At Agribank, we provide local solutions for each farmer's needs with tailor-made facilities at competitive interest rates. Agribank is broadening financial inclusion and promoting agricultural development by providing finance access to salaried part-time commercial and communal farmers, as well as agribusiness ventures, through the salary-backed loan product.
Loan Term The loan is repayable on a monthly basis, and the repayment amount will be deducted from the salary via a payroll agreement with the employer. The term of the loan ranges between 12-60 months, depending on the loan type and/or affordability of the client.
Interest Rate The minimum
lending rate is 8.50%, and interest rates above 8.50% may be adjusted upward as guided by the pricing policy.
Applicants must meet the following standard requirements:- Be a Namibian citizen.
- Be a part-time communal or commercial farmer (start-up or existing).
- Be aged 21 years at the loan application stage.
- Have a clean credit record.
- Be permanently employed or SME business owners or those who are self-employed with a regular monthly salary.
- Have an active bank account into which their monthly salary is paid (in case debit order deductions are required in-between employers).
- Arrange short-term insurance for tractors, motor vehicles, and insurable implements.
Required Documentation - Certified copy of Namibian Identification document.
- Original marriage certificate (if married).
- Employment confirmation letter - from Human Resources.
- Certified copies of three most recent salary slips.
- Latest bank statement reflecting net salary for the past six months.
- Quotation of the purpose of the loan.
- Non-refundable administrative fee of N$150.00.
Disbursement Methods - Directly to suppliers (as applicable).
- Directly to client, in case of working capital.
- Loans granted will be disbursed on a draw-down basis.
Click to view or download the scheme and application form