Are you a commercial or produce farmer searching for financing to buy high-quality, compact farm equipment? Farmers can purchase a variety of low-cost and high-cost equipment through the Centenary Farm Equipment Loan program.
This includes tools like sprayers, paddlers, and plows, as well as large machinery such as tractors, harvesters, and haulers. The loan program aims to provide affordable equipment options for farmers.
Requirements/ How To Get The Centenary Bank Farm Asset
- You must have a Current or Savings account with Centenary Bank.
- Should have completed the loan application form
- Have a financial card
- Payment of loan processing fees as based on current fees of micro and SME/Corporate loans
- Have 10 acres or more of farming for commercial farmers
- Personal guarantee from two people the Bank will accept
- Have Bank-acceptable Security, such as a mortgage on real estate or other property
Features Of The Centenary Farm Asset Or Equipment Loan
- Rate of interest applied to declining balances
- Loan amounts ranging from 50% to 75% of the equipment’s purchasing price
- The longest loan repayment period allowed is 60 months.
- The method of repayment is determined by the borrowers’ net cash surplus from produce sales proceeds.
Benefits
- Equipment financed can be security
- Attractive interest rates.
- Faster loan processing speed
Conclusion
It might make more sense to think about getting the Centenary Bank farm asset or equipment loan than to use saved-up cash reserves, which you might need to use in the future if you want to expand your agricultural business, buy new machinery and equipment, or livestock.
Some benefits of this loan include attractive interest rates and faster loan processing speed.
To get started, visit Centenary Bank with all your requirements and they can start processing your loan request.
