My experience how I get the goat farming loan from SBI complete procedure and guide and how can you take the loan easily to start your business
A complete procedure of Goat farming Loan From SBI is Discussed in this article because a respected fund is required to start the goat farming business and setup up the farm. The loan is required to make a shed, purchase goats, and provide feed to the goat till the farm starts making money.
No Doubt Goat farming is the leading business of India. The Demand for Goat meat and milk is increasing rapidly. It provides employment to the landless farmers and backward But Nowadays many young entrepreneurs came forward to do this business. So the government of India is starting new schemes and providing Subsidy to start this business.
Procedure for getting Goat farming loan from Sbi
To take the loan to start a goat farming business the bank required a Project plan report, this project plan report describes your planning. The Detail of Animals, Breeds, Production Performance, input and output cost with detail, Total cost, Margin money, Annual Expenditure, Income, cash flow, Profit & Loss. All the Things required for getting the loan.
The Bank sanctions the loan amount According to your Project Plan. To get the project plan click on the Below Link.
Your Project plan for Goat farming loan from sbi should be perfect. You have to know the basics of goat farming before starting the business. Explain in the report which Goat breed do you want to start your farm and How much investment cost is required in the shed.
For the security purpose, the bank required the Land Paper as security. The registry of land required to take the loan from SBI. without security they don’t provide a loan.
For Example, your project Plan required 12.5 lacs than the bank sanctioned you the 10 lacs rupees the remaining you have to Pay from your Pocket.
If you are getting in trouble and the bank is not giving you a loan then you can complain to the Lead District manager (LDM) and District Development Manager (DDM).
It is better to get the Goat farming training from a reputable goat farm and get a certificate to show to the bank manager that I have taken the proper training of goat farming so it is easy to understand that you have proper knowledge of goat farming business and you can run it easily.
Why should take the Agriculture loan from SBI?
Everyone knows SBI is one of the biggest Government bank of India and Most of the Agriculture loan given by this bank. it is quite easy to take the subsidy if you take the loan from SBI.
i Know the taking loan from SBI is quite difficult, you have to struggle ques to take the loan. But they have very limited charges compare to other banks the interest is less compared to other banks. The best part is any village area has the SBI bank.
NABARD Subsidy for Goat Farming
The Full form of NABARD is National Bank For Agriculture and Rural Development. The NABARD office is available in every state capital.
The Mission of NABARD is to ‘’Promote sustainable and equitable agriculture and rural development through participative financial and non-financial interventions, innovations, technology and institutional development for securing prosperity.
The NABARD makes Budget provision every year for rural development. The government of India sanctions Approximately 200 to 250 crores rupees budget every year.
This Budget provides agriculture loan subsidy for rural development.
The goat farmers get subsidies from this budget. This budget starts in the month of April. So Do keep in mind always apply for Goat farming loan from Sbi in the month of January & February because the loan is based on first come first served.
The 250 crore budget is quite a small amount to all over India and banks complete the budget in the starting two months.
Nabard Subsidy for Goat farming loan from Sbi is based on the caste system of India. Below poverty/Schedule caste/Schedule tribes BPL/SC/ST gets 33% subsidy on the goat farming while the People comes under OBC & General gets 25% subsidy which is Maximum 2.5 Lacs rupees.
This subsidy directly comes in your Bank loan account through NABARD. You have to pay a 10% margin money for the total cost of the project.
For commercial goat farming, many farmers of India are getting the benefit of the Agriculture loan subsidy which is provided by the Indian government. This Loan helps to start the new venture of Goat farming. This is one of the schemes to provide employment to the rural peoples.
What is the Loan Repayment And interest Costs?
Most of the cases the Loan Repayment period is Nine Years with Two years Grace period. The cost of interest may vary according to time.
Generally, the interest rate on Goat farming loan from Sbi in 2020 is 11.20% Per annum. This Sbi agriculture loan rate may vary year to year.
You can repay this loan in Monthly installments or in quarterly installments. You can also Pre part this loan amount in the middle.
If you are unable to pay an installment on time then the bank Apply penalty on you. This is the bank rule and no one can escape from the bank rules and regulations.
Documents Required for Goat farming loan
- Original Land Registry Papers
- Aadhar Card
- 6 months old Bank Account
- Caste certificate If SC/ST/OBC
- BPL card if available
- Domicile certificate
- 4 Passport size photo
- Goat farming project report
- Residential Proof
NABARD Bank Loan online Application Form
You can simply download the NABARD bank online application form for the process of getting a loan. This Goat farming loan from Sbi comes under the category of Integrated Development of Small Ruminants & rabbits (IDSRR).
