MUDRA Loan For Dairy Farm

MUDRA Loan For Dairy Farm

It is impossible for any nation to show consistent progress in all sctions without development of small and micro industries. The current central authority understands that it needs to reduce its dependence on imports and utilize necessary funds to boost micro trade. Due to this realization, MUDRA Scheme was implemented. The full form of MUDRA is Micro Units Development & Refinance Agency Limited. It coordinates with central authority to offer financial assistance to micro, small and medium business organizations. The MUDRA Loan Scheme was implemented on 8th of April, 2015.

Though central government kept some businesses out of this scheme, it will offer credit to those people who want to set up their own dairy farm. Milk is a complete food and has numerous benefits. That is why; demand for milk in rural as well as urban areas is high. With the right business strategy, and financial assistance under MUDRA scheme, you can expand your milk farm easily.

What are the different aspects of MUDRA Loan?

The central government has suggested that all RRBs, Commercial Banks, Cooperative Banks, Small Finance Banks, MFIs and NBFCs will be allowed to offer financial assistance to people who apply under the MUDRA scheme. But you need to attain information about the three different categories to apply according to your financial requirements.

  1. Shishu category – Under this slab, you can acquire a credit amount that does not go above Rs. 50,000. Mainly those applicants who have a startup or micro trade venture settle for this credit slab, under the MUDRA Loan scheme.
  2. Kishor category – For minor renovations and other purchases, you can settle with the Kishor category. Under this slab, you will attain a financial assistance of Rs. 50,000 and Rs. 5 lakhs.
  3. Tarun category – Al applicants who want a loan that amount between 5 lakhs and 10 lakhs will have to apply under this category. If you already have an established dairy farm, but you want to purchase more animals and machinery to earn more, then apply for this category.

Can you open a dairy farm under MURDA scheme?

  1. Opening a dairy farm is rather expensive proposition. Depending on the number of cows, their fodder, maintenance and other machinery, you will have to pay anything between Rs. 2 to Rs. 3 lakhs. If you want to attain land and farm area, even then you will have to shell out more than at least one lakh. Thus, applying for MUDRA loan under Sishu category will not suffice.
  2. If you have a dairy farm, but you desire to expand the business, or purchase more animals or install modern machines, then you will have to apply under Kishor and Tarun categories.

How to apply for the MUDRA loan?

  1. The central government has highlighted that all applicants need to enroll for this scheme online. For this, you need to click on the link to get to the homepage of MUDRA loan application process.
  2. Before the actual registration, you need to type in required details for primary enrollment. For this, you have to click on the ‘New User’ button.
  3. After this, another online enrollment form will be come up on the computer screen. You must mention the registered name of your dairy farm.
  4. This step will also help to identify a user ID and password. These two will assist you to log on and check scheme related details.
  5. The actual MUDRA scheme enrollment form is divided in six parts. All these sections must be filled online.
  6. These steps include personal information, business and business partner related details, banking details, investment sale, profit or loss related data, digitized documents of medical shop registration and other papers. The last step is associated with declaration, followed by submission.
  7. A list of banks is also mentioned. You can pick the bank from where you want to apply for the MUDRA credit.
  8. The final decision of whether the bank will offer or declines your applicant will be the discretion of particular financial institute.
  9. The representatives will contact you if the applicant is approved.

What are the necessary documents?

Some legal documents are a must for attaining this loan from the central government. All applicants who desire to attain this financial assistance will have to furnish these documents. Make sure that you have your personal Aadhar card. During the submission of your applicants, you need to attach your PAN card along with the PAN card, issued in the mane of your dairy farm. Apart from this, residential and age proof certificates must be attached with the enrollment form as well. If you own the dairy farm in partnership with another person, then partnership deeds must be presented as well. As only loan defaulter will be able to attain this credit, submission of defaulter certificate is a must.

Other Schemes 

  1. Mudra Loan for Medical Shop
  2. Cobblers in Haryana can get the bank loan
  3. Handloom Weavers Loan Waiver Scheme in Telengana
  4. How to Apply for Mudra Loan

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