Are you physically handicapped and wondering if you can get a loan? The Indian Government is concerned about the well-being of all the citizens of the country. In the case of citizens who are physically challenged, there are certain loan schemes which they can avail.
Loan schemes from National Handicapped Finance and Development Corporation:
The non-profit company National Handicapped Finance and Development Corporation or the NHFDC which is headed by the Department of Empowerment of Persons with Disabilities (Divyangjan) offers loan schemes for disabled people like:
- Divyangjan Swavalamban Yojna
- Vishesh Microfinance Yojana
- Educational loan
Take a look at the important pointers of the loan scheme from NHFDC:
- Divyangjan Swavalamban Yojna:
- This scheme is for the economic empowerment of disabled people and it offers concessional loans.
- A physically disabled candidate has to be 18 years and above to avail of this scheme. A mentally challenged candidate has to be 14 years and above to take advantage of this scheme.
- The applicant has to be a citizen of India and must have 40% or more disability.
- The maximum loan that the applicant can get under this scheme is 50 lakhs. The rate of interest depends on the loan amount that is sanctioned and it is in the range of 5% to 9%.
- This loan falls under the category of Working capital loan or term loan and the maximum repayment tenure is 10 years.
- Vishesh Microfinance Yojana:
- This scheme is for disabled people who want to start a small business and in this scheme, they can get loans at affordable interest rates.
- The NABARD and SIDBI eligibility criteria are applicable.
- The unit cost of the business cannot be more than Rs 60,000 and the rate of interest is 12%
- NHFDC bears 90% of the project cost and 10 % of the project cost has to be borne by the beneficiary.
- The loan is sanctioned for a maximum period of 3 years and the repayment of the loan has to be done in quarterly installments.
- Education Loan:
- This loan scheme from NHFDC is for financing the education of disabled persons.
- This scheme is for Indian citizens who have 40% or more disabilities.
- The maximum loan amount sanctioned for education in India is 10 lakhs. The maximum loan amount sanctioned for education abroad is Rs 20 lakhs.
- For loans, up to 20 lakhs, the rate of interest is 4% and female candidates get a rebate of 0.5% on the interest.
- For this education loan from NHFDC, the maximum repayment tenure is 7 years.
The Mahila Samruddhi Scheme for disabled women from weaker sections of the society:
- This special loan scheme for disabled women from weaker sections of society is offered to women who have 40 % or more of disability.
- To avail of this loan scheme, the applicant has to be in the age group of 18 years to 55 years.
- In urban areas, the applicant must have an annual income of at least Rs 1 lakh and in rural areas, the applicant must have an annual income of at least Rs 80,000/-
- The loan amount for the Mahila Samruddhi scheme starts from Rs 25,000/- and the rate of interest applicable is up to 4%.
- The repayment tenure of this loan is in the range of 3 months to 6 months.
- NHFDC sanctions 90% of the project amount and the rest the beneficiary has to bear.
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Details of the BOI Star Mitra Personal Loan:
- Disabled people in India can approach nationalized banks for loans. One loan scheme from the State Bank Of India is very popular and that is the BOI Star Mitra Personal Loan Scheme. This scheme from BOI is to encourage people with disabilities to have financial support.
- This scheme from BOI is to help in the social and physical rehabilitation of the physically disabled individual.
- Disabled people who are self-employed or who are working can apply for a loan under this scheme.
- Minors who are physically disabled can also avail of this scheme and the loan is given in the name of their parents or legal guardians.
- This is a term loan and the maximum loan amount that one can get under this scheme is Rs 1 lakh.
- The repayment tenure of this loan is the range of 12 months to 60 months and the interest rate is 1-year MCLR+ 1%
- To apply for this loan the applicant has to submit a doctor’s certificate that gives clear details about the extent of disability of the applicant.
- The applicant also has to submit to the bank the invoice or the quotation of the instrument that the applicant is going to buy with the loan amount.
- After the loan is sanctioned and the applicant gets the loan then he has to submit to the bank the stamped receipt of the purchase.
Check for loan options with NGO’s and financial institutions:
- Besides banks, there are some NGOs that may be offering loans to disabled individuals. But make sure that you check and verify all the details of the NGO before you approach them for the loan facility.
- Other than banks some financial institutions or NBFCs offer personal loans to salaried individuals. So, even if you are physically disabled but are a salaried person and have a regular source of income then you can check with these financial institutions about their personal loan facility.
You need to know the procedure to avail of these loan facilities:
The first thing that the disabled person needs to check is whether they meet the eligibility criteria. You also need to ensure that you have all the documents that are needed to apply for the loan. Only then you must connect with the respective authorities and complete all the formalities to avail of the loan facility.
The above loan schemes are to help the physically disabled person to get financial independence and it helps them to lead a life of dignity. If you are physically challenged and meet the required criteria then you can avail of the loan facilities for physically disabled people.