The National Handicapped Finance and Development Corporation (NHFDC) offers special loan products to cater to the needs of physically-handicapped individuals. The interest rate charged on such loans cannot exceed 8% while the maximum repayment period is 36 months. Physically-handicapped individuals can avail a loan of up to Rs.25 lakh under various schemes offered by NHFDC.
|Name of the Scheme||Purpose||Rate of Interest (p.a.)||Loan Amount|
|Wide range of income generating activities to disabled persons||
||5% to 8%||Up to 25 lakh|
|Loan for education/training to disabled persons||To fund professional courses in recognised institutions in India and abroad||4%||Up to Rs.20 lakh|
|Financial assistance for skill & entrepreneurial development||Offer training to disabled individuals to make them self-dependent through technical training||-||-|
|Scheme for disabled young professionals||To fund disabled youth who are professionally educated but unemployed||5% to 8%||Up to Rs.25 lakh|
|Microfinancing Scheme||For starting or augmenting income generating activities||Up to 5%||Rs.10 lakh|
The eligibility criteria for availing loans from NHFDC may vary according to the scheme but the generic criteria have been listed below:
Disabled women who are weak economically can take advantage of the Mahila Samriddhi scheme to augment or start any income-generating activity. The loan amount for this scheme will be dispensed through Non-Governmental Organisations (NGOs) and State Channelising Agencies (SCAs).
To be eligible for the scheme, the applicants must be:
The features of the Mahila Samriddhi Scheme are given below:
|Rate of Interest (p.a.)||Loan Amount||Repayment Tenure||Financing Pattern|
|Up to 4%||Rs.25,000||3 months to 6 months||90% of the project cost will be provided by NHFDC|
Apart from the NHFDC, there are many nationalised banks that offer loans for the physically disabled people. Bank of India is one such lender that offers a specialised personal loan scheme for the physically challenged, known as the BOI Star Mitra Personal Loan. This loan will help physically handicapped individuals to function independently. Some of the features of the BOI Star Mitra Personal Loan have been outlined below:
|Rate of Interest||Margin||Repayment||Processing Charges||Eligible Loan Amount|
|1% + BSS (0.30%) above 1-year MCLR||10%||12 months to 60 months||
Physically handicapped people can obtain loans from the NHFDC through the State Channelising Agencies (SCAs), Nationalised Banks or Regional Rural banks (RRBs), and Non-Governmental Organisations (NGOs). The process to apply through these channels have been briefly described below:
Answer: Unfortunately, no. For you to avail a loan for your income generating project, you need to be residing at the same place as your activity.2. What can I use the loan amount for?
Answer: The loan availed from NHFDC can be used for any activity that generates income and is economically viable. Some of the income generating activities are artisan activities, agriculture and allied activities, small business, cottage industry, etc.3. Do I have to avail the loan for the physically-handicapped from NHFDC or can I approach banks?
Answer: Apart from NGOs and SCAs, loans from the NHFDC can be availed from the banks, Oriental Bank of Commerce and Punjab & Sind Bank.4. Can mentally retarded individuals get a loan from NHFDC?
Answer: Yes, mentally retarded individuals are eligible to get a loan from NHFDC. Such loans are extended through the spouse, parents, or legal guardian of the mentally disabled individual.5. How do I get in touch with the NHFDC?
Answer: If you have any queries or grievances, you can get in touch with the state channelizing agencies (SCAs) in your state or union territory. You can also contact the NHFDC directly on their helpline numbers – 0129 2280214/ 2280335/ 2287513 or email them at firstname.lastname@example.org.
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