In addition to agriculture, a large part of the Indian population depends on livestock for their livelihood. Goat farming is one such profitable breeding business. To start a goat farming business, you will need a reasonable amount of money. Clients can take out a loan for goat farming from various bank and government agencies to meet their working capital needs and maintain a stable cash flow.
Goat farming is becoming increasingly popular as one of the best livestock management departments in the country with great profit and revenue potential. It is a successful, long-term business with a long-term vision. Large corporations, businessmen, industrialists and producers are the main players in commercial goat farming. Goat farming is the most important source of milk, skin and fiber in the world.
Goat farming loans can be used for things like buying land, building a shed, buying goats, and buying animal feed, among others. The government has announced a number of new initiatives and incentives to encourage people to start goat farming businesses. Here are some of the major banks and government sponsored initiatives to start a goat farming business:
NABARD Goat Farming Loans
The main objective of the National Bank for Agriculture and Rural Development (NABARD) in goat farming is to help small and medium-sized farmers to increase animal production, which would ultimately lead to more opportunities employment.
NABARD works with a number of financial institutions to provide goat farming loans.
Regional rural banks
State cooperative banks for agriculture and rural development
State cooperative banks
Other financial entities eligible for NABARD refinancing
People in the SC/ST category who are poor would receive a 33% subsidy for raising goats under the NABARD program. Others who fall into the OBC and general categories will receive a 25% grant up to Rs. 2.5 million.
SBI loans for raising goats
The interest rate and loan amount for goat farming will be determined by the profile of the applicant and the needs of the business. The applicant must provide a well-written goat farming business plan that includes all relevant business information, such as applicant’s location, breed of goat, equipment used, working capital invested, budget , marketing strategy and employee information. Once the applicant meets the eligibility requirements, SBI will issue a loan amount based on the needs of commercial goat farming. Land papers can be requested as collateral by SBI.
Canara Bank Goat Farming Loans
Canara Bank also offers its customers loans for sheep and goat farming at low interest rates. The loan can be used to buy goats suitable for a given area and raised there.
The amount of the loan is determined according to the needs of the business.
Repayment period: 4 to 5 years (to be paid quarterly/half-yearly, including the 12-month gestation period)
Loans up to Rs. 1 lakh have zero spread, while loans exceeding Rs. 1 lakh has 15-25% spread.
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