LOAN FOR FINANCING AGRICULTURAL INSURANCE
LOAN TERMS
Currency: dinars
Minimum loan amount: RSD 100,000.00
Maximum loan amount: depending on client’s credit worthiness
Nominal interest rate: 18% p.a. for loans with 6, 7, and 8 month repayment period
Effective interest rate: starting from 18.64% p.a. for loans with 6 month repayment period; starting from 18.39% p.a. for loans with 7 and 8 month repayment period
Client pays 0% interest p.a., since the complete amount of interest is subsidized by DDOR Novi Sad a.d.o.
Loan maturity: 6, 7 or 8 months
Loan repayment: single payment
Loan collateral: bill of exchange, insurance policy assigned to the bank or other means of collateral.
REQUIRED DOCUMENTATION FOR INDIVIDUAL AGRICULTURAL FARMS:
- Farm registration certification;
- Certificate of registration of active farm status for current year (if several farms are registered within a family farm, provide certificates for all farms)
- Structure of crop farming and livestock production (issued in Treasury Head Office for the current year; if several farms are registered within a family farm, provide certificates for all farms)
- Bank statement for the past 12 months for the account of the farm (if several farms are registered within a family farm, provide statements for all farms)
- Certificate of settled tax liabilities by the head of the agricultural farm issued by RUJP (Republic public revenue administration)
- Property tax declaration;
- Lease contracts;
- ID card of the head of the agricultural farm (if several farms are registered within a family farm, provide ID cards for all heads of farms)
Loan collateral depends on the creditworthiness and purpose for which the funds will be used.
Example of loan for policy worth RSD 100,000 with 6 month repayment period
|
Loan disbursement |
Annuity |
Repayment |
Interest to be paid by client |
Nominal interest rate |
Effective interest rate |
Interest to be paid by DDOR |
|
100,000.00 |
100,000.00 |
100,000.00 |
0.00 |
18 |
18.64 |
9,000.00 |
* Effective interest rate calculated on the basis of repayment period 12.03 – 12.09.2014.
Example of loan for policy worth RSD 100,000 with 8 month repayment