Purpose

Purchase of Farm Machines (tractor, truck) and Implements

Limit: Max $75,000.00 and above is referred to the Board of SCGF.

Eligibility

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.

Equity

20 per cent of the purchase price as minimum.

Interest Rate

6 per cent per annum and is subject to change from time to time with advance advices.  

Term

Maximum Repayment term of 7 years, however may be extended to 10 years backed with mortgage over landed property.

Repayment

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.

Security

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 ]