As financing has become easy, almost anyone can set up a business without hiccups. It is also true for those who like to earn from dairy farming. Dairy farming is one of the fastest-growing sectors in India. However, there is no need to affect your working capital and savings.
You can apply for a dairy farm loan and ensure the growth of your business. Dairy farm owners need to choose from different loans, including microfinance loans. They have a chance of availing of a loan of up to Rs 45 Lakhs.
But, it is better to have a comprehensive guide to ensure a smoother process for your online business loan apply.
Learn about the features of your dairy farming business loan–
By securing the loan for your dairy business, you can modernize the infrastructure. Automatic milk collectors, milk houses, dispersal systems, and several other assets are essential for your infrastructural development. Thus, you have to know about the dairy farm loan features before applying for it.
- Reliable financial institutions do not charge a huge processing fee for your loan.
- You will go through a streamlined process for the loan.
- There is a need for minimal paperwork, and you have to upload the relevant documents.
- The valid documents will help you to get the loan approval within 24 hours.
- You do not need to be concerned about the collateral to have microfinance loans for your dairy farm.
- The Flexi-loan facility is available for your dairy business loan. At any time, you can withdraw money from your pre-sanctioned credit limit.
Learn about the eligibility for dairy farming loan
One of the important steps before sending the application is to check eligibility. Your age limit to get the loan must range from 25 to 65 years. For the financial proof, you have to show your income tax return of least a year. You must also submit proof that you have operated the business for at least 3 years.
What is the purpose of applying for the loan?
Some dairy farm owners overlook the step. However, based on your business status, you may have different purposes to apply for the dairy farm loan.
- To start a dairy farm.
- Grow your dairy farming business
- Purchase mulch animals
- Rear your young calves and other cattle
- Buy milk machinery, like milk vans
- Construct and renovate cattle sheds
- To have cattle’s fodder for the proper functioning of the dairy farm
- Promote your dairy farm
- Dairy marketing outlets
- Transport your manufactured dairy products
Documents you need for the dairy farm loan
Although you have a chance of getting instant approval, you need to submit some documents.
- You have to show ownership proof for your dairy farm.
- As the address proof, you have to submit documents, like electricity bill and phone bill.
- Financial documents needed for the loan are GST documents and bank account statements.
You must also submit photographs and land records with the loan application.
The process to apply for microfinance loans for your dairy business.
There is no need to visit your financial institute to send your loan application. You can visit the official site of the chosen financial institute. With a few clicks, you will be able to send your documents and application form. However, make sure that you have read the loan agreements before clicking the submit button for online business loan apply.
You may also consult with the dairy business loan providers to know the details. It is important to check your credit score to have a higher chance of approval.
To finance the working capital needs of your dairy farm, you can also avail of collateral-free business loans offered by leading lenders. Leading lenders like Bajaj Finserv offers business loans at affordable rates and with minimal paperwork.