You have to fill this form and submit it to the bank to get the Goat farming loan from Sbi.
This is the fiesr step of goat farming loan process, Without this form you can’t take the loan.
The Eligible Financial institutions and Banks to get the Goat Farming Loan By NABARD
- Commercial Banks
- Urban Banks
- Regional Rural Banks
- State Cooperative banks
- State Cooperative Agriculture and rural development banks
After Sanction Of Proposal By Banks/Financial Institutions, the controlling officer will upload the details as per the template prescribed in the EDEG (Entrepreneurship Development & Employment generation) Portal within 30 days of sanction and block eligible subsidy amount.
On successful upload and post validation, the bank will release the entire credit / first installment as the case may be.
The details of the entire credit / first installment may be updated within 30 days of the first upload. Thereafter, the loan amount shall be disbursed in suitable installments, if required, depending on the progress of the unit.
Loan for Agriculture Graduate
If you are an Agri graduate then you have to take the loan from ACABC (Agri Clinic & Agribusiness center). The ACABC provides a 35 to 40% subsidy to Agri graduates.
It is one of the best schemes to Start any AGRI Business like Goat farming, poultry farming, bee farming, Dairy farming, and any Agriculture related business. The ACABC also provides training for the all agribusiness.
What is the Goat farming loan interest rate?
The goat farming loan interest rate is 9.90%, The grace period is two years if you take the loan on EDEG scheme by goverment, in which you have to repay the goat farming loan in 6 to 9 years.
The interest rate may differ bank to bank, before taking the loan ask manager for the interest rate, also ask for grace period.
tell the bank manger for the subsidy by NABARD, if the bank not providing subsidy then go for other bank.
Apply in the bank before financial year for easy getting the subsidy.
Basics of getting Goat farming loan from sbi
Getting The Goat farming loan from Sbi is not an easy task, you have to apply two months before the start of the financial year. The Manager asks for the purpose and interest in goat farming. How much you know about the business and did you get goat farming training?
Which goat breed are you going to start your farm and what is the productivity of that Breed of goat, what is the capacity of generating the kids of goat and the purpose of your goat farming. These are some basics about the interest of your goat farming.
SBI agriculture loan interest rate
The interst rate increases in 2020 and The Sbi agriculture loan interest rate 2020 is 11.20 per annum. This rate can be difeer bank to bank if you take goat farming loan from canara bank then the rate would be differ.
But in my opinion getting goat farming loan from SBI is best, the process is quite simple they get loan easily.
FAQ about Goat farming Loan
Q.1) How can i get loan for goat farming?
The process is quite simple first get the knowledge about goat farming business you can take goat farming training after that make goat farming project report and apply to any government loan, also told your bank manager to get the NABARD subsidy after sanction of the loan it is easy to get the subsidy from NABARD.
Q.2) Which Bank is best for Agriculture Loan?
You can take an Agriculture loan from any bank either it is government or private but I will recommend you to go for a government bank for a goat farming loan. The government loan has less loan interest compared to Private. The State Bank of India, Bank of India, Narmada Jhabua Gramin Bank, Punjab National Bank, co-operative bank are some government banks to take loans.
Q.3) what is the interest rate of goat farming loan?
The interest rate for goat farming loans is 9.95% per year from the nationalized bank. it can be more if you take loan from any private bank like AXIS Bank, ICICI Bank, HDFC, YES, Kotak Mahindra Etc.
Q.4) How can i get NABARD subsidy in goat farming?
well, to get the benefit of subsidy you have to take loan first and once the loan is sanctioned then getting subsidy from Nabard is easy. You dont have to do anything to get the subsidy the bank manager will do every process for you.
Conclusion
India is an agricultural dominant country. All the food comes from this sector and the agriculture sector plays an important role in the Indian economy. Without this sector country can’t grow too much that’s why the government continuously helps to enhance the agriculture sector. Goat farming loan from Sbi helps to start the business and this bank gives respected amounts of loans to the goat farmers.
That’s why the goat sector alone contributes Approximately 35 thousand crores every year to the Indian economy. Goat farming is a profitable business and it is growing rapidly because of increasing the demand for Goat meat. People of India love to eat goat meat. Goat meat is more expensive than any other meat available in India. The future of Goat farming is looking very great.