How to take Dairy Farm Business Loan 2023: The name of the country in which we live is India and India is a developing country, where more than half the population belongs to rural areas. If you live in a rural area, you will obviously have a cow, a buffalo.
Many times people living in rural areas have to face financial constraints, in such a situation, a thought definitely comes in the mind of most people whether we can get a loan.
Even if you take a loan, on what basis should you take it? Because on taking a loan from the bank, we have to deposit something as a guarantee in some banks, in return for which they can give us the loan. Many people hesitate to take loans from banks.
In today’s article, we will tell you how you can take a dairy farm loan, what schemes are being run by the government at present, under which you will be able to get loan on cow, buffalo.
What is Dairy Farm Business, how much land will be required to start a dairy farm, you will get all the information related to it like how much loan you can get.
What are the eligibility for the loan and what documents will be required. Apart from this, we will also tell you how to apply Dairy Loan.
What is Dairy Farm Business
Nowadays dairy farm business is becoming a fast growing business and many people are doing this business and they are also earning very good profit from it.
This business is growing at the rate of about 30 to 35 percent at present and its demand is also increasing day by day.
You must have seen in the time of Lookdown that all the businesses were closed but milk and related works have not made much difference. Because milk is the only substance that is part of the basic need of all Indians. The central government has taken many big decisions to start this business.
What is Dairy Farm Loan
Dairy farm loan is one in which you can take a loan from a bank or finance company on the basis of cow, buffalo, sheep, goat and where does the dairy farm loan go.
How to Take Dairy Farm Business Loan?
Dairy Farm provides many schemes of the government to the loan, under this you can take this loan through your nearest banks and finance company. Both government banks and private banks provide poultry farm loans, so that you can start your business.
To take a dairy farm loan, you have to follow the steps mentioned below, only then you will be able to take this loan.
Step 1. First of all go to your nearest bank branch.
Step 2. Take the application form to apply for the loan.
Step 3. Make yourself attested with the required documents.
Step 4. Talk to the bank manager for loan information.
Step 5. Submit your firm’s business project report and tell about the report for future enhancement of your work.
Keep in Mind: Before taking the loan, make sure to check all your information properly because filling one wrong information can also result in loan rejection and must read the terms of conditions before applying for the loan.
Step 6. The bank will verify all the documents, form reports, etc., given by you.
Step 7. It may take a few days for the loan to be approved, so you have to wait or you have to contact the bank manager.
Step 8. As soon as the loan is approved, the loan amount is transferred to the bank account specified by you.
What are the things to keep in mind before starting a dairy farm?
There are some important things we should know about to take a dairy farm loan. If we come to know about the loan related information, then our loan will not be rejected, and if you are not able to complete these information, then your loan may be rejected.
1. Age: Applicant age should be between minimum 18 years to 65 years
2. Cattle: To take a dairy farm loan, it is necessary to have at least 2 animals. It is also considered necessary to give 7 liters of milk to a cow and 8 liters of buffalo. Because the bank approves the loan only to those applicants whose buffalo gives more than 8 liters of milk.
3. Land: For this loan, you should have 0.25 acres of land available for cattle grazing for 5 animals. If you do not have land, then you will be able to apply for a loan by taking someone’s land on rent as an agreement with the bank.
4. Address Proof: You must also have a domicile certificate of the area where you want to set up dairy.
5. Documents: It is mandatory for you to have the documents related to the loan such as application form, Aadhar card, PAN card, bank account number, report etc.
Note: If you are eligible as per the above mentioned information then you can apply for dairy loan by visiting any nearest bank branch.
If the bank verifies the information given by you, then you can get the money in your bank account.
What are the documents required for taking dairy farm loan.
To take a Dairy Farm Loan, you need some necessary documents. Using these documents, you can get a loan to start your business.
which is as follows:
- Identity Card: Aadhar Card, PAN Card, Driving License etc.
- Address Proof: Ration Card, Electricity Bill, Telephone Bill, Voter ID Card etc.
