Agribank increases interest rates
08 Dec 2018 14:40pm
WINDHOEK, 08 DEC (NAMPA) Agribank has announced an increase of 0,75 per cent in interest rates on its loans offered, and a one per cent increase on no collateral loans.
The agricultural bank's Chief Executive Officer, Sakaria Nghikembua said in a media release on Friday the increased interest rates remain competitive, relative to the market.
The increase will see interest rates for short term loans increase to 8,75 per cent; medium term loans to 9,5 per cent; long-term loans to 9,25 per cent; National Agricultural Credit Programme (NACP) non-production loans to 8,25 per cent and bush control loans to 7,25 per cent.
Meanwhile, the interest rates for subsidised loans, NACP production loans and post-resettlement support remained unchanged at four per cent and arrears penalty loans stay the same at two per cent.
The NACP was established in 1995 for communal farmers to access credit in order to increase food production and become surplus producers, create jobs and alleviate the cycle of poverty.
The interest rate for salary backed loans also increased by one per cent from eight per cent to nine per cent.
The adjusted interest rates came into effect on 01 December 2018.