1. Individual 2. Members of Groups or Associations/Cooperatives 3. Corporate Enterprises/ Individuals with evidence of land ownership with minimum of 20 hectares 4. State Government
1. Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Guarantee of 75%.
2. 20% of the tractor value will be contributed by the benefiting operator as equity. This would be deposited in the savings account and put on lien throughout the loan period.
3. Bank's funding of the tractor is 100%.
4. Tractor will be registered in Sterling Bank/Customer's name until the loan is liquidated and finally transferred to the owner.
5. Comprehensive auto insurance noting Sterling Bank as first loss payee. Insurance premium will be paid (to match loan tenor) and remitted by the bank as they fall due.
6. Tractor to be discharged on final liquidation of loan. Payment of 0.5% of credit as transfer fee is made upfront by the beneficiary.
7. Vendor to undertake buy-back of the tractors in case of default.
8. Maximum Tenor: 3 years
9. Pricing: Commercial rate