India is the largest producer of Goat milk in the world and is ranked second for the production of goat meat. The Indian population of goats is estimated at 135 million (13.5 Crore) which is spread across 24 breeds that are indigenous to India. This means India’s goat population accounts for 18% of the world’s population of goats!
The rearing of goats in India is primarily carried out in the states of Karnataka, Telangana, Andhra Pradesh, Maharashtra, Madhya Pradesh, Orissa, Rajasthan, Bihar, Jharkhand, Uttar Pradesh, West Bengal, and Tamil Nadu. These states have the terrain and climate suitable for goat rearing.
The governments of these states have announced various subsidy schemes in association with local banks and NABARD to encourage farmers to rear goats.
What are the benefits of Goat Farming for farmers
- The goat consumes waste agricultural products leftover from harvesting and does not require additional feeding.
- A goat provides meat, hide, milk, and manure to the farmer, throughout the year.
- It does not require additional housing and can be accommodated in open spaces.
- Goats suffer from fewer diseases when compared to Cattle and Sheep.
- Goat milk is in high demand for its nutritional value, it is also used in the preparation of Ayurvedic medicines.
- Goat meat commands a high price in the meat market because of its low-fat content. With the ban on beef consumption in India, demand for goat meat has shot up in the last few months.
- Goat manure is richer in nutrients when compared to cow manure.
- When goats are eventually sold as livestock or meat they bring in an additional source of income for small farmers.
In light of these benefits, you can avail of subsidy from the government and banks when you want to purchase goats. The subsidy amount varies from 25% to 35% of the total cost of purchase of goats.
Procedure for obtaining a bank loan for Goat farming
Different state governments have allocated different amounts under their state budgets to promote goat farming. Karnataka and Maharashtra are leading when it comes to providing goat farming subsidy. The process for obtaining the bank loan is the same in most state. Remember, Nabard never directly lends to a farmer but instead routes the subsidy through a recognized bank. So farmers have to follow the steps outlined below to get a loan for goat rearing.
- Visit your nearest commercial, rural, or co-operative bank and inquire if they offer loans for purchasing goats, if they do then ask for the application form.
- Complete the application form with assistance from the bank officer and prepare a brief project report which will be submitted to Nabard for availing subsidy.
- Once the application and report have been submitted, wait for a few weeks for it to get approved. The subsidy will be provided only in the end.
- The loan borrower needs to pay between 10-15% of the loan amount from his pocket while the remaining amount will be provided as a loan.
- It is advisable that you start with a small number of goats, once you gain experience you can opt to purchase a larger number of goats.
- If you are planning a large goat farm you are eligible to get subsidized loans for the purchase of land, construction of goat pens, machinery for feeding, and milking. A detailed project report needs to be provided if you want the loan to cover the above inputs.
List of Banks offering Goat Loans in India
There are many rural and commercial banks offering loans for goat farming.
This loan offered by ICICI Bank is designed for farmers to buy cattle or agricultural equipment as a part of the Agricultural Term Loan.
2. IDBI Bank
The IDBI Bank website provides the form and information required to get a loan for buying goats. You can get loans ranging from Rs 50,000 to Rs 50 lakh subject to necessary approvals.
The other major banks providing loans for goat rearing are Syndicate Bank, Canara Bank, SBI, Co-operative Banks, Maharashtra Bank and Oriental Bank of Commerce.
Online Application for Goat Farming Loan
You can also submit an online application to Oriental Bank of Commerce to avail agricultural loans exceeding Rs 1 Lakh at the link below
Once you find a bank branch near to you, contact them by phone or visit them physically to ascertain if they provide the subsidy.