Our lives are becoming easier day-by-day, thanks to the growing technology. People are relying on various businesses to make money. There is no need to worry about when you don’t have enough money to start the business of your choice because there are several banks in the country which are offering loans at reasonable interest rates. Even there are banks which are exclusive for certain kinds of business. For instance, HDFC bank is exclusive bank for home loans, ICICI bank is meant to offer loans to industries, IDBI bank is meant to give loans for industrial development and in the same way NABARD is a bank which offers loans to the people who rely on agriculture as their main source of income. You can get loan from NABARD in any state of India such as Karnataka, Kerala, Tamil Nadu, UP, Bihar, Jharkhand, Rajasthan, Delhi, Maharashtra, etc.
Banks offer loans to the people who needs start up money because starting a business needs a lot of seed money which ordinary man cannot afford. This is the reason banks started giving them loans and ask them to repay them in the form of EMI (equated monthly installments) which is easy way to repay the loan.
People in the country depend upon various businesses and their business depends upon their family background. Some people make money by doing agriculture and some do goat farming and some do cattle farming. All these kinds business needs a lot of money. It is known fact that these business needs lot of seed money.
Goat farming is one kind of business which needs huge investment because taking care of all goats can be risky this is the reason proper food should be given to them. Providing quality food to all goats needs a lot of money this is the reason it is good to get a loan from bank. After taking loan from banks it would be easy for a person to provide proper shelter to all goats, good food and good health care.
NABARD (National Bank for Agricultural and Rural Development) is a bank which is specialized in helping people who rely on agriculture as main source of income. This bank was set up by Reserve Bank of India. The main duty of this bank is to uplift rural India by helping agriculturists and rural farm sector
Loan for goat farming is available from NABARD with refinance facility. It is easy to obtain loan, farmers should walk to nearest branch of a commercial or co-operative or regional rural bank in the prescribed application form. This can be obtained from branches of financing bank. Technical officer or manager of the bank helps the loan taker with all guidelines which help the farmer to obtain loan without any hurdle.
It is mandatory to prepare detailed reports for goat rearing schemes. Items of finance would include costs of assets like Development of land, shed construction, equipment purchase, purchase of breeding stock, cost of goat rearing till it generates income etc. we should remember that the cost of land is not considered for loan. However, if land is purchased for setting up a goat farm its cost can be treated as party’s margin as per the norms.
Several checks take place before sanctioning the loan From NABARD bank below are some following checks banks conducting before sanctioning loan.
- Unit cost of animal
- Costs the incur for feeding, fodder, veterinary aid and insurance etc
- Sale price of live goats, manure and penning costs.
- Income and expenditure statement and annual gross surplus
- Analysis of cash inflow
- Repayment of loan and the interest rate.
Other documents related to security and margin money requirements are examined before loan gets sanctioned. Even field visit is done by bank officials for technological feasibility study.
After all completion of above process like feasibility and financial viability loan is sanctioned by the bank. After sanctioning the loan bank keeps constant tracking of loan payments and others.
There are private banks which are also offering loan for goat farming in India. It is good and safe to understanding pros and cons before choosing a bank for a loan. Different banks have different rules and conditions; one must understand all this things before applying a loan for goat farming.