Instalment Relief & Modalities

1. Target beneficiaries
  • Relief is open to all clients who can prove COVID-19 adverse impact on a case-by-case basis.
  • Clients wishing, or able, to continue paying entire or part of their instalments are encouraged to do so.
2. Conditions
  • Twelve (12) months for loan instalment holiday ( Interest + capital ).
  • Existing arrears will not be capitalized; penalty interest of 1.5% will apply on arrears for relief period.
  • Instalment that will fall due during relief period will be capitalized and an additional year will be added to client’s loan term.
  • Clients who wish to keep to original loan term(s) are free to do so.
  • Relief applies to all loans a client has with the Bank.
  • Normal instalment payments will resume after the instalment holiday period.
3. Security & approvals
  • Full (100%) collateral cover is to be maintained.
  • Desktop valuations will be conducted to determine collateral scope if valuation is 5 years or less.
  • If valuation is older than 5 years, physical valuation will be conducted.
  • Client is to sign Power of Attorney for additional bond registration upfront should it be necessary after relief is granted.
  • Client is to provide cession from financial institution or insurance company if additional collateral is in the form of investment/ policy.
  • Applications for instalment relief are to be granted by Management Credit Committee.
4. Instalment relief period
  • 12 months from 1 June 2020.

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What type of security must I provide for a loan at Agribank?

Loans are granted against security of fixed property, investment or any other acceptable form of security (fixed deposits, investments and surrendering value of policies). read more

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