Other Relief Measures

1. Interest rate relief Adjustments will be as follows:
  • Rates above 8.5% to be reduced by 0.5%.
  • Rates between 8% & 8.49% to be reduced to 8%.
  • Rates below 8% to remain as is.
  • Penalty interest on arrears to be reduced from 2% to 1.5% during relief period.
  • Bank’s average lending rate will be 8.09% (inclusive of reduced penalty interest; 7.4% without penalty interest on arrears).
2. ITC de-listing & restructuring For pre-legal clients:
  • De-listing on payment of 10% of arrears.
  • Loan restructuring on payment of 20% of arrears & viability of farming business. Business plan is required. Bank policy allows for additional 2 years to loan term.
For legal clients:
  • De-listing on payment of 10% of arrears.
  • Loan restructuring – if client is up to date with repayment arrangement = 20% of arrears & viable business plan; if not up to date = 30% of arrears and viable business plan. Credit policy loan term extension applies.
3. Legal actions Where default judgement already obtained against client:
  • Bank will pend further legal action if COVID-19 impact is proven or upon 20% payment of arrears for restructuring. Otherwise action proceeds.
Where action started but judgment not yet obtained:
  • Bank will pend action subject proof of Covid-19 impacting or 20% payment on arrears for restructuring. Otherwise action proceeds.
Where action not yet started:
  • Same principles as above apply.

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FAQ

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

Does Agribank also provide personal loans?

No, Agribank is not a commercial bank. read more

Does Agribank provide loans to first time farmers?

Yes, Agribank can assist you to start farming. read more

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