Goat Farming Loan

Goat farming is a lucrative business opportunity with great scope for growth. However, like most businesses, it requires considerable funds. The business has been recognised by most leading lenders today. This has led to a wide offering of goat farming loans. A goat farming loan is a kind of working capital specially offered to serve the livestock breeding and management business.

Goat farming is one of the best livestock management and breeding departments in India. Over the years, the type of farming has become even more popular as it brings immense revenue generation prospects. It is a major source of milk, fibre, and skin in the country. The business is not only very profitable but also carries sustainability.

Goat farming loans can be effectively used to fulfil any expense pertaining to goat breeding and management. This includes constructing the cattle shed, purchasing goats, buying cattle feed, purchasing land and more.

• Goat farming loan is a type of farm credit facility.

• The loan repayment can be made within 5 years. It can be annually renewed.

• Goat farming loans are offered by leading financial institutes.

Goat farming is categorized under the farming sector. Thus, there is no Micro Units Development and Refinance Agency (MUDRA) loan provided for goat farming. The MUDRA scheme has been launched under PMMY and aims to offer funds to businesspersons who are involved in the non-farming sector.

As part of this scheme, these individuals can avail a loan of up to ₹ 10 Lakhs to set up or develop a business. While the MUDRA loan is not provided for goat farming, you can take advantage of the loan under NABARD. Read on to know more about the scheme and whether you are eligible for the same.

NABARD or National Bank for Agriculture and Rural Development aims to provide support to small and medium farmers. Through the efforts of the department, they encourage these farmers to enhance the production of livestock and grow the business. In turn, bringing about an increase in the opportunities of employment for people involved in farming.

Through NABARD, livestock farmers can avail a loan through different types of financial institutions including:

• Regional Rural BanksState Cooperative Banks

• Urban Banks

• Commercial Banks

• State Cooperative Rural Development Banks

• Any financial institution affiliated with NABARD

With the NABARD scheme, individuals belonging to the SC/ST and below the poverty line can get a subsidy of up to 33% on a goat farming loan. People belonging to the OBC and general category can avail a subsidy of up to 25% on a loan of up to ₹ 2.5 Lakhs.

A goat farming loan is a brilliant opportunity for you to begin your goat rearing business. However, ensure that you compare the offerings before you make the best pick. The amount of loan made available to you will depend upon your creditworthiness, repayment capacity, business model, credit score and more. Thus, make an informed decision before getting a goat farming loan.