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Grace Period Agriculture/Livestock Loan Facility at First Microfinance Bank




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Agriculture/Livestock Loan (Grace Period)


TYPE
Agriculture/Livestock Zaraat loan
Currency
US Dollar / AFA
Minimum Amount
200 dollars / AFA 14000
Maximum Amount
10,000 dollars / AFA 700,000
Minimum duration
6 months
Maximum duration
24 months
Admin Fee
1 % of Disbursed Amount
Interest Rate (Declining)
25%
Interest Rate (Flat)
18%
Tenure (months)
6-24 months
Max. Grace Period per annum (months)
0-11 months
Possible purpose / project
Value Chain activities
Initiation or expansion of farming activities, orchards; buying of input supplies (pesticidies, fertilizer etcc), agri trade, agri value chain; dairy, purchase of livestock (milking, breeding, fattening); poultry, purchase of medicine and vaccines.
Repayment method
Monthly, Grace, and Seasonal Repayments
Repayment Frequency
Monthly charges payment with seasonal principle payment which will be defined by the customer.
Guarantees
Third party guarantee, but from same sector of activity must be discouraged and Shura reference (optional)
Collateral
For Loans below USD 1000 only third party gurantees and above USD 1000 Title Deed (House, Business, land, commercial building etc) + Third Party Guarantee.
Subsequent Loans
Repeat loans are not automatic. They are based on repayment history (timely repayment), business plan and performance.


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