NBP helps farmers get loans through EWRF system
KARACHI: The National Bank of Pakistan (NBP) has started helping farmers get loans through Electronic Warehouse Receipt Financing (EWRF).
The simple process will allow farmers to open their account, provide collateral and receive loans up to 70% of the collateral price.
The EWRF system aims to make the farmer’s journey easy and profitable, from cultivation to sale. The loan facility can be obtained for a period of up to 6 months by obtaining an electronic warehouse receipt as collateral.
To open an account in the electronic warehouse receipt, farmers can contact the storekeeper of Naymat Collateral Company Management with their CNIC and photo.
After opening the account, farmers can store their products in the relevant warehouse, where after confirming the quality and quantity, the warehouse receipt will be issued.
The farmers can use this receipt to get the loan from the bank where the required support will be extended to complete the documentation process to avail the loan facility as needed.
EWRF also helps the applicant to refund the dues when the farmers have a fair price for the crops, thus giving them the advantage of having a return on their crop after paying the warehouse rent and the Naymat guarantee fees.