Cropping and Plantation Loan
A great value housing loan for all your property needs
What is a Cropping/Plantation loan?
Cropping/Plantation Loans are made for the lending of mainly small amounts for land and crop developments. We will spend time with you to, providing careful guidance to support your loan appraisal and project supervision.
Why go with us?
Tonga Development Bank’s Cropping and Plantation loan has:
- A highly competitive interest rate
- Minimum age of any applicant is 18 years
- Loan size of upto $5,000
From
8.00% pa
interest rate
| Cropping and Plantation | |
|---|---|
| Features | |
| Security | All items owned by the borrower. The BSV to be equal or more than 1.0x with mortgage of 1.5x without mortgage |
| Term | For $5,000 48 months |
| Repayment Percentage Salary Deduction | By cash though Salary Deduction is preferable. Normally, 50% salary allowed for repayment of loan, 60% can be considered dependi |
| Fees | Can be charged to account. |
| Disbursement | Must be paid according to approved development plan stated in loan agreement |
| Rates | |
| CRR A | 8.50% pa |
| CRR B | 9.00% pa |
| CRR C | 10.00% pa |
Eligibility Guideline – Applicants
Applicants considered under this Sector should:
- 1. have established a minimum of 2 acres of existing crops, maintained to a satisfactory level. Crops to be owned by the principal borrower.
- 2. The maximum proposed area of crops can be no more than 3 times the existing area of crops.
- 3. Be sound credit worthy individuals, who have a good credit history in the Bank. These includes client with CRR of A, B, C1
- 4. The loan application may be supported by another person, preferably salaried, and known to the Bank, who can act as co-borrower or guarantor for the loan.
Loan Category
- All loans including existing debts, below $5000 are categorised as small loans.
- All loans, including existing debts, above $5000 are categorised as medium to large loan
