The Myanmar Agricultural Development Bank has said that it would start lending money in 2024 for the rainy season and that it will only be able to do so once all outstanding debts have been paid.
Finance and Planning Ministry Farmers all around Myanmar can obtain agricultural capital through yearly agricultural loans from the Myanmar Agricultural Development Bank. By making timely loan repayments when the crops arrived, large farmers also collaborated with banks and other farmers to support the growth of the agricultural industry.
Loans for agriculture are granted based on the growing season. Only once their prior arrears have been settled will farmers be permitted to take up new loans. It will also be possible to take out additional short- and medium-term loans from the Myanmar Agricultural Development Bank as long as the terms and criteria are met.
Farmers who have paid off their previous loans in full, including principal and interest, by May 20th prior to the rainy season planting season will be eligible for rainy season planting cost loans in 2024. These loans will have the same interest rate of 5% annually as the previous year and will be made available through relevant district and township bank branches.
Thus, Myanmar Farm Development Bank and Myanmar Agricultural Development Bank have declared that farmers who have paid off their previous loans can acquire loans for the 2024 rainy season on time if they get in touch with the appropriate district/township bank branches as soon as feasible.
The Myanma Farm Development Bank farmed with big tractors. Rice mill, oil mill, hand tractor, thresher, thresher, to create a warehouse; to buy a factory and food processing equipment; Farmers who require funds for renovations can apply for two-stage loans for agricultural and rural development at an annual interest rate of five percent.In order to obtain a loan for farmers, the closest Myanmar Farm Development Bank, Make an application for a loan in accordance with the insurance and loan terms and conditions to be submitted for the loan by contacting the district/township bank branches.