Secured Cattle Finance
Introduction
Under Secured Cattle Finance, Term Loan is given to dairy farmers for purchase of Milch cattle basis recommendation / guarantee from dairy Societies / Pvt dairy companies. Loans are given basis credit history of milk payments in the a/c of farmers or Milk receipts issued by the Dairy societies / Pvt Dairy companies.
Key features –
Eligibility
Individual Dairy Farmer in 18-60 Yrs age bracket.
Farmer should have existing 2 cattle, with average annual milk collection of Rs. 80,000 for 2 cattle during last year.
Funding Ratio for existing to new cattle should be 1:1
Residence stability of 2 years
Co-applicant Mandatory. In case applicant is married, it is mandatory to take spouse as a co applicant.
Min Land holding of 0.5 acre required in the name of applicant or family member
For Landless Farmer total loan amount is capped at Rs 2 lac per farmer
Insurance:
Cattle Insurance to be taken mandatorily for all the funded Cattle
Cattle Insurance to be taken for complete Loan tenure
Security: Hypothecation of Cattle
Farmer Documentation
Applicant, Co-applicant and Guarantor KYC (Aadhar mandatory)
Last 1-year milk statement from society/ Bank statement where milk payment is credited (Applicant/Co-applicant.)
Copy of Land ownership record of Applicant / Co-applicant.
Passport size photograph of Applicant, co-applicant and guarantor