Lending Criteria

 

The availability of credit depends to a very large extent on the bank’s ability to recover funds lent out .To this extent the bank’s observance of specific credit policies and procedures become critical in order to ensure prudent lending.

To achieve this the bank:


Uses a selection criteria for borrowers

Charges interest to cover costs and make profit or at least break even. Interest is normally prescribed by government or RBZ

Operates a debt recovery and farm rehabilitation system.

Some of the lending criteria pertaining to farming clients are:

Ecological suitability and the feasibility of the project

Project’s capacity to generate adequate cash flow to enable servicing of the loan

Marketing or Supply contract with a recognised buyer ( an added advantage )

Depending on the funding involved, Agribank may require adequate and tangible security.

 

Eligibility for accessing AGRIBANK Loans

 

Applicant should open and operate an Account with AGRIBANK

Be a Zimbabwean citizen above 18 years of age.

Provide proof of land ownership / allocation, lease or permit

Documentation of any past sales, such as sales sheets

Proof of previous good loan service record will be an added advantage

Recommendation from AREX, VET or farming organization (s)

Proforma invoice for equipment or live stock required

For irrigation development, farmers should provide irrigation scheme design , water permit and geo physical report ( boreholes )

Priority will be given to beneficiaries and those who have not used up their sectorial limits.
 

Management Structure


AGRIBANK is represented at the various stakeholder levels by Executive Directors, Branch Managers,NBO Customer Services Officers and Relationship Officers who are responsible for:



Credit Advance to the farmers

Monitoring of financed programs

Implementation on the ground

Debt recovery and farm rehabilitation

Disseminating if relevant marketing information.


Please contact the Agribank branch nearest to you for any further information you may require.

Agribank is a registered commercial bank in terms of the Banking Act of Zimbabwe (Chapter 24:20) and is subject to the supervision of the Reserve Bank of Zimbabwe. The Bank is a loan granting and deposit taking agricultural development financial institution.
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