its Institutional Transformation Programme.

Focusing on:

  • Provision of agricultural credit to support all agricultural value chain activities.
  • Provision of non-agricultural micro credit
  • Savings mobilization
  • Capacity development through promotion of co-operatives, agricultural information systems, and the provision of technical support and extension services.
  •  Provision of opportunities for self-employment in the rural areas, thereby reducing rural-urban migration.
  • Inculcation of banking habits at the grass-roots of the Nigerian society.

Related:

Bank of Agriculture Loan (BOA) Type:

1 Agric Loan:

Categories:

Direct Credit Product:

  • Developed to finance agricultural productions and Agro-allied activities.
  • Loan volume ranges from above N250,000.00 to a maximum of N50,000,000.00.
  • Limit of N5,000,000.00 to individual persons.
  • Above N5,000,000.00 to corporate organisations.
  • Loan tenor not exceeding 5 years.
  • Disbursement both cash and kind.
  • For both individuals and cooperate bodies.
  • Staggered disbursement .
  • Backed up with viable, profitable and bankable business proposal.
  • Agro-business must be a clause in the Memart of the company for corporate applicants.
  • Security acceptable to BOA requirement
  • Interest rate 14% for agricultural production and agro-processing while commodity marketing is 20%.
  • Current tax clearance certificate required.
  • Last 3 years audited statement of account or statement of affairs required.
  • Consent to mortgage of the landed property being pledged as security for the loan required.

Large Credit Product

  • Developed to finance large agricultural production and Agro allied activities.
  • Loan volume ranging from above 50 million to a maximum of 1 billion for a single obligor.
  • Accessed by corporate bodies only.
  • Loan tenor not exceeding 5 years
  • Disbursement both cash and kind.
  • Staggered disbursement.
  • Backed up with viable, profitable and bankable business proposal.
  • Agro-business must be a clause in the Memart of the company for corporate applicants.
  • Security acceptable to BOA requirement.
  • Interest rate 14% for agricultural production and agro-processing while marketing is 20%.
  • Current tax clearance certificate required.
  • Last 3 years audited statement of account or statement of affairs required.
  • Consent to mortgage of the landed property being pledged as security for the loan required.

Youth Agricultural Revolution In Nigeria (YARN)

  • Developed to encourage Nigerian Youths to key into agriculture and take it as an investment or business.
  • The maximum loan limit under this product is N1 million per beneficiary.
  • The beneficiaries must be small holders as defined under the Nigeria Incentive Risk Sharing for Agricultural Lending (NIRSAL) guidelines.
  • To facilitate unhindered access by these target groups, the beneficiaries need not have collaterals but must provide acceptable guarantors.
  • The loans are accessible by individuals or groups. The individuals in the group can get N1 million each subject to technical determination of scope and financial requirements of the project.
  • The loans can be access by individuals and groups in line with NIRSAL Credit Risk Guarantee (CRG) and Interest Draw Back Program (IDP).
  • Loan period, Grace or Moratorium on the products will be determined based on the project type.
  • NIRSAL provides 75% credit guarantee.
  • Interest Rate 12%.

Grow And Earn More (GEM)

  • Developed to encourage Nigerian women to key into agriculture and take it as a business.
  • The maximum loan limit under these products is N1million per beneficiary subject to technical determination of the scope and the input requirements.
  • The beneficiaries must be small holders with the required land for cultivation or any of the value chain products.
  • To facilitate unhindered access by these target groups, the beneficiaries need not have collaterals. In lieu of this, there will be collateral substitutes such as adequate and acceptable guarantors with verifiable income, NIRSAL Credit Risk Guarantee to cover 75% of loan delinquency.
  • The loans are accessible by individuals or groups. The individuals in the group can get N1 million each subject to technical determination of scope and financial requirements of the project.
  • Loans Period, Grace or Moratorium on the products will be determined based on the project type and the gestation of the project.
  • Interest Rate is 12%.

Others:

  • On – Lending Credit Product
  • Input Procurement Credit Facility
  • Collaboration
  • Mechanization Service Provider Operators
  • Storage Component of the Agricultural Value Chain
  • Agro-Processing Facilit
  • Haulage Credit Facility
  • Sugar Revival Credit Facility
  • Ranching Development Credit Facility
  • Hides and Skin Revival Credit Facility
  • Export Finance Facility
  • Cooperative Family Feeding Programme (CFFP)
  • Equipment Leasing Product (ELP)

2 Non- Agric Loan:

Categories:

1 Micro Credit:

  •  Loan size – Maximum of NGN250, 000.00
  • Loan tenor – Short Term (not more than 2years)
  •  Interest rate – At Prevailing Rates
  •  Target group – Small holder farmers, petty traders, artisans, etc.
  • Lien deposit – 20% of loan amount required
  • Security – 2 reputable guarantors
  • Must operate account with the Bank for a minimum period of 90 days
  • The micro projects must be viable
  • Can be accessed by Individual, cooperatives or self-help groups

2 BOARBI Model:

  • Entry level – N20,000.00 – N40,000.00
  • Target Group – Rural active poor
  • Loan tenor – Maximum of 10 months
  • Lien deposit – 10%
  • Interest rate – At Prevailing Rates
  • Project types – Micro enterprise
  • Approving authority – Branch Credit Committee
  • Mode of collection – Weekly at Group Meetings
  • Security – Cross guarantee of Group members
  • Accessible only through women group

How to apply for BOA Loans:

Currently, The BOA Online Loan Application is not yet ready for use. Customers or Users will be appropriately notified once the E-commerce/Banking portals are ready for use. As such, customers should go to the nearest BOA Branches for any form of transactions with the bank. Please beware of impostors. Visit https://www.boanig.com/loan-service

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