Financing Solar Irrigation Pumps
Financing solar irrigation pumps is a service tailored for farmers without any interests, and the pumps are provided to farmers in accordance with the nature and specifications of their wells.
The project of solar pumps is considered as an investment project for the Yemeni farmer, as the period of repayments of the purchased pumps reached to two years only compared to the high costs and payments of diesel for ordinary pumps.
Service Features:
- Procedures of financing are Simple and fast.
- Guarantees of financing are simplified.
- Saving the amount of diesel and oil paid for ordinary pumps.
- Saving the amount of periodic maintenance of the engine.
- Getting the finance without any interests.
Terms and documents required to obtain the service:
- The customer should maintain an account with CAC Bank.
- Providing the original identity copy (a valid electronic card or passport).
- Fill in the application form by visiting any CAC Bank Branch or office.
- The customer has to farm one or some of the essential relative crops and never grow Qat.
- The customer should be able to bear at least (30%) of the pump’s value.
- The customer should not have failed in payment of any past debts to any other banking or financial entity.
- The depth of the well shall not exceed 300 meters and the customer shall use modern irrigation systems (drip).
- Providing a feasibility study for the project in cooperation with the bank, and a price offer for the required pumps.
- The ability to bring sufficient guarantees and the customer has the ownership document of the agriculture land.
- Banking tariffs for financing is 8% per annum.
FAQs
All or some of the following guarantees: (that cover the value of the granted finance to customer and also subject to the policies and decision of the Agricultural Credit Committee)
- A commercial guarantee from a merchant that have an account with CAC Bank.
- A guarantee from funds or entities that may nominate the farmer to have the finance. (or less if the guarantee is supplementary).
- Guarantee a deposit in the bank. (or less if the warranty is supplementary).
- Partial guarantee for those employees who receive their salaries through our bank not exceeding 50% of the net salary. (or less if the guarantee is supplementary).
- For short term finances reached to 2 years, gold mortgages must equal to 150% of the value of the finance as approved by the Agricultural Credit Committee. (or less if the guarantee is supplementary).
- A property located in a provinces’ capital that covers at least 120% of the value of the required finance, (or less if the guarantee is supplementary).
It depends on applicant request; the finance is flexible and can be made in a traditional or Islamic way.
10% afforded by the importer of solar irrigation pumps.
If the customer presented all required guarantees, the finance will be preceded within only two weeks.
Yes, there are technical specifications for the product that was prepared by specialists and approved by the Bank.
The supplier will not get any payment unless all required technical specifications are matching.
According to the feasibility study of the project, the minimum period is for one year and the maximum period is for 3 years.
No, the applicant will cooperate with the bank by providing data for existing projects and sources of repayments (financing), and the bank will prepare the feasibility study.
At the nearest branch or office to the client's area.
(Application form according to the approved form - the price offer - the original ID card - the document of the land ownership or the lease).
