Crediting of spring field works: interest rates are reduced!

In 2017, the lending rates for carrying out spring-field work have been reduced. This was announced at the briefing by Gulnaz Atamkulova, the Chairman of the Board of “Agrarian Credit Corporation” JSC, on April 11, 2017.

A farmer can get a loan directly from the Corporation at 2%, in exchange for the previous 5%. In case the loan will be issued through a second-tier bank (STB), the lending rate for the final borrower does not exceed 5%, as the rate for the bank is also reduced from 3.7% to 1%.

If the financing is through a CU or MFI, then for the final borrower the rate will not be more than 6%, since the lending rate for CU and MFI is reduced from 5% to 2%.

The public budget loans (including agricultural cooperatives) and individuals (IF, FE, IE), CU, MFIs and second-tier banks can apply for a budget loan. The loan is taken to replenish working capital for carrying out SFW and HW, as well as for subsequent financing of farmers through the purchase of crop production.

This year directly from the state budget of the Republic of Kazakhstan, the Corporation allocated 60 billion tenge to finance SFW and HW.