BOA Loan Application 2025/2026: Bank of Agriculture Loan for Agri-Business – Apply Now

BOA Loan Application 2025/2026: Bank of Agriculture Loan for Agri-Business – Apply Now – It’s our mandate to provide agricultural credit facilities to support all agricultural value chain activities, provide non-agricultural micro credit, Savings mobilization, Capacity development.

This we achieve through cooperative development of agricultural information system and provision of technical support and financial advisory services.

BOA has remained a trusted partner to smallholder farmers, agribusinesses, and rural entrepreneurs for over five decades.

BOA Micro Loan Requirement

1. Open and maintain an account at BOA’S branch office nearest to the project location and have at least three (3) months minimum relationship with the Bank.
2. Deposit of 20% lien deposit of the loan volume.
3. One (1) completed loan application form.
4. Completion of two (2) Guarantor forms.
5. Letters of Revocable for Guarantors.
6. BVN print out
7. One(1) valid ID proof (Drivers Licence, National Identity Card etc)

BOA YARN & WAE Requirement

1. Duly completed Loan Application Form.
2. Two copies of Business plan/feasibility study report acceptable to BOA.
3. 10% Lien Deposit of the loan volume.
4. BVN print out of Applicants and Guarantors.
5. List of bankers, type of account and account number.
6. Letter of non-indebtedness from applicant’s bankers.
7. NIN slip of applicants and guarantors.
8. Letter of Guarantee.
9. Duly completed and stamped undertaking form to effect deduction from salaries of the two guarantors if (Civil Servants).
10. Duly completed and stamped undertaking form by the employer of the guarantors to effect deduction at source for the bank (Civil Servant).
11. For non-civil or public Servants, guarantors must produce court affidavit justifying their capacity to pay loan in case of default.
12. Four coloured passport photographs with white background. (Both applicant and guarantors).
13. Declaration to pay loan facility by the applicant, signed and stamped in court.

BOA SME Lending to Individual Requirement

1. Open and maintain an account at any of the BOA branch office nearest to you
2. Submit a completed BOA prescribed Loan Application Form to a Branch
3. Submit two copies, showing clear trends, project cash flows and profit & loss for the proposed loan period.
4. Architectural and Structural Drawing of proposed building and structures on Project Site (Submit where applicable)
5. Bills of Quantities or Contractors’ Estimate of construction costs of proposed building and structure on Project Site (submit where applicable)
6. Bankers:
   •   Name of Bankers
   •   Address of Bankers
   •   Account numbers of all Banks
   •   Statement of Bank Accounts for six (6) months; up to date for the applicant
   •   Copies of Bank Verification Number (BVN) print out of applicant
7. Security for the Loan
   a.  Acceptable securities which may be one or more of the following:
   •   Realties accompanied with their C of O and approved building plan.
   •   Bank Guarantee
   •   Shares of blue chip companies.
   •   Treasury bills.
   •   Bond
   •   Cash Collateral.
   •   Letter of intent to guarantee by Third Party backed by tangible security (where applicable)
   b.
   •   Where Realty is proposed as security:
   •   Provide Statutory Certificate of Occupancy of the property(s).
   •   Approved building plan of the property.
   •   Three copies of coloured photographs of 3 sides (side, front and back views of the property).
   •   Registered Deed of Assignment/conveyance (where applicable).
   •   Two copies of current valuation report by BOA Registered Estate Surveyor
8. Current Tax Clearance Certificate (2 Copies Each)
9. Recent passport sized photographs of the Applicant (2 Copies Each).
10. Evidence of leasehold of Business premises or ownership (2 Copies Each).
11. Detailed CV of Applicant and/or Farm Manager with relevant qualifications (2 Copies Each).
12. Data Page of International Passport/Driver’s License/National Identity Card (any one) of the Applicant
13. NAFDAC Certification (where applicable)

BOA SME Loan Cooperative Societies Requirement

1. Certificate of Registration
2. Bye – laws of the society
   •   The bye-laws must permit the Society to engage in the activities for which the loan is sought.
   •   The bye-laws must include powers to borrow.
3. Evidence of ownership or Leasing Agreement of Project Land where applicable.
4. Statutory Certificate of Occupancy covering the property which is to be used as security together with a valuation report produced by any of the Bank’s Accredited Estates Valuers and approved Building plan.
5. Acceptable security to BOA.
   •   Bank Guarantee
   •   Shares of blue chip companies.
   •   Treasury bills.
   •   Bond
   •   Cash Collateral.
   •   Personal Guarantees of Chairman/President and Secretary in addition to any security (This is in addition to any of the acceptable securities).
   •   Letter of intent to guarantee by Third Party backed by tangible security (where applicable)
6. Particulars of the society’s current officials along with their passport photographs and BVN print out.
7. Three years Audited Statement of Account or Statement of Affairs for newly Registered societies.
8. List of current members of the society and their shareholdings.
9. Bank Statement of the Society for the last six months
10. A valid resolution of the society to borrow a specific amount from BOA Limited.
11. A list of names of persons authorized by the Society to deal with BOA Ltd in respect of the loan applied.
12. Where the society is presenting a Guarantor, the following additional conditions are to be satisfied:
    a.   Provision of an irrevocable Letter of Intent to Guarantee from the Guarantor
    b.   Particulars of properties to back the guarantee.
    c.   2 recent passport-size photographs of the guarantor. Where the guarantor is an organization, provide 2 passport-size photographs of the Chief Promoter/Managing Director and one other Director.
    d.   Satisfactory status report from the Guarantor’s Bankers and from any other Bank.

BOA Collaboration for Collaborating Partner Loan Requirement

1. Formal Expression to collaborate with Bank. Expression of interest submitted is examined to ensure it is appropriate and in line with mandate of the Bank.
2. Business Plan For Collaboration. Submit proposal showing clear trends implementation strategy and insurance etc.
3. Memorandum of Understanding. Should include loan terms duties of the partners repayment and recovery modalities.
4. Account Relationship. Open Account based on collaboration modality.
5. List Beneficiaries. Collaborating partner to provide names of beneficiaries, addresses and BVN numbers.
6. Mode of Funding. This should be stated clearly and be accepted to the Bank.
7. Collateral. Collateral and repayment modality must be fully acceptable to the Bank before approval of the facility.
   •   Irrevocable standing payment order (ISPO)
   •   Bank guarantee.
   •   Cash collateral.
   •   Completed Realty property with acceptable documents.
   •   Any other arrangement acceptable to the bank.
8. Other terms and conditions as may be specified in the transaction documentation.
9. All correspondences from the bank’s collaborating partners should be endorsed by the relevant Heads of Establishments such as State Governors, Federal Ministers, State Commissioners, Directors General etc.

BOA Loan Interest Rate & Other Charges

As a DFI, the Bank does not use the prevailing market rate on its loans. Below are the current chargeable interest rates and other fees:

A. Production Loan:

• Interest: 9% of loan volume
• Appraisal fee: 0.5% of loan volume
• Commitment fee: 0.5% of loan volume
• Management fee: 1% per annum
• NAIC:
  o Livestock – 2.5%
  o Arable – 2% of material inputs

B. Processing Loan:

• Interest: 12% of loan volume
• Appraisal fee: 0.5% of loan volume
• Commitment fee: 0.5% of loan volume
• Management fee: 1% per annum
• NAIC: 1.5% of material inputs

C. Marketing Loan:

• Interest: 20% of loan volume
• Appraisal fee: 0.5% of loan volume
• Commitment fee: 0.5% of loan volume
• NAIC: 1.5% of material inputs

How to Apply for BOA Loan 2025 – Bank of Agriculture Loan

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