- Dairy Farm Business Project Report
- Bank statement of last 9 months
- Passport Size Photo (Latest)
Dairy Farm Loan: Fees And Charges
|Processing chargers||Up to 2% of corpus + taxes|
|Bounce Charges||Up to 3000|
|Interest Rate||17% p.a.|
|Default Penalty||2% p.m.|
|Document processing charges||RS 2000 + taxes|
|Outstation collection charges||N.A.|
Features of Dairy Loan
- Interest Rate: Varies with each loan institution and depends on the profile of the applicant.
- Loan amount: Depends on the project and business requirements.
- Project cost: Up to 85% financed by the loan institution.
- Repayment Tenure: Up to 7 years loan can be deposited.
- The loan can be used for purposes like purchase of animals, vehicles, storage facilities, refrigerators, milk collection etc.
- Easy loan process and less paperwork to get loan.
- Instant loan approval and instant transfer.
Schemes for Dairy Farm Loan
Loan for dairy farm can be taken under the schemes run by the government, you can now do this loan by contacting your key banks for loan.
At present, many schemes are being run by the government, which you can take advantage of sitting at home.
Dairy Farming Scheme 2022
Under the Dairy Farming Scheme 2022, self-employment will be provided to the unemployed people of rural areas and employment opportunities will be provided to more people. Under this scheme, the establishment of dairy farms will be encouraged for the production of milk in the country.
From milk production to care of cows or buffaloes, to protect cows, to ghee manufacturing, everything will be machine-based. Interested beneficiaries of the country who want to take advantage of this NABARD scheme 2022.
They can apply under this scheme on the official website of National Bank for Agriculture and Rural Development NABARD.
Who Can Take Dairy Loan
Who can take benefit of NABARD Dairy Farming Scheme:
- Non government organization
- Organized group
- Unorganized sector
Who Gives Dairy Loan
Lending Institutions under NABARD Dairy Farming Yojana, Major Banks and NBFCs offering Dairy Farm Loan, Regional Banks, Commercial Banks, State Co-operative Banks, State Cooperative Agriculture and Rural Development Bank, Others for Dairy Farming Business Loan Institutions which are eligible for refinance from NABARD.
Here we have given the names of some banks, with the help of which you can take a loan and you can also check from the official website of these banks.
- SBI – Dairy Farm Business Loan – Mudra Loan Under PMMY : State Bank of India
- PNB Dairy Farm Loan – Punjab National Bank
- Federal Bank Dairy Farm Scheme
- Bank of India Dairy Farm Scheme
- Canara Bank Dairy Farm Scheme
- Bank Of Baroda Dairy Farm Scheme
- HDFC Bank Dairy Farm Scheme
- ICICI Bank Dairy Farm Scheme
Note: The banks mentioned above are at the sole discretion of RBI. Please check the interest rate, timing, processing fee and GST of these banks carefully.
You can visit the nearest branch of these banks to know more about Dairy Farm Business Loan.
Customer Care No For Dairy Farm Business Loan
Through this article, we have provided all the important information related to NABARD Dairy Farming Scheme. If you are still facing any kind of problem then you can get the solution of your problem by contacting the helpline number or through email. The helpline number and email id are as follows.
Helpline Number- 022-26539895/96/99
Email Id- [email protected]
Dairy Loan Review/Conclusion
The above-mentioned information must have been helpful for you because this information has been given after a lot of research in which we have told you how you can take a dairy farm loan, how to start a dairy farm, how much loan the bank can give.
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Dairy Farm Loan FAQs
Q1. What is the repayment tenure of Dairy Farm Loan?
Ans. A period of 7 years is given to deposit the Dairy Farming Loan, you can deposit it in monthly installments or in weekly installments
Q2. What is the grace period on Dairy Farm Loan?
Ans. The grace period offered on this loan depends on the loan institution.
Q3. How much loan can I get on a buffalo?
Ans. A loan of about ₹ 40800 can be given by the government on a buffalo, while a loan of ₹ 60500 can be given if we talk about buffalo rearing.