Ready to get a Bank of Agriculture (BOA) loan? The BOA loan has opened the application portal to all Nigerians for Mechanization to apply for a loan to enhance their business. Learn the complete requirements, see the step-by-step application process, and find the official link to apply for your agricultural business in Nigeria
BOA Loan Eligibility and Key Requirements
What are the requirements for a Bank of Agriculture loan in Nigeria?
To successfully apply for a BOA agricultural loan, applicants must satisfy strict eligibility criteria designed to ensure the funds are utilized effectively and repaid responsibly. Securing this direct answer as a Featured Snippet is paramount.
BOA loan Eligibility Criteria:
- Must be a registered Nigerian citizen between 18-35
- For larger loans, the business must be registered with the Corporate Affairs Commission (CAC). Smallholders often apply via a registered cooperative.
Lease Terms and Conditions
- Lease Period: 3 to 5 years
- Annual Interest Rate: 15%
- Initial Deposit: 25% of the equipment’s total cost
BOA loan Appliction Portal
An interested citizen in Mechanization should click the link below to visit the BOA loan Appliction Portal for application.