Beneficial loans for farmers – a new offer at PKO Bank Polski

Source: PKO Bank Polski

PKO Bank Polski introduces its offer of a loan for farmers for any purpose, up to PLN 300,000 without any collateral. The repayment schedule is adapted to the specificity of agricultural production. In the case of agricultural production with long production cycles, the customer may use a 6-month repayment grace period. The Bank also offers farmers a free account for two years. In this way, PKO Bank Polski supports farmers in financing current needs, farm development, and financial management.

“Agriculture is one of the strategic sectors of the Polish economy, which ensures food security for Poles. Because of the current challenges faced by farmers resulting from rising production costs, climate change, and the assumptions of the Green Deal, our priority is to provide farmers with broad access to financing investments and current needs. This will allow farmers to further develop their farms through automation and the introduction of modern technologies,” – says Paweł Gruza, Vice President of the Management Board of PKO Bank Polski.

Flexible financing adapted to agricultural production

A farmer can get a loan of up to PLN 300,000 without any collateral, even for five years. If material collateral is provided, the loan amount may increase to PLN 500,000. Importantly, it is possible to individually adjust the installment repayment schedule to the specificity of agricultural production. The loan can be obtained simply, without unnecessary formalities, and the money can be used for any purpose – for the purchase of fertilizers, plant protection products, seeds, or fuel – without showing invoices.

A free agricultural account with access to ARMA

PKO Bank Polski also offers farmers an account. The customer who opens it won`t incur any costs of maintaining and servicing the debit card for two years, without any additional conditions. Both the IKO application and the iPKO website are used to manage the account. For holders of this account, cash deposits in PLN at branches of PKO Bank Polski are free of charge. Keeping an agricultural account can be free of charge also after two years. It is enough if the account will receive min. 2 thousand per month – otherwise, the fee will be PLN 12 per month. The Bank has also introduced a convenience for customers who deal with their official matters at ARMA – now they can use  the ARMA Electronic Services Platform via the iPKO website.

Along with the account, the customers receive access to the most popular banking application in Poland, with a wide range of functions. In IKO they can check an account balance and history, order a transfer to a Bank account number to any recipient, repay credit card debt, set up a deposit, top up a prepaid phone, or pay for a motorway toll. Using IKO, the customer can also verify the identity of the calling employee of PKO Bank Polski.

“We want to be an advisor and financial partner for farmers who value tradition and at the same time boldly look to the future. That is why we focus on modern and digital financial management tools that facilitate the daily work of every farmer and entrepreneur. I am convinced that we will become the Bank of first choice for farmers thanks to our competitive offer, local presence throughout the country, and professional advisors,” – emphasizes Paweł Gruza, Vice President of the Management Board of PKO Bank Polski.

The novelties complement the offer of PKO Bank Polski for farmers, which the Bank plans to systematically develop. It also includes other types of loans, such as an investment loan to finance purchases related to farm expansion and modernization, granted for up to twenty years, with the possibility of financing 90% of the project value; an unsecured account loan up to PLN 300,000 PLN or a startup loan for those starting agricultural activities.

The farmers can also take advantage of the leasing of machinery, equipment, and equipment of livestock buildings as part of the PKO Leasing offers. Leasing and loans of agricultural machinery allow them to finance 100% of the value of the item for up to ten years. The installment payment system is adapted to the production cycle of the farm (monthly, quarterly, semi-annual installments, and seasonal schedules).

The new offer for farmers will be accompanied by a media campaign under the slogan “A fundamentally beneficial loan for a farmer”, supported by sponsorship activities and spread over the next months of 2023. Initially, it will be launched on the Internet and in the press, and a TV campaign will start in March.

More information can be found here (in Polish).


Source: the Bank`s press release dated February 08, 2023