I. Who are qualified to avail?
All farmers residing in the community where Producers Bank is located with at least five (5) hectares farm land and need additional capital for their Hybrid/Certified Palay Production, preferably with home-based livelihood projects (e.g. poultry/piggery, duck raising, sari-sari store, etc.) and with acceptable/adequate collateral are qualified to avail subject to the terms and conditions of the Bank.
II. Amount of Loan
1. Up to Thirty-Five Thousand Pesos (P35,000.00 – for hybrid) or Twenty-Five Thousand Pesos (P25,000 – for certified) per hectare for palay production and;
2. Up to One Hundred Thousand Pesos (P500,000.00) for acquisition of farm implements (hand tractor, engine, etc.)
III. Interest Rate & Service Charge
At very competitive interest rate.
IV. Purpose of Loan
For actual cost of land preparation, farm inputs and other expenses, and acquisition of farm implements needed for hybrid/certified palay production.
V. Repayment
Six (6) months payable lump sum at maturity or at harvest, whichever comes first.
VI. Collateral
Real Estate Mortgage (covering the farm land or house and lot of the borrower)
VII. Other Terms & Conditions
1. Borrower shall agree to use quality hybrid/certified palay seeds to ensure good harvest and adopt modern technologies to enhance production.
2. Borrower shall maintain a savings deposit account with Producers Bank of at least 5% of the amount availed.
3. Borrower will buy mortgage redemption insurance and assign the same in favor of Producers Bank
VIII. Requirements
a. TCT/fully paid EP/OCT
b. Tax Declaration with tax receipt for current year and tax clearance
c. Location plan with vicinity map
d. Barangay and Court Clearances
e. BARC Certification as to total landholdings
f. Photo of collateral and borrower
g. Affidavit of non-tenancy for agricultural land
h. Permit to mortgage from PARO if land is covered by EP title
i. CASA with Producers Bank
For more information regarding this type of loan, you may visit the nearest Producers Bank branch or browse to the Contact Page and fill out the contact form to send us a message.