Goat farming Loan 2024 – Bakri Palan loan 2024

Goat Farming Loan 2024: Goat farming loan is a type of working capital loan used for animal husbandry and breeding. Starting a goat farming business requires adequate funds. To meet working capital requirements and maintain healthy cash flow, customers can opt for goat farming loans provided by various financial and government institutions.

Along with this, you have been given information about what are the necessary documents, how to apply, how to get benefits, what is the eligibility, what is the official website, who will get the loan.

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Goat Farming Loan 2024

Goat farming loan 2024 is a special type of working capital loan designed to meet the needs of goat farming business. This loan can be used for goat rearing and breeding as well as for needs such as land purchase, shed construction, purchase of goats and fodder purchase.

Given the increasing profits and high revenue prospects in the goat farming business, many financial and government institutions are encouraging investment in this sector. Various banks and government schemes provide loans to supply the working capital required to start and run the goat farming business, making it profitable and long-lasting.

Advantages of Goat Farming Business

Goat farming is one of the major animal husbandry departments in the country, and it is becoming more popular. With high profit and revenue prospects, it is a profitable and sustainable business with a long-term perspective. Commercial goat farming is mainly done by large enterprises, traders, industrialists and producers. Goat farming is a major source of milk, leather and fiber.

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Purpose of Goat Farming Loan

Goat farming loan can be used for land purchase, shed construction, purchase of goats, fodder purchase, etc. The government has introduced various new schemes and subsidies to help entrepreneurs start goat farming business. Following are some of the major bank and government loan schemes for starting goat farming business:

Goat Farming Loan from SBI

The interest rate and loan amount for goat farming will depend on the business requirements and the applicant’s profile. The applicant should submit a well-prepared goat farming business plan that includes all the necessary business details such as area, location, goat breed, equipment used, working capital investment, budget, marketing strategies, workers details, etc. After meeting the eligibility criteria, SBI will sanction the loan amount as required for commercial goat farming. SBI may ask for land papers to be submitted as collateral.

• Loan Features: KCC for Animal Husbandry and Fisheries
• Interest Rate: 7% per annum (as per government directive)
• Loan Amount: No minimum limit and maximum Rs. 2 lakh for new applicants and Rs. 3 lakh for animal husbandry
• Type of Facility: Farm Credit – Agriculture
• Margin: No separate margin required
• Repayment: 5 years with annual renewal

Goat Farming Loan under NABARD

The prime objective of National Bank for Agriculture and Rural Development (NABARD) is to support small and medium farmers to increase livestock rearing, thereby increasing employment opportunities. NABARD offers goat rearing loans through various financial institutions:

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1. Commercial Banks
2. Regional Rural Banks
3. State Cooperative Agriculture and Rural Development Banks
4. State Cooperative Banks
5. Urban Banks

Goat and Sheep Rearing Loan from Canara Bank

Canara Bank offers sheep and goat rearing loans to its customers at competitive interest rates. This loan can be used for the purpose of purchasing goats suitable for the region.

Goat and Sheep Rearing Loan from IDBI Bank

IDBI Bank offers commercial loans for sheep and goat rearing under its ‘Agriculture Finance Sheep and Goat Rearing’ scheme. The loan amount offered by IDBI Bank for sheep and goat rearing can be a minimum of Rs 50,000 and a maximum of Rs 50 lakh. This loan can be availed by individuals, groups, limited companies, shepherd co-op societies and units engaged in this activity.

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Mudra Loan as per Pradhan Mantri Mudra Yojana (PMMY)

Since, goat rearing falls under the agriculture sector, loans for goat rearing will not be provided by banks under the Micro Units Development and Refinance Agency (MUDRA) loan scheme under Pradhan Mantri Mudra Yojana (PMMY). MUDRA provides loans up to Rs.10 lakh to individuals and enterprises engaged in non-agricultural sector income generating activities in the services and manufacturing sectors with the help of banks.

This loan does not require any collateral/security and the loan amount can be repaid within 5 years, also the processing fees are nominal.

Documents Required

• Filled application form with a passport-size photo.
• KYC documents of the applicant, such as proof of identity, age, and address.
• Aadhaar card of the applicant.
• BPL card, if available.
• Caste certificate, if SC/ST or OBC category.
• Bank statement of last 6 months along with income proof.
• Business establishment proof.
• Residence certificate and original land registry papers.
• Other documents required by the lender.

How to Apply for Goat Farming Loan under Pradhan Mantri Mudra Yojana (PMMY)

Following is the process to apply for goat farming loan under Pradhan Mantri Mudra Yojana (PMMY):

• Eligibility check: First of all make sure that you are eligible for a loan under the scheme. Read the terms and conditions of the scheme.
• Prepare a business plan: Prepare a detailed business plan for goat farming that includes all the important aspects of your business, such as cost, profit, breed of goats, shed construction, etc. – Project Report (Prepared by CA)
• Get Application Form: Get the application form from your nearest bank branch or the official website of Mudra Yojana.
• Fill the Form: Fill the application form with correct and complete information. Make sure that no information is wrong or incomplete.
• Attach Required Documents: Attach all the required documents with the application form given. This may include identity proof, address proof, business plan, bank statement, etc.
• Submit to Bank: Submit the filled application form and attached documents to your nearest bank branch that provides loan under Mudra Yojana.
• Loan Processing: The bank will check your application and documents. If everything is found correct, the loan will be sanctioned.
• Receive Loan: After the loan is sanctioned, the stipulated amount will be transferred to your bank account.
• Use of Loan: Use the sanctioned loan amount as per your goat farming business requirements.
• Repayment Plan: Make sure you follow the repayment plan of the loan and pay the installments on time.

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FAQs- Goat farming Loan 2024

Q: How to get NABARD loan for goat farming scheme?

Answer: You can get NABARD subsidy on taking bank loan from nationalized banks like SBI, Bank of India and other Regional Rural Banks (RRBs), cooperative banks and commercial banks.

Q: Which banks are eligible to provide loan under NABARD scheme?

Answer: Nationalized banks, commercial banks, regional rural banks, state cooperative banks, urban banks and state cooperative agriculture and rural development banks are eligible to provide loan under NABARD scheme.

Q: Which breed should be chosen for goat farming?

Answer: You can choose any breed from milk goat, fiber goat, mini goat, meat goat, etc. as per your business requirements.

Q: Is training required to start goat farming business?

Answer: Yes, you should take training about goat business to become a good owner of goat farming business.

Q: What is the profit margin in goat farming business?

Ans: Profit margin in goat farming business depends on various factors like location of the business, quantity, type of goats, customers etc.