Goat Farming Loan

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. 

Eligibility Criteria for a Goat Loan

To be eligible for a goat farming loan, you need to meet the following criteria - 

1. You should be a farmer or a poultry/cattle farmer
2. You may take the loan as an individual or with a joint borrower
3. You can be part of a Self Help Group, or any Joint Liability Group

Apart from this, you need to have the criteria needed for any other business loan, depending on the scheme or the bank. 

Documents Required for Goat Farming Loan

You need the following documents to apply for a goat loan - 

1. Photos: 4 passport-size photographs
2. Identity Proof -  Aadhar card, Driving license, Voter ID
3. Income Proof - Bank statements for the last 6 months 
4. Caste certificate (for SC/ST applicants)
5. Residential Proof - Ration card, Voter ID, utility bills
6. Undertaking from borrower / Guarantor for disclosure to CIBIL
7. Goat Farming Project Report
8. Declaration/undertaking for Agriculture advance and/or any other supporting document 

Where Can You Get Easy Loans for Goat Farming?

As goat farming is part of the farming sector, MUDRA loans are not available. But you can take advantage of NABARD and other agricultural loan schemes.

NABARD (National Bank for Agriculture and Rural Development)

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.

SBI (State Bank of India)

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. 

How to Apply for a Goat Loan Online?

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 of 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. 

Conclusion

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 need some urgent money, you can always opt for personal loans from the Moneyview digital lending app where you can get the money within 24 hours in most cases. To know more, you can visit our website or download the app.