Regular Update
ATM News Network
Today the milk-dairy business is making a splash from villages to cities. Amidst the increasing demand for milk and its products, the people of the village are now earning good profits from animal husbandry and dairy farming. In search of future golden opportunities in Dairy Business, now many youths are leaving their jobs and joining this business. The government is also going ahead and giving financial help to these people. Although the central and state governments are making arrangements for loans and subsidies for dairy farming at their respective levels, but now one of the largest banks in the country, State Bank of India (SBI) is also coming forward to contribute in the dairy sector.
The SBI is now giving unsecured loans to farmers-animal herders and youths for dairy business. Now, they can raise money from the bank without mortgage and can take their dairy business to new heights.
State Bank of India disburses loans under several categories. In this, from collecting milk to building construction, automatic milk machine, milk collection system and buying a vehicle for milk transport, loans can be availed at low interest rates. Loan interest rates for dairy business start from 10.85 percent and go up to 24 percent. The amount of loan, for how long they want to take the loan is entirely up to the farmer or cattle rearer, the rate of interest is paid accordingly.
There are many works in dairy business like building construction to milk collection, processing, storage and transportation. State Bank of India also provides loan facility for all these purposes at different rates. For example, a loan of up to Rs 1 lakh is given for an automatic milk collection system. There is a provision of loan up to Rs 2 lakh for construction of building for dairy farming, Rs 4 lakh for cold storage machine of milk and Rs 3 lakh for milk carrying vehicle that is milk tank transportation. Now it depends on the farmers and cattle herders that they can take advantage of the loan scheme for a period ranging from 6 months to 5 lakhs.
Apart from State Bank of India, many cooperative banks or NABARD can also take loans for dairy business, on which these institutions also give subsidy. Apart from this, the Central Government has also run the Dairy Entrepreneurship Development Scheme. Under this scheme, the government gives up to 25 percent subsidy for doing milk-dairy business. If you want to do dairy business with 10 animals, then subsidy is given up to 33 percent of the reserved quota beneficiaries. For more information, you can also contact the National Bank for Agriculture and Rural Development (NABARD) or the office of the Animal Husbandry Department.
