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Vehicle Loans for Farm Use

Sugar Cane Growers Fund Board this week approved revision of the policy and the product guidelines. Now a cane grower can apply for Vehicle Loans for farm use.  This has been considered after requests from the growers and the environment of such transportation that would help the growers and the industry indirectly. The loan is capped to $20,000 at an interest rate of 6 per cent annum repayable over 7 years.  There is 10 percent deposit required and rest of the loan is financed backed by security over farmland and the vehicle, said the Chief Executive Officer Mr Raj Sharma.

This transport would certainly play important role in farming either to get laborers, cane cutters, implements and meet other needs of the growers. Overall it enhances the living standards, as we improve the farm, farms houses, farm implements and now the transport, added Mr Sharma. Why we have capped to $20,000 so that growers are to over expose for purchase when later we cannot lend further loans for the priority needs such as farm development, cane production needs and or personal needs- like funeral and medical.  

In addition to this; from today (19th November 2021), we are also running a promotion for Cyclone Preparedness and House Repair loan. We are now in cyclone season and it can be any time with climate changes. This promotion would create awareness and the environment for our grower not to wait and fix the houses. We have tendency to either defer or postpone the repairs until the cyclone hits and then we regret.  We have seen impact of many cyclones. So plan, prepare and fix is the way said Mr Sharma.  The timing also coincides with off crushing season where the growers and the villages carpenters would be free. The promotion has loan of $20,000 for repairs and upgrade at interest of 6 percent secured by farm land. Over $20,000 will require 10 percent contribution. The promotion starts from today 19th November 2021 and ends 31st May 2022. This package has $1,000 prize money and all applications will go into the draw for 1st prize $500, 2nd $300 and 3rd $200, which will be drawn on 10th June 2022. There are other initiatives, promotions and programs that SCGF will announce soon for our growers said Mr Sharma.         

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