Colonial Fiji | Cane Farmers' Loan

Cane Farmers' Loan

Purpose

Household expenses and payment of store accounts.
Drainage works or fencing.
Clearing fallow land/farm improvements.
Purchase of farm animals/farm implements.
Purchase of cane farm (70% finance only. Equity may be provided by way of cash or additional security by way of Real Estate equivalent to 30% of the cost. Lending will be based on the Bank's valuation or professional valuation (if available).
To finance purchase of tractor/truck/van (66% equity finance only), equity may be provided in the form of cash or additional security by way of Real Estate equivalent to 34% of the cost.
Construction of a low cost residential house.
Payment for annual land rentals.
Wedding, funeral expenses and medical costs.
Children's educational expenses.
Other propositions considered on case by case basis.

Entry Conditions

Must be over 21 years
Past conduct of account must demonstrate strong debt serviceability.
An existing lease and title is available
Sources of Income must be verified
Proposals must be fully secured via tangible securities.
New and additional loans will be considered where at least 5 years lease term still remain.
Farm inspection and valuation must be carried out.
No Class J lease will be entertained.

Standard Documents required

Repayments

Reduction program set in the proposal stage to ensure that the loan reduces every 12 months over the loan term.
The minimum reduction should be at least 20% of the loan amount each year with full clearance by year 5.

Term of Loan	Interest Rate	Fees and charges
Maximised at 7 years (84 months)	Refer to Great Rates	Refer to Lending & Credit Card Fees & Charges

Security
Main Security required include:

Irrevocable Authority addressed to the Fiji Sugar Corporation to direct all cane proceeds to the farmers account at the Bank.
Crop Lien over the farmers standing crop.
Registered bill of sale over chattels (tractor, van etc)
Registered mortgage over farmers freehold and leasehold land.
Assignment over insurance policies
Lien over Term Deposits
Third party guarantees

Special Conditions
There are special conditions pertaining to this loan which need to be fulfilled before funds could be disbursed.