MADB grants farmers agricultural loan for winter crops from Nov second week

Myanma Agricultural Development Bank (MADB) under the Ministry of Planning, Finance and Industry starts to provide agricultural loans for winter crop season from the second week of November 2020 to January-end 2021.
Famers can pay off for this agricultural loan by 15 September 2021. The annual interest rate of the agricultural loans provided in the 2020-2021 financial year is set at 5 per cent.
Moreover, the government will disburse the farmers loans for pre-monsoon cultivation season between early January and March-end 2021. The deadline for loan repayment is by February 2022. The agricultural loans for monsoon crop season can be taken out between early May and September-end 2021, and the due date is set at 15 April 2022.
This being so, MoPFI notified the farmers of the agricultural loan period for each season so that they can submit loan proposal to the loan assessment teams in Ward/Village level of the respective MADB branches in districts and townships.
In a bid to mitigate the impacts stricken by the COVID-19, the bank also provided additional loan of K50,000 per acre under the COVID-19 Special Relief Loan Scheme between June and September 2020. Moreover, it cut the loan interest rate from eight to five per cent during the COVID-19 crisis.
The MADB yearly grants agricultural loans to the small-scale farmers. The paddy farmers can take out loans of K150,000 per acre, while the growers of other crops including sugarcane can get K100,000 per acre. They have to put the original of Farmland Permit Form (7) up for collateral to secure the loan under the personal guarantee system. — GNLM  (Translated by Ei Myat Mon)

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