The loan is part of the NBC Shambani product which allows farmers to pay only 25% as a down payment and the rest to be paid over a period of one to five years depending on the agreements.
Handing over the first tractor, Ruvuma Deputy Regional Administrative Secretary Bakari Mketo praised NBC for launching the service which will give more farmers access to modern farming facilities that will boost production in the region.
Ruvuma is one of the major food crop production regions, so this service is of great value to farmers as it improves the efficiency of production activities.
According to Regional Office data, the region has a total of 4,007,746 hectares of land that is suitable for agriculture while in the five-year period (2015/2020), the region has reached a total of 8,547,816 tonnes of food crops.
Songea NBC Bank Branch Manager Frank Kiranga said the service is dedicated to all types of farmers in Ruvuma and surrounding areas with the sole aim of improving farming efficiency.
“Getting this loan is very easy; First, a farmer must have a holding of at least one hectare with a traditional or official title deed and purchase contract. Then you can pay 25% of the entire loan and the rest will be paid over terms of 1 to 5 years,” he said.
Chacha Marwa Mwikwabe, he is the first customer to avail the service who thanked NBC for launching the service which turned his dream of owning a tractor into reality. He thinks the move will help him commercialize agriculture.
The total value of a tractor is Tshs. 62 million, with 25% of the entire loan amounting to Tsh. 15.5 million in installments.