Hassanbenjamin
Active member
Agriculture can in simple terms be described as the art or science of cultivating the ground, including the harvesting of crops, and the rearing and management of livestock for the use of man and loan can be said to be a sum of money or other valuables or consideration that an individual, group or other legal entity borrows from another individual, group or legal entity (the latter often being a financial institution) with the condition that it be returned or repaid at a later date (sometimes with interest).A loan is a form of debt incurred by an individual or other entity. The lender, usually a corporation, financial institution, or government—advances a sum of money to the borrower. In return, the borrower agrees to a certain set of terms including any finance charges, interest, repayment date, and other conditions. Bank of Agriculture is a Nigerian government sponsored bank that provides credit facilities to both small and large scale farmers and small businesses within rural areas. An outcome of a restructuring of government sponsored microcredit institutions, the bank was formed in 2000 and assumed the assets of the National Agriculture and Cooperative Bank, People's Bank and the Family Economic Advancement. It is an
initiative to fund agriculture development projects in any locality, in particular small-scale farm holders that may not have enough collateral to obtain credit facilities from commercial banks. At the time, many farmers were considered high risk borrowers by commercial lenders and Agricultural banks was established to provide Microcredit to small farmers and on-lending to agricultural firms.
One can avail a loan for the following activities related to agriculture:
Running day to day operations.
Buying farm machinery such as tractors, harvesters, et cetera.
Purchasing land.
Storage purposes.
Product marketing loans.
Expansion.
Moreover, these financial aids can be offered in form of grants and subsidies too, which are usually meant to protect the farmer in an event of crop damage or loss of crops.
Agricultural loans in India are not only offered to farmers working towards the cultivation of food crops, but they are available to anyone who is engaged in other agriculture-related sectors like horticulture, aquaculture, animal husbandry, silk farming, apiculture and floriculture.
initiative to fund agriculture development projects in any locality, in particular small-scale farm holders that may not have enough collateral to obtain credit facilities from commercial banks. At the time, many farmers were considered high risk borrowers by commercial lenders and Agricultural banks was established to provide Microcredit to small farmers and on-lending to agricultural firms.
One can avail a loan for the following activities related to agriculture:
Running day to day operations.
Buying farm machinery such as tractors, harvesters, et cetera.
Purchasing land.
Storage purposes.
Product marketing loans.
Expansion.
Moreover, these financial aids can be offered in form of grants and subsidies too, which are usually meant to protect the farmer in an event of crop damage or loss of crops.
Agricultural loans in India are not only offered to farmers working towards the cultivation of food crops, but they are available to anyone who is engaged in other agriculture-related sectors like horticulture, aquaculture, animal husbandry, silk farming, apiculture and floriculture.
