Purchase of Farm Machines (tractor, truck) and Implements
Limit: Max $75,000.00 and above is referred to the Board of SCGF.
Commitment Ratio of Loan Repayment to Net Farm Income to be below 60 percent, based on an average of past 3 years’ production and/or the forecast of the current year cane production.
20 per cent of the purchase price as minimum.
6 per cent per annum and is subject to change from time to time with advance advices.
Maximum Repayment term of 7 years, however may be extended to 10 years backed with mortgage over landed property.
Annualised Repayment deducted from the cane payments received from FSC. This ranges from 50 to 100% and once annual repayment is met, rest of the proceeds for the season are refunded.
Mortgage over Farm Lands, Security Agreement over farm crops, Security Agreement over Farm Chattels (tractors, trucks, implements) where needed with Insurance and Personal Guarantees and Irrevocable Authorities.
Requirements: [Refer to Specialized Loan Checklist ]