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With the ease of financing made possible, one can start a business without many hiccups. Financing of a new business or expanding an existing one requires financial support. Banks and similar lenders offer many products to help businesses flourish. One such product is the dairy farm business loan. If you are already in the business of dairy farming or wish to set-up one, this loan product is for you. It helps in maintaining your savings at the same time, be able to expand your business to earn more.
Today, dairy farming is a fast-growing business in India. Due to higher consumption and change in lifestyle, it has become a huge industry. With the help of this loan, one can start a dairy farm or expand the existing one. Many expenses get covered in this loan such as dairy production machinery, processing, storage, packaging, transportation etc. Instead of eating up savings or working capital, this loan which is specifically aimed at supporting the growth of the dairy industry is one of the best alternate options.
About Dairy Farm Business Loan
The main purpose of this loan is to start a new dairy farm or expand the existing one. Dairy farm business loan is made available to dairy societies for modernization and creation of infrastructure like transport vehicles, offices, milk collection system etc. The dairy farm business loan is available as a term loan or cash credit. The term loan is usually taken for meeting capital expenditure like building a new shelter, purchasing vans, refrigerated units and so on. Cash credit helps in meeting working capital requirements of a dairy business.
This type of loan is gaining popularity as the industry itself is a on fast-track. Some of the important features of the dairy farm business loan are:
The general criteria listed by leading banks for this loan are:
Many leading banks offer the dairy farm business loan. Dairy farming is fast becoming a lucrative business and thus, to offer impetus to the industry, these loans are made available easily. Some of the benefits that can be highlighted are:
Interest rate on this type of loan depends on the amount borrowed and the tenure of the loan. Depending on the repayment capacity, the bank determines the interest rate on an individual basis.
Some of the other details with regard to this loan are:
Visiting the closest bank branch to your location is one of the best options. One can meet a bank representative who will personally advise you on the details on the loan and help meet your requirements. If all details are received, one can even submit the loan application form there itself.
Some banks offer an online option to apply for this loan. This is faster option and more information on the loan can be checked online on the respective bank website. Banks that have 24x7 customer service can also provide necessary information on the loan over the phone.
The dairy farm business loan requires minimal documentation as follows:
Top Banks offering Dairy Farm Business Loan
Some of the top lenders in the country who offer this type of loan are:
1. What is dairy farming loan?
This type of loan is specifically targeted at those in the business of dairy. It can be used to set-up the business for the first time or for expanding an existing farm.
2. What are the interest rates available on this loan?
Interest rate depends on the amount borrowed and the period of loan. It is also the discretion of the bank to offer a particular interest rate to an applicant on the basis of the project, financial background and business history.
3. What is working capital?
Expenses incurred in the day to day operations of a business is called as working capital. It is calculated by subtracting current liabilities from current assets. It is also considered as a measurement of liquidity of business.
4. Who can apply for a dairy business loan?
Individuals/Group of Individuals/Firms/Companies/NGOs/Co-operatives/Proprietorships/any business that is involved in dairy farming can apply for a dairy farm business loan.
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