Today, goat farming is a good option for farmers to increase their income. If done properly, goat farming can earn you lakhs of taka every month. You do not need much land to raise goats, and it is cheap to farm them. Goats can be raised in both villages and cities. The government also gives subsidies and loan help for goat farming. Now, let us tell you where you can get a loan for goat farming.
Subsidy for Goat Rearing
If you want to raise goats but do not have enough money, do not worry. The central government gives about 35% subsidy for goat rearing. State governments also give subsidies to farmers who raise goats. For example, the Haryana government gives about 90% subsidy for goat rearing.
Loan Facility for Goat Rearing
Loans are also available for goat rearing. These loans help farmers earn more by raising goats properly. NABARD provides loans for goat rearing through banks.
Food for Goats
Each goat needs about one square meter of space. For food, one goat needs 2 kg of animal feed and 0.5 kg of grains every day. This makes goat rearing a low-cost business with good profit potential.
Goat Farming Loan Offered by Top Banks
State Bank of India (SBI) offers loans for goat farming at an interest rate of One-Year MCLR (currently 8.75%) plus 2.75%. The loan limit is the project cost minus the margin. The margin is nil for loans up to ₹50,000 and 10% for higher amounts. Collateral is required for loans above ₹10 lakhs. Punjab National Bank (PNB) provides loans based on the applicant’s profile and business details. The loan amount depends on actual need, and collateral or guarantee coverage may be required. IDBI Bank also gives loans based on the applicant’s profile and business details. The loan limit ranges from ₹50,000 to ₹50 lakhs, and collateral is required for loans above ₹1.6 lakhs.
The Micro Units Development and Refinance Agency (MUDRA) provides goat farming loans of up to ₹10 lakhs. This helps farmers raise goats for milk, meat, and skin. Loans are available from public and private banks as well as state and urban cooperative banks. MUDRA loans come in three categories. The Shishu scheme provides loans up to ₹50,000 for small businesses that want to start goat farming. The Kishor scheme offers loans from ₹50,001 to ₹5 lakhs for existing goat farms that need extra funds. The Tarun scheme provides loans above ₹5 lakhs up to ₹10 lakhs for large farms that want to expand or upgrade their machinery. Collateral-free loans are available up to ₹1.6 lakhs. Women entrepreneurs and applicants from special categories like SC, ST, or EBC may get extra subsidies on their loans.
To apply for a goat farming loan, visit the bank or lender’s website and check your eligibility. Fill in the application form and submit all required documents for verification. After this, an officer may visit your farm for inspection. Once approved, the loan amount is credited to your bank account.
Documents required include a filled application form with four passport-size photographs, identity proof such as Aadhaar card, driving licence, or voter ID, and address proof such as ration card, voter ID, or utility bills. You also need income proof like bank statements for the last six months, caste certificate if applicable, education or training certificates, PAN card, goat farm business permit, complete project details including total cost and net income, and certified copies of land records for owned or leased land.