Animal Traction Loan
Loan designed to finance the purchase of drought animals (oxen) and traction implements (Ox-plough, Yoke and chains). The security for the loan is the oxen and implements to be purchased and additional collateral of land/ kibanja, farm machinery & equipments, and any other valuable household items.
Main features:
- Interest charged on declining balance
- Minimum loan amount is UShs. 100,000
- Maximum loan amount is UShs. 2 million
- Loan period of up to 24months
- Non-cash loan disbursement
Basic Requirements::
- Savings or Current account with Centenary Bank
- Experience in animal husbandry in order to look after the oxen properly
- Application fee of only UShs.15,000/=
- Farmers must be resident within the Branch's designated area of operation
commitment fee of 2%
Benefits:
- Fast loan processing
- Affordable interest rate
- Flexible repayment plans structured to accommodate activity seasonality
- Grace period available on a case-by-case basis
- Flexible loan repayment period