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Goat farming has been practiced in India since ancient times and has evolved into a profitable business. Starting a goat farm requires substantial financial investment. The goat farming govt scheme offers a specialised loan to support individuals and MSMEs in rural and urban areas in setting up the business.If you are curious about goat farming in India , then this blog is for you. It explores the goat farming govt schemes , features, interest rates, and application process for a goat farming loan .
Key Highlights
- The goat farming loan allows you to set up your goat farming business easily and earn a respectable income.
- You can get a goat farming loan from public and private sector banks.
- You can avail of different loan amounts based on your business needs.
- If you are a woman or belong to the SC/ST or EBC classes, you can get a subsidy on a MUDRA loan.
- You can also avail of a subsidy of up to 25% to 33.33% under NLM.
What is Goat Farming Loan?
A goat farming loan is a specialised financial product designed to support individuals and businesses in setting up or expanding a goat farming business. If you’re wondering what is goat farming loan , it provides funds for purchasing goats, building sheds, buying feed, and other farm-related expenses. The loan for goat farming is available from public and private sector banks, cooperative banks, and institutions like NABARD. These loans often come with attractive interest rates and subsidies under government schemes, making it easier for aspiring farmers to start a profitable venture without heavy upfront investment.
Goat Farming Subsidy
You can avail of a subsidy of up to 25% to 33.33% under the National Livestock Mission (NLM) operated by the National Bank for Agriculture and Rural Development (NABARD) for setting up a goat farm.You can apply for NABARD subsidy for goat farming through various financial institutions such as:
- Private and public commercial banks
- Regional rural banks
- State cooperative agriculture and rural development banks
Goat Farming Loan Offered by Top Banks
State Bank of India
Interest rate: One-Year MCLR* (currently 8.75%)+2.75%. Loan limit: Project cost- Margin (Margin will be nil up to ₹ 50,000 and 10% beyond that) Collateral: Yes, above ₹ 10 lakhs*Minimum lending rate below which a bank is not permitted to lend.
Punjab National Bank
Interest rate: Subjective to the applicant’s profile and business details Loan limit: Actual need-based Collateral: Guarantee coverage
IDBI Bank
Interest rate: Subjective to the applicant’s profile and business details Loan limit: ₹ 50,000- ₹ 50 lakhs Collateral: Yes, above ₹ 1.60 lakhs
MUDRA Loan for Goat Farming
The Micro Units Development and Refinance Agency (MUDRA) provides goat farming loan of up to ₹ 10 lakhs for setting up a goat farming business. With this business, you can raise goats and meet consumers' milk, meat, and skin demand.You can avail of goat farming loan from public and private sector banks and state and urban cooperative banks.
Features of Mudra loan
- Shishu scheme: Loan of up to ₹ 50,000 for small businesses aspiring to start small.
- Kishor scheme: Loan from ₹ 50,001 to ₹ 5 lakhs for established goat farms requiring additional funds for mobilisation.
- Tarun scheme: Loans above ₹ 5 lakhs to ₹ 10 lakhs for established goat farms to expand or upgrade their machinery.
- There are three categories of goat farming loan :
- You can avail of collateral-free loans up to ₹ 1.6 lakhs.
- If you are a women entrepreneur or belong to special categories (SC/ST and EBC), you can get a subsidy on your goat farming loan .
Are you looking for a business loan ? Click here to learn about the latest interest rates! Also Read: Top 7 Government Loan Schemes for Small Businesses
How can I Apply for a Goat Farming Loan?
If you are searching for a ‘ goat farming loan apply online ’, you can follow these steps:
- Visit the bank/lender’s website and check your eligibility by answering a few questions.
- Fill in the application form.
- Submit the required documents for verification.
- Once verified, an officer will visit your facility for physical verification.
- Your goat farming loan will be sanctioned, and money will be credited to your bank account.
If you are in urgent need of a business loan, click here !
Documents Required for Goat Farming Loan
You need the following documents to apply for a goat loan :
- Duly filled application form with pasted passport-sized photographs (4).
- Identity Proof - Aadhar card, driving licence, voter ID.
- Address Proof - ration card, voter ID, utility bills.
- Income Proof - bank statements for the last 6 months.
- Caste certificate, if applicable.
- Education and training certificate.
- Certificate of incorporation, if applicable.
- PAN card.
- Goat farm business permit.
- Complete project details, including total cost, net income, and project viability.
- Certified copies of land records regarding land owned/leased.
Starting a Goat Farming Business with a Loan is Easy!
The goat farming loan provides the pillars for the growth and sustainability of the goat farming sector in India. These loans offer subsidies and no collateral for small loans, making them accessible and affordable for small and medium farmers. With these loans, goat farmers can earn a decent livelihood.
FAQS - FREQUENTLY ASKED QUESTIONS
How much loan I can get under the goat farming scheme ?
You can avail of loans up to ₹ 50 lakhs for goat farming. However, the actual amount depends on business requirements.
Can I claim tax benefits on goat farming income ?
No. You have to pay income tax on goat farming income as per your tax slab.
Can I build a profitable business with the help of a goat farming loan ?
Yes. You can build a profitable business from goat farming as it offers 50-80% margins.
Can I avail of a goat farming loan from NABARD directly ?
No. You cannot take a goat loan from NABARD directly as it is an operating agency supporting financial institutions in subsidised loans.
How do I know if I am eligible for a goat loan ?
You are eligible for a goat farming loan if:
You are a farmer or a goat farmer
You are an individual or a joint borrower
You are a part of a self-help group or joint liability group
Depending on the scheme or the bank, you must also fulfil any other eligibility criteria of the bank with which you are applying for a loan.
Can I avail of a goat farming loan under a government scheme ?
You can avail of goat loans under various government-initiated schemes, such as MUDRA under PMMY, National Livestock Mission by NABARD, etc.
Do I need special training to start my goat farming business ?
Yes. To run a successful goat farming business, you need proper training.
Can I get a goat loan from the government without collateral ?
You can avail of a collateral-free loan up to ₹1.60 lakhs. For an amount greater than this, you need to provide collateral.
Can I purchase a vehicle through a Mudra loan for goat farming ?
Yes. If it will be used for commercial purposes, you can purchase a vehicle like a tempo, autorickshaw, etc.
What assets can I put as collateral for the goat farming scheme ?
You can use any kind of residential, commercial, or industrial property or liquid securities as collateral.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
