Canadian Agricultural Loans Act program: Step 3. How to apply

Step 3. How to apply

Please visit any of the following lender organizations to apply for a loan under the CALA program:

The lender will go through its loan application process and determine the financing best suited for your needs, which may include a loan under the CALA program.

Loan details

Maximum interest rates

Interest to be paid on a floating rate is a maximum of the lender's prime rate plus 1%.

Interest to be paid on a fixed term rate is a maximum of the lender's residential mortgage rate, for a comparable term, plus 1%.

Repayment terms

The maximum repayment terms are:

Fees

The registration fee is 0.85% of the amount of the loan. This fee must be submitted to the "Receiver General for Canada" at the time of loan registration.

An administration fee may also be charged by the lender. For loans up to $250,000, the administration fee is capped at 0.25% of the amount of the loan (to a maximum of $250). For loans over $250,000, the administration fee is capped at 0.1% of the amount of the loan.

Service standards

Under normal circumstances:

Read more about Service Standards at Agriculture and Agri-Food Canada.

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