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Goat farming is a profitable business avenue with the scope for long-term growth. It is a popular option since goats provide milk, meat and skin. To start a goat farming business, you need considerable funds to meet various working capital needs, such as. 

  • Purchase land for the business 

  • Purchase livestock 

  • Feed the livestock 

  • Construction of sheds 

Features of a Goat Farming Loan

Here are some of the salient features and advantages of getting a goat farming loan: 

  • You can utilise the loan for purchasing land, fodder, goats, constructing sheds, etc.

  • A goat farming loan is a kind of farm credit facility

  • You can repay the loan conveniently within 60 months, i.e., 5 years

  • Financial institutions allow you to renew the loan annually

  • Various leading financial institutions provide goat farming loans

  • Some financial institutions offer insurance with goat farming loans

  • You can repay the goat farming loan amount through Equated Monthly Instalments (EMIs)

Mudra Loans for Goat Farming

Goat farming or goat rearing comes under the category of agriculture. Therefore, the Micro Units Development and Refinance Agency (MUDRA) does not provide goat farming loans. 

However, the state and central government of India have launched various schemes and subsidies for goat farming. You can get a goat farming loan under the National Bank for Agriculture and Rural Development (NABARD).

Goat Farming Loan Under NABARD

The National Bank for Agriculture and Rural Development (NABARD) provides loans for goat farming and other businesses involved in agricultural activities. 

Here are some of the financial institutions that NABARD works with to offer loans for goat farming: 

  • Commercial Banks

  • Urban Banks 

  • Regional Rural Banks 

  • State Cooperative Banks

  • State Cooperative Agriculture and Rural Development Banks 

  • Other financial institutions that are in partnership with NABARD

Here are the steps you need to follow to get a goat farming loan from NABARD:

  • Step 1: Visit a local agricultural or regional bank in your area

  • Step 2: Get an application form and fill it out

  • Step 3: Submit your business plan, with all relevant information, to receive a subsidy from NABARD 

  • Step 4: Submit the filled application form and your business plan and wait for approval from NABARD

  • Step 5: A technical officer will visit your farm to inquire about the business prior to sanctioning your loan and subsidy 

  • Step 6: After the approval, you will receive the sanctioned loan amount in your account

 

Note that the maximum loan amount you can get is only 85% of the project's cost. This means that you need to pay 15% of the project's cost. NABARD directly credits the loan amount to your bank loan account. You have to pay a 10% margin money towards the total cost of the project.

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Loans Offered Under the NABARD scheme

Here are some important points about the goat farming loan from NABARD:

  • Borrowers falling below the poverty line get a 33% subsidy on goat-rearing

  • Borrowers of the SC/ST category get a 33% subsidy on goat farming 

  • Borrowers of the OBC and the general category get a 25% subsidy of up to ₹2.5 Lakhs

The loans under such a scheme are available only for select applicants, who meet the criteria. However, if you do not meet those requirements, you can also apply for working capital loans from banks and non-banking financial institutions (NBFCs). 

On Bajaj Markets, you can choose from a number of affordable loan options from top lenders. This allows you to easily compare various options and choose one that suits your affordability and preferences. You can also apply online with minimal documentation and enjoy quick processing of your application.

FAQs on the Goat Farming Loan

Does the Mudra scheme provide loans for goat farming?

No, the Mudra scheme under the Pradhan Mantri Mudra Yojana (PMMY) does not provide goat farming loans. This is because goat farming or goat rearing comes under the category of agriculture. 

Do I need to pay tax on goat farming?

Yes, it comes under animal husbandry and is, therefore, taxable in India.

How can I use the funds from a goat farming loan?

You can use the funds from a goat farming loan to purchase goats, land, fodder, construct sheds for the goats, etc.

What is the subsidy for goat farming loans from NABARD for SC/ST borrowers?

SC/ST borrowers get a subsidy of 33% on goat farming loans from NABARD.

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