Nabard Dairy Loan Apply Online 2024:
Nabard Dairy Loan: To promote milk production in our country, the Government of India has recently started Nabard Dairy Loan Yojana. Under this scheme, loans are being provided for dairy farming. A target has been set to benefit 30 crore farmers of the country through NABARD Dairy Loan Scheme. Read this article for complete information related to the process, eligibility and subsidy of getting loan from this scheme.
Objective of NABARD Dairy Loan Scheme 2024:
NABARD Dairy Loan Scheme, commonly known as Dairy Entrepreneurship Development Scheme, aims to promote growth and improvement in the dairy sector. Under this scheme, financial assistance is provided to farmers and entrepreneurs for various activities related to dairy industry.
The main objective of this scheme is to promote the development and expansion of dairy industry in India. It aims to improve dairy production and productivity by providing assistance to small and medium-sized dairy enterprises. The scheme creates self-employment opportunities in rural areas by encouraging investment in the dairy industry. This strengthens the rural economy and provides stable employment opportunities to the rural youth.
The objective of the scheme is to increase the number of milch animals and their productivity, so that milk production can be increased. It is helpful in improving both the quality and quantity of milk production. Development of dairy processing and marketing facilities is also encouraged under the scheme. This increases the shelf life of milk products and farmers can get better prices for their products. Also Read
Financial assistance is also provided under the scheme for improving animal health, management and feeding. This improves the care and nutrition of milch animals. Another objective of the scheme is to adopt modern technologies and improved practices in the dairy industry. This can make the production process more efficient and profitable.
Under NABARD Dairy Loan Scheme, interest rate concessions, grants and other financial benefits are provided to eligible farmers and entrepreneurs to enable them to successfully invest and operate in the dairy industry.
What documents are required to take dairy loan?
To apply for a dairy loan under schemes such as the NABARD Dairy Loan Yojna (Dairy Entrepreneurship Development Scheme), applicants typically need to provide a variety of documents to demonstrate their eligibility and ensure the proper processing of the loan application.
Personal Identification Documents
- Aadhaar Card: To verify identity and address.
- PAN Card: For financial and tax-related identification.
- Passport/Voter ID/Driving License: As additional identity proof.
Address Proof
- Utility Bills: Electricity bill, water bill, etc.
- Ration Card: As proof of residence.
- Lease/Rent Agreement: If applicable.
Financial Documents
- Bank Statements: Typically for the last 6 months to a year to verify financial transactions.
- Income Proof: Salary slips, income tax returns, or other proof of income.
Business-related Documents
- Business Plan/Project Report: Detailed report outlining the dairy project, expected costs, projected income, and sustainability plan.
- Proof of Ownership or Lease of Land: Documents verifying ownership or lease agreement for the land where dairy activities will take place.
Agricultural Documents
- Land Records/Title Deed: To verify ownership of agricultural land, if applicable.
- No Objection Certificate (NOC): From the landlord if the land is leased.
Livestock-related Documents
- Purchase Invoice: For animals or equipment to be purchased with the loan.
- Veterinary Certificate: For the health and fitness of the livestock.
Other Supporting Documents
- Application Form: Duly filled loan application form from the respective bank or financial institution.
- Photographs: Passport-sized photographs of the applicant.
- Signature Proof: Proof of applicant’s signature.
Guarantor/Collateral Documents
- Guarantor’s ID Proof: If a guarantor is required.
- Collateral Documents: Details and documents of the collateral being offered, if applicable.
Specific Bank Requirements
- Bank-specific Documents: Some banks may have additional requirements based on their policies and procedures. It’s important to check with the specific financial institution for any additional documentation they may need.
Important Tips
- Prepare Multiple Copies: Make several photocopies of all documents.
- Ensure Accuracy: Double-check all documents for accuracy and completeness before submission.
- Consult with the Bank: Always consult with the bank or financial institution to get a detailed list of required documents and any additional requirements.
By having these documents prepared, applicants can facilitate a smoother loan application process and increase their chances of approval for a dairy loan.
What is the interest rate on dairy loan?
Interest rates on dairy loans may vary depending on the bank or financial institution, the loan amount and the credit profile of the applicant. Here is a general overview of dairy loan interest rates offered by various banks in India. Friends, please note that these rates are indicative and subject to change.
Indicative Interest Rates on Dairy Loans (as of 2024)
| Bank/Institution | Interest Rate (per annum) | Additional Details |
|---|---|---|
| State Bank of India (SBI) | 7.50% – 11.50% | Depends on loan amount and applicant profile |
| Punjab National Bank (PNB) | 8.25% – 12.00% | Varies based on creditworthiness and tenure |
| HDFC Bank | 9.00% – 13.00% | Depends on applicant’s credit score and loan amount |
| ICICI Bank | 8.75% – 12.50% | Flexible repayment options available |
| Bank of Baroda | 7.75% – 11.25% | May include subsidies for eligible applicants |
| Canara Bank | 7.85% – 11.35% | Special rates for women and priority sector lending |
| Axis Bank | 9.00% – 12.50% | Based on loan amount and tenure |
| Union Bank of India | 8.00% – 11.75% | Varies by region and applicant profile |
| NABARD Scheme through Cooperative Banks | 4.00% – 7.00% | Includes government subsidies under specific schemes |
Key Factors Affecting Interest Rates
- Loan Amount: Higher loan amounts may attract different rates.
- Repayment Tenure: Shorter tenures might have higher interest rates compared to longer tenures. Nabard Dairy Loan
- Applicant’s Credit Score: Higher credit scores generally lead to lower interest rates.
- Type of Applicant: Special rates might be available for women, young entrepreneurs, and those in priority sectors. Nabard Dairy Loan
- Government Subsidies: Subsidies provided under schemes like the NABARD Dairy Entrepreneurship Development Scheme can significantly reduce effective interest rates.
Additional Notes
- Subsidies: Under the NABARD scheme, a subsidy of up to 25-33% of the project cost is available for eligible applicants, which can effectively reduce the cost of the loan.
- Processing Fees: Banks may charge processing fees, which can be a percentage of the loan amount. Nabard Dairy Loan
- Prepayment Charges: Some banks may charge for early repayment of loans, while others may not. Nabard Dairy Loan
Always consult with the specific bank or financial institution to get precise information tailored to your individual circumstances and the latest interest rates and terms. Nabard Dairy Loan