Nationalised bank offers loans for supporting dairy business
Dairy sector surfaced up as one of the least impacted sector during COVID . The demand of milk and milk products at household level saw a huge upsurge during lockdown.
The government has already announced dairy entrepreneurship development scheme for this year. The purpose of this scheme is to support dairy farmers and entrepreneurs to start dairy business.
State bank of India is providing loans under this scheme to the diary entrepreneurs and farmers. Under the scheme the applicant will receive Rs 1 lakh for automatic milk collection unit, Rs 2 lakh for milk house or society office, Rs 3 lakhs for transportation vehicle and Rs 4 lakh for chilling unit.
The repayment period of this loan is 5 years with a moratorium period of 6 months. Bank of Baroda is financing farmers under mini dairy unit scheme. Central Bank of India has instituted Central dairy scheme for this purpose.