Goat and cattle meat is in high demand in India, where goat and cow milk are also popular. Goat meat is one of the most popular foods among meat eaters. There is always a need for it all around the country. Numerous farmers are entering the goat and cattle farming industries because of profitable ventures. Farmers also stand to gain a lot from this.
What is a cattle and goat farming loan?
A cattle and goat farming loan is a type of working capital loan that is used for livestock management and breeding. A good sum of money is needed to launch a cattle and goat farming enterprise. Businesses may choose a goat or cattle farming loan provided by various banking and governmental entities to suit their working capital needs and maintain a stable cash flow. It is a successful company with a solid future outlook. Large businesses, business people, industrialists, and producers are mostly responsible for commercial goat farming. The best source of milk, skin, and fibre comes from goat husbandry. Loans for goat farming can be used for a variety of things, including buying property, building a shed, purchasing goats, buying feed, etc. The government has started several new initiatives and introduced incentives for business owners to develop goat farming operations.
Small businesses can avail a goat farming loans in Rajasthan from banking institutions or NBFCs.
Benefits of a cattle and goat farming loan
There are many reasons to avail a cattle or goat farming loan in Rajasthan. Let’s take a look at how a loan for goat farming can help your business.
1. Access to working capital
One of the main benefits of getting a goat farming loan is that the person can use the money to start a farm. Many people who want to start an animal husbandry farm face significant financial obstacles, such as a lack of working capital. During such times, applying for a cattle and goat farming loan in Rajasthan might come to your help. With that, you can restock the fodder to feed your livestock or purchase land.
2. Insured assistance
Yet another benefit of getting a cattle or goat farming loan in Rajasthan is that many banks offer loans for animal husbandry coupled with insurance. This increases the business’s revenue and ensures its financial stability. However, this feature is only limited to banks and varies from one financial institution to another.
3. Flexible loan repayment
Since the animal serves as the farm’s capital, it is wise to invest in increasing this capital by securing financial aid. The long-term loan repayment will be possible thanks to animal output. When you avail a goat farming loan in Rajasthan, plan your loan repayment strategy. It will help the lender understand your loan repayment capabilities.
Eligibility criteria for a cattle and goat farming loan
Now that we have understood how a loan for goat farming in Rajasthan benefits those who seek financial assistance, let’s look at the eligibility criteria for the same.
The eligible applicants are any of the following entities,
● Dairy/ poultry farmers
● Individual or joint borrowers (including tenant farmers)
● Joint Liability Groups (JLG)
● Self-Help Groups (SHG)
● Private companies
● Farmer Producer Organizations
● Section 8 companies
Understanding NABARD loan for Goat farming
The National Bank for Agriculture and Rural Development (NABARD) is primarily concerned with providing small and medium-sized farmers with financial assistance so that they can expand the production of livestock, which would ultimately result in more job possibilities. NABARD provides goat farming loans in Rajasthan with the help of various banks or credit institutions.
Loans from these banks may be obtained for the purpose of raising goats under the NABARD programme. The list is as follows:
1. Commercial banks
2. Regional rural banks
3. State co-operative agriculture and rural development banks
4. State co-operative banks
5. Urban banks
6. Others that are eligible for re-finance from NABARD
What are the documents required to apply for a cattle farming loan?
● Photos: 4 passport-size photographs
● Address proof: Ration card, Voter ID, utility bills
● Identity proof: Aadhar card, Driving license
● Caste certificate (for SC/ST applicants)
● Goat farming plan
● Land registration documents
● Bank statements for the 6 months preceding the loan application date
For a considerable number of people living below the poverty line, goat farming has proven to be a successful and long-lasting business. In addition to helping a huge portion of people find work, goat farming also helps disadvantaged people’s meals by adding nourishment. In an effort to boost cattle farming, the government now offers discounted loans to anyone who wants to undertake goat farming. In cooperation with NABARD, these loans are given out by several commercial banks. It is a sizable programme whose goals are to reduce poverty and raise rural residents’ standards of living.