Goat farming has become very popular in India nowadays. In recent years, there has been a massive rise in goat milk and goat meat demand. Due to this, a large number of farmers are entering into goat farming. A large number of social organizations as well as the government are encouraging goat farming nowadays to increase employment and to reduce the dependency on the agricultural sector. It is also a part of MSMEs. The MSME complete form is Micro, Small, and Medium Enterprises. These types of industries are generally regarded as the backbone of the economy of a country. The country's economy grows as a whole and flourishes when these sectors grow on a large scale and make a good amount of profits. They are also known as small-scale industries or SSI's.
Advantages of applying for a Goat farming loan
A person will get several advantages if they get a goat loan. The benefits of getting a goat loan are:
- The main advantage of getting a goat loan is the farmer will get all the money from the starting process of capital farming.
- The next advantage that a person will get is that they will also get insurance cover and the loan amount. A large number of banks provide it nowadays.
Ways to apply for a goat farming loan
Many state governments are generally associated with the banks, and these types of loans often have the NABARD subsidy schemes linked with them. As goat farming is highly profitable and a sustainable kind of business, a person can also put this business under the MSME registration. A person can take this loan for various purposes such as:
- To Purchase a good variety of goats
- Purchase of equipment
- To buy land or feeding material
- To build the shed for the goats or to make a storeroom and more.
NABARD loan for goat farming:
NABARD is the leading organization to provide loans for goat farming at desirable rates. These types of loans usually have a subsidy, and they are generally associated with a large number of organizations such as :
- Commercial banks
- Regional rural banks
- State co-operative agriculture and Rural development banks
- State co-operative banks
- Urban banks
Under this scheme, a person will receive up to 25-35% of the money as a subsidy spent on purchasing goats. The people who belong to the SC/ST community or belong to the BPL category can get up to 33%. The people who are of the OBC category usually get a subsidy of 25%. The subsidy amount can be 2.5 lakhs maximum.
- The person should always have proper documentation.
A person who is taking a goat loan should always personally guarantee the loan. A person starting this type of farming generally does not have collateral to take up a loan. In this case, a person taking a loan is himself the guarantor. If in a case, the person fails to repay the loan, in this case, their personal property shall be confiscated.
- The person taking this loan should always show the Loan Repayment Plan.
If the person taking this loan is transparent from the beginning and gives detailed answers about the business, it will be straightforward to get a lower interest rate.
- The person should show a clear farming Plan to the bank officer.
We all should know that a person should always have a well-thought and planned way to do goat farming. They should also have some experience regarding the goat farming process. This is very important when they want to get a goat loan from the bank.
Conclusion
Goat farming is a very profitable as well as sustainable type of business nowadays. This can be very helpful for a large number of people who are only dependent on agricultural land. This also generates a good amount of income and helps to eradicate poverty in an area. It eradicates poverty and adds a good source of protein to the food of rural people with its meat and milk. The state and the central government have come up with a large number of schemes to increase cattle farming and give loans to the farmers at very subsidized rates. These types of loans are usually provided to the people with the help of a large number of government and privately owned banks after being associated with NABARD.
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