Goat farming is a profitable long term business which is gaining popularity among large industrialists and new entrepreneurs alike. Read ahead to know about loans to start a goat farming business.
To be eligible for a goat farming loan, you need to meet the following criteria -
Apart from this you need to have the criteria needed for any other business loan, depending on the scheme or the bank.
You need the following documents to apply for a goat loan -
As goat farming is under the farming sector, MUDRA loans are not available. But you can take advantage of NABARD and other agricultural loan schemes.
NABARD stands for National Bank for Agriculture and Rural Development and it provides subsidized loans for SC/ST or people below the poverty line. Their main focus is to support medium to small farmers in enhancing livestock farming, which will improve employment opportunities.
NABARD gives loans by associating with various commercial banks, regional rural banks urban banks, State Cooperative Agriculture and Rural Development Banks, and other entities eligible for refinancing from NABARD.
The State Bank of India is a popular bank for agricultural loans. The goat loan is a collateral loan, and you would be required to submit the papers of the land. Also, loans depend on the project size and the applicant.
The process of application depends on which platform you choose to apply through. Nowadays, almost all applications can be made online. So, if you are searching for ‘goat farming loan apply online’, you can follow these steps -
STEP-1: Visit the website of the bank or lender you choose to apply with, and fill in the application for a goat farming loan.
STEP-2: If you are planning to avail a subsidy from NABARD, you have to show your entire business plan and relevant details.
STEP-3: Submit the documents to get approval. Your farm will be visited by an officer before sanctioning the loan.
STEP-4: Once the loan amount is sanctioned, the money will be transferred to your bank account.
Please note that in such cases, a maximum of 85% of the project cost can be availed as a loan.
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Goat farming is an excellent business opportunity that has a huge scope for growth. It is one of the most popular livestock management and breeding industries in India because of the use of goat's milk, meat, and skin.
Thus, the government of India has separate schemes for people who are interested in starting a goat rearing business. In case you were looking for goat farming subsidy loans, NABARD gives loans via most banks where you can get a subsidy of up to 33%.
Finally your loan will be sanctioned after taking your creditworthiness and business model into account. If you are in need of some urgent money, you can always opt for moneyview personal loans where you can get the money within 24 hours in most cases. To know more, you can visit our website or download the app.
You can get a goat farming loan easily if you already are a farmer, or have the required licenses to start a goat farming business.
Yes, goat farming is considered animal husbandry which is taxable.
Goat farming requires a good amount of money to start, and thus loans can go up to Rs.50 Lakh. But the amount depends on the project size and plan, as well as your creditworthiness.
The interest rates on goat farming loans range roughly between 7% to 10%.
Yes, goat farming is a heavily profitable business with a 50% margin. If you grow the feed yourself, profits can rise up to 80%.
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