Animal Traction Loan

At Centenary Bank we know that over 80% of Ugandans in one way or another rely on agriculture for livelihood and because we are experts in agricultural finance committed to improving people’s livelihoods, we are offering smallholder rural farmers a precious opportunity to expand their farming activity by financing 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. 5,000
• Farmers must be resident within the Branch’s designated area of operation

Benifits:

• 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