You can get Goat Farming Loans from various banks where the loan amount can be used to purchase land for farming, food, buying goats, etc. The process is easy, and you can apply for the loan online. This article details the loan’s eligibility, the application process, documents, and benefits.
What is Goat Farming Loan?
Goat Farming raises domestic goats by providing them shelter, food, and other necessities.
The process is a high-profit investment and can be on small or large scales according to the budget. Even though it is a high-profit activity, this needs investment.
Investing a huge amount at once and meeting financial requirements can be challenging. So some banks in India give loans for farming, such as Goat Farming Loans.
Before applying for the loan, take the farming training, and get a detailed report. Apply for the loan by showing the report as one of the documents. You will get the loan according to your report and other documents.
If the bank sanctions the loan, you can use the amount to buy goats, shelter, food, and goats’ medical care. After the loan sanction, ask the bank manager to get a NABARD subsidy. Read this article about the loan to learn more about the process.
The eligibility criteria to get the Goat Farming Loan are the following. Check your eligibility status before applying for the loan.
- Knowing that the goat’s breed should be suitable for the drain is important. The goat’s breed must be readily available at a reasonable cost.
- The owner should provide facilities for grazing animals.
- The demand for wool, mutton, and other goat products must be good.
- Drinking water facilities should be available.
- To get a loan sanction, the applicant must be a member of the goat farming association.
- They must have a good profile.
Documents required for Goat Farming Loan application are,
- Passport size photo
- Bank statement of 6 months
- Address proof
- Aadhar card
- Income proof
- BPL card
- Caste certificate
- Domicile certificate
- Original land registry papers
- Goat farming project report
Benefits of getting a Goat Farming Loan:
There are many reasons to take a Goat Farming Loan. After applying for and sanctioning the loan, there are a few benefits from it. They are,
- One can get the capital for goat farming because the major issue is insufficient financial resources.
- Through the loan, it also provides animal insurance.
- The banks give enough time to repay the loan.
- You can use the loan amount for land purchasing, shed construction, goats, and food.
- The EMI is payable.
- Some banks offer insurance for the owners also.
Process for getting Goat Farming Loan:
The process to get a Goat Farming loan is as follows,
- Firstly visit any nearest agricultural or regional bank. Ask for Goat Farming with NABARD. Fill out the application form.
- You submit the farming plan with all the relevant details and reports to get the NABARD subsidy.
- Now submit the application form you filled out with all the details, documents, and your signature, and await approval from NABARD.
- Pay the fee to start the loan process so that the application will be directed to the higher officials.
- Then a technical officer will visit to inspect the farm and inquire about other details.
- Once the loan is sanctioned, the bank will transfer the sanctioned amount directly to your bank account. It takes almost 35-45 days to get the loan approval.
- The bank will give only 85% of the project cost; you must bear the remaining 15%.
Through NABARD, you will get the loan amount directly to your bank account. After the loan sanction, you must pay a 10% margin of the total cost. Few financial institutions provide loans under NABARD. They are,
- Commercial bank
- Regional bank
- State Cooperative Agricultural and Rural Bank
- Urbank banks
- State Cooperative bank
Interest Rate for Goat Farming Loan:
Suppose you are trying to get the Goat Farming Loan. In that case, the average interest rate is 9.90% under EDEG(Entrepreneurship Development & Employment Generation) Scheme. The grace period is two years; you can repay the loan in 6 to 9 years. Note that Farming loans’ interest rate differs from bank to bank.
Ask the bank manager about the NABARD subsidy; if the bank doesn’t provide the NABARD subsidy, apply for a loan from another bank. The interest loan in National Bank is low compared to private banks like Axis Bank, ICICI, HDFC, and Kotak Mahindra.
Goat Farming is a great high-profit investment in India. Many Indians consider this one of the most profitable businesses, which is also growing rapidly in India. Even though it is highly profitable, the capital is the major issue. You can get capital by taking the Goat Farming loan from the banks. Banks need to give loans with good interest. They are Commercial banks, Regional banks, Union Banks, etc. The interest rate is high in private banks compared to national banks.
Goat Farming means raising goats by providing food and shelter.
The capital is important to start Goat farming. The investment in Goat farming is highly profitable.
Many banks in India provide loans to start Goat farming. The loan will be helpful as an investment in your business.
The average interest rate in national Banks is 9.95%, which may be high in private banks.