SEIFAC Disbursement: Terms And Conditions for Applicants – SEIFAC is a household name for Applicants enlisted under the Programme. Since the application was launched several months ago, the scheme is at the final phase where applicants would receive loans.
However, there are terms and conditions applicants should bear in mind if they must receive loan from SEIFAC. Though, applicants are waiting for disbursement.
Applicants should check the terms and conditions below
Please read these Terms and Conditions carefully before using this website. Your access to and use of the service is conditioned on your acceptance of and compliance with these Terms and Conditions.
SEIFAC Disbursement: Terms And Conditions for Applicants – These Terms and Conditions apply to all SEIFAC members, visitors, users and others who access or use this service.
- You shall open a SEIFAC Project Account with our official Bankers.
- You agree to farm in our Agricultural Production Cluster (Agro-PC).
- You agree that an insurance policy be bought for your allocated farm by SEIFAC.
- You agree to the fact that the SEIFAC/CBN ABP Single Digit Interest (SDI) Rate Loan is not in cash but in kind.
- You agree that SEIFAC in conjunction with your Agro-PC and/or their Service Provider(s) are responsible for the production and management of your enterprise from land preparation, production agronomy and harvesting of final farm produce.
- You agree that you shall only play a supervisory role to know what is been done on your allocated field for the purpose of probity and accountability except and only when you are contracted to do otherwise for an activity over a given timeframe.
- You agree that agricultural mechanization should be applied on your Agro-PC field
- You agree that your farm shall be managed by the Agro-PC Manager who may or may not be a member of the Agro-PC appointed by the Agro-PC in conjunction with SEIFAC.
- You agree that you shall not claim ownership of whatsoever on the field allocated to you by harvesting or boycotting the produce from your field until your loan is paid in full.
- You agree that SEIFAC/your Agro-PC should market your Agro-PC farm produce in bulk, pay the loan and pay the balance thereof into your Project Account as profit from your farm enterprise.
- You agree to pay Agro-PC annual membership subscription of Five Thousand Naira (N5,000.00) only which will serve as equity contribution for the following cropping season(s) to qualify the Agro-PCs to continue in its production enterprise.
- You agree to pay a one-time Membership Registration of Seven Thousand Five Hundred Naira (N7,500.00) only and subsequently an annual subscription of Two Thousand Five Hundred Naira (N2,500.00) only.
- You accept to maintain an Account (savings or current) with the SEIFAC Microfinance Bank (SEIFAC-MFB) which its establishment is underway.
- You agree to be servicing your SEIFAC-MFB Account from time to time for it to be active for the good of SEIFAC and the growth of SEIFA-MFB which you are a stakeholder.
- You agree to work for the actualization of the vision and mission of SEIFAC by adhering to the bye-laws guiding the cooperative.
- You agree to maintain in confidentiality any privilege information of the cooperative in your possession.
- You agree to avoid the mismanagement of any property of SEIFAC that would be under your possession from time to time in the course of implementing your production enterprise.
- You agree to maintain loyalty to the management of your primary Agro-PC and SEIFAC being the hub of all the constituent Agro-PCs.
- You agree that any art of criminal act perpetrated on your Agro-PC field by you, your relatives or your assignees which will contradict the bye-laws of SEIFAC and your Agro-PC by extension you should be held responsible and as such face the full consequences of the law.
- You agree that at the end of every cropping season, SEIFAC should deduct from your SEIFAC Account 20% as your Pension Contribution from the profit on your enterprise and that it is receivable after your retirement from farming at 70yrs or voluntary retirement after a minimum of 15 Wet Cropping Seasons.
- You agree that if you chose to retire before a minimum of 15 Wet Cropping Seasons your Pension Funds should be paid to you in full and at once as gratuity.
- You agree that you shall give SEIFA six (6) months in lieu of notice your voluntary retirement OR be deducted 10% of from your pension funds account.
- You agree that in the event of death, your Pension Funds should be paid to your next of kin at once in full and at once as gratuity within 10 days of the receipt of necessary evidence of death certification from your family.
- You agree to be enrolled on the Health Insurance Policy – HMO operated by SEIFAC for her farmers called SEIFAC Farmers Health Care System (SEIFAC-FHCS) for the health benefit of every member of SEIFAC and make an annual subscription of Six Thousand Naira (N00) only every year at harvest. SEIFAC Disbursement: Terms And Conditions for Applicants
- You agree that it is only the farmer, his or her spouse and any two (2) of his /her children under the ages of 18 (i.e. 0 – 18 years) are eligible to benefit from the Health Insurance Policy – SEIFAC-FHCS.
- You agree that anytime you/your spouse and two of your children registered under the SEIFAC-FHCS receive treatment from the approved hospitals, you shall pay 50% and SEIFAC pays the other 50% to make up 100% of the medical bills. This is exception of laboratory investigation bills.
- You agree that you will participate fully on the farm enterprise and if found wanting should be dealt with in accordance to the provision of SEIFAC bye-laws.
- You agree that in your Agro-PC, YOU are the one to ensure every other member farmer pays back his loan in order for the Agro-PC to qualify for the next cropping season – SEIFAC Disbursement: Terms And Conditions for Applicants
- You agree that should you fail to pay back your loan and every effort to recover from the Agro-PC proves abortive, your next of kin and guarantor shall take full responsibility to ensure the repayment of your indebtedness to SEIFAC/CBN/Commercial Bank who are the financiers of the project.
- You agree that a lien be placed on your SEIFAC Project Account whenever your SEIFAC Loan has not been fully recovered until such period when the loan facility has been liquidated by you or your next of kin and/or guarantor and/or by extension your Agro-PC.
- You agree that you will not be found wanting in any act that will tarnish the image of SEIFAC or your primary Agro-PC, should you be found wanting, you should be expelled from the SEIFAC/Agro-PC and your Pension contribution be refunded to you as gratuity at your supposed retirement date.