Guide on Producers Bank Crop Loan Application Process
PRODUCERS BANK CROP LOAN – You can check here the features of this loan offer of the Producers Savings Bank Corp. and how to apply for it.
The farmers are among the main reasons why Filipinos across the nation have rice to eat — rice is a staple food in the Philippines and most Filipinos have it at least three times a day. While it is the people’s own money that buy rice, the farmers play a big role in the production.
However, sadly, not all farmers have enough fund for the planting of the crops. Many of them are even still living in poverty despite their big contribution in the production fo rice and other crops in the country.
Meanwhile, in the case of farmers who are in need of funds for the planting season, there are entities that you may turn to. One of these entities is the Producers Savings Banking Corporation or more popularly called Producers Bank.
The bank which has over 250 branches across the nation offers the Producers Bank Crop Loan. It was designed to help farmers who”need additional capital for their Hybrid/Certified Palay Production”, the actual cost of the land preparation, and the acquisition of the farm implements needed.
There are only a few qualifications under the loan offer. To be eligible to apply for the Producers Bank Crop Loan, a farmer must comply with the following qualifying requirements for application:
- residing in the community where Producers Bank is located with at least five (5) hectares farm land
- preferably with home-based livelihood projects such as:
- poultry/piggery
- duck raising
- sari-sari store
- with acceptable/adequate collateral
How much is loanable under the Producers Bank Crop Loan? The borrowing amounts allowed by the bank is based on the purpose of the loan application such as the following:
- For palay production, up to P35,000.00 – for hybrid and P25,000 – for certified per hectare may be borrowed.
- For the acquisition of farm implements like the purchase of an engine or hand tractor, up to P500,000.00 may be borrowed.
The loan is payable for up to six (6) months in a lump sum mode. It depends whichever between the loan maturity and the harvest comes first. Here are the requirements in applying for the Producers Bank Crop Loan:
- TCT/fully paid EP/OCT
- Tax Declaration with tax receipt for current year and tax clearance
- Location plan with vicinity map
- Barangay and Court Clearances
- BARC Certification as to total landholdings
- Photo of collateral and borrower
- Affidavit of non-tenancy for agricultural land
- Permit to mortgage from PARO if land is covered by EP title
- CASA with Producers Bank
In the case of individuals who have other source of living, the bank offers the Producers Bank SME Loan and the Producers Bank Business Loan offer “Go Negosyo”.