Features DESCRIPTION Young/new farmers development loan to: Purchase land & agricultural buildings Build/finish/renovate agricultural buildings Purchase mechanical equipment Purchase plants and/or farm animals IDEAL FOR Persons aged 19-50 who want to become farmers, whether or not they have participates in a State programme. ESSENTIAL PREREQUISITES Candidate borrowers must be insured with the Greek Agricultural Insurance Organisation (OGA) or must have submitted their vouchers to “OGA” and fulfill the inclusion requirements Candidate borrowers must be registered in the Registry of Farmers and Farms (MAAE) or must have submitted the relevant application INTEREST RATE Variable based on the BRF. DURATION To purchase mechanical equipment: up to 10 years To purchase land and agricultural buildings, and to build/renovate agricultural buildings: up to 15 years To purchase plants and/or farm animals up to 6 years LOAN AMOUNT From €5,000 to €150,000. Maximum Financing Amount: up to 80% of the estimated investment cost and up to 80% of estimated value of the mortgaged property. REPAYMENT METHOD Quarterly or semi-annual or annual installments The payment via standing order from account of deposit Option of grace period It depends on the purpose of the loan and the timeframe required within the 1st year to produce and sell agricultural products. 1 year: with or without payment of interest Up to 3 years: with payment of interest and free payment of capital OTHER FEATURES Loan approval fee One-off fee: €200 (it does not include expenses for: valuation, due diligence, court appearance and mortgage registration, which all are in line with the Bank’s pricelist) Collateral First Mortgage Lien equal to 125% of the loan amount for the plot of land(s) or another property, which must be free from encumbrances For collateral against mechanical equipment, a pledge agreement will be made for the purchased equipment, which will be legally served Insurance Obligatory insurance of mortgaged property for FIRE and EARTHQUAKE, for secured capital equal with the constructional value of property The customer is liable for cost of insurance, which must be paid on the anniversary date of the loan Depending on the financing amount of the investment plan, insurance coverage may also be required for any mechanical equipment Full or partial early repayment You may repay all or part of your loan at any time and with no penalty. Important note The young or new farmer is contractually obligated to remain a professional farmer at least until full repayment of the loan.