If you are planning to start your own dairy farm and you require a loan for the same, there are certain things to remember and steps to follow so that the loan application is not rejected.
Here is how you can get a loan for your dairy farm:
1. Check for the eligibility of the lenders
The first step is to check the eligibility criteria fo the lenders. Only the farmers, agricultural labourers, dairy co-operative societies, registred partnership businesses or limited companies are eligible to apply for a dairy farm loan.
The banks or the lenders thoroughly check the financials of the business, the credit score, etc.
2. Arrange the required documents
Arranging the documents is the next step.
Here is the list of documents that the lenders would ask:
- PAN card and Aadhaar card
- Rent documents if the place has been taken on rent
- Gram Panchayat NOC or any related document
- Copy of the granted licences and registrations
3. Prepare a business plan
The third step is to prepare a detailed business plan. This business plan will contain the reason why the loan is required, the amount of loan, how it will be utilized, the financial projections of the future, information about the competitors, etc.
How a dairy farm loan can be used:
- A dairy farm loan can be used for the purchase of automated milk systems
- For purchase of the processing equipment, storage space to store the milk in hygienic cold-storage units
- Purchase of transportation vehicles, etc.
If you want a loan for your dairy farm at affordable interest rates and quick rate of disbursal, contact Gromor Finance!