Frequently Asked Questions (FAQs)
Here are a few questions that we are asked often and their responses.
1. What is Farmer Development Microfinance Pvt Ltd (FM))?
FM is a microfinance institution dedicated to empowering farmers and rural communities. We provide small loans, financial literacy training, and development programs to help people build sustainable livelihoods—because growing crops shouldn’t mean growing debts.
2. Who can apply for a loan?
Farmers, small business owners, and rural entrepreneurs who need financial support for agricultural activities, livestock, small businesses, or personal development. Basically, if you’ve got a solid plan and a need for funding, we’re listening!
3. What types of loans do you offer?
We offer:
• Agricultural Loans – For seeds, equipment, irrigation, and farm expansion.
• Livestock Loans – Because happy cows make happy farmers.
• Small Business Loans – To fund rural enterprises, from grocery shops to home-based businesses.
4. How much can I borrow?
Microfinance loan ceiling is 500,000 maximums.
5. What is the interest rate?
17% annually at simple interest on declining balance. Interest may fluctuate depending on the market.
6. How do I apply for a loan?
Simple!
1. Visit our office or website.
2. Fill out the application form.
3. Provide basic documents (ID, proof of income, and a solid plan).
4. Meet our team for assessment.
5. Get approved and receive your loan.
7. Do you require collateral?
For group loan no collateral because it is a group guarantee model where each member act as the guarantor. Group cohesion and peer pressure among the group member.
8. How do you support farmers beyond just loans?
• Financial literacy training
• Business development advice
• Market linkages to help you sell your produce
• Community-building initiatives
9. Can I invest in FM?
Investment in the form of fixed deposits which offers the highest interest rate in the country.
10. How can I contact FM?
• Visit our office (we love visitors).
• Call us (we’re friendly).
• Email us (we actually read them).
• Follow us on social media.
11. Does FM offer virtual banking services?
Account Opening are accepted virtually through our known family.
12. Does FDM offer deposit accounts?
Yes! We provide savings and fixed deposit accounts tailored for farmers, small business owners, and rural communities. Whether you’re saving for the next harvest or future investments, we’ve got you covered.
13. What types of deposit accounts do you offer?
We currently offer:
• Regular Savings Accounts – For everyday savings with easy access to your money.
• Fixed Deposit Accounts – Earn higher interest by locking in your savings for a set period.
• Special Purpose Savings – Save for specific goals like education, weddings, or farm expansion.
14. How safe are my deposits with FM?
Your money is safe with us! We follow strict financial regulations and security measures to protect deposits. Plus, we invest in rural development, so your savings help grow communities, not just bank profits.
15. Can I deposit money digitally?
Yes! You can deposit money through:
- Bank of Bhutan (BoB): 204987175
- Bhutan Development Bank Ltd. (BDBL): 201800121401
16. Do you offer interest on savings accounts?
Of course! We offer competitive interest rates on savings, helping your money grow while you focus on growing crops and businesses.
17. What is the minimum balance required for a savings account?
We keep it low and farmer-friendly. Specific amounts vary by account type, but we ensure that saving with us is accessible to everyone.
18. Can I withdraw my deposits anytime?
• For savings accounts: Yes, you can withdraw anytime.
• For fixed deposits: Withdrawals before maturity may incur a small penalty.
19. Can I open a joint savings account?
Yes! We allow joint accounts for families, business partners, and community savings groups. Because sometimes, financial goals are better achieved together.
20. How do I open a deposit account with FDM?
Simple! Visit our branch or apply online with basic documents like ID, proof of address, and an initial deposit. We promise it’s easier than planting a field of rice.