Personal Loan for Physically Handicapped Person

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:

1. SCAs - The state governments nominate the SCAs who will then extend the loans to the physically disabled people. Borrowers need to submit applications through the SCAs in the prescribed format to avail the loan. The SCAs sanction loans up to Rs.10 lakh while for loans above Rs.10 lakh, sanctions are done by the NHFDC.
2. Nationalised Banks and RRBs - Loans to the disabled people are extended by the NHFDC through nationalised banks and RRBs. The nationalised banks that extend the loans are Andhra Bank, Punjab National Bank, and IDBI Bank while only RRBs in the state of Uttar Pradesh, Haryana, Uttaranchal, and Gujarat dispense loans to the physically handicapped.

1. NGOs - Poor borrowers can avail the microfinancing scheme from NHFDC under which NGOs will approach the respective SCAs and submit their application in the prescribed format along with necessary documents and details.

Eligibility Criteria for Availing Loans from NHFDC

The eligibility criteria for availing loans from NHFDC may vary according to the scheme but the generic criteria have been listed below:

1. The borrower should be an Indian citizen with a minimum of 40% disability.
2. The applicant should be aged between 18 years and 55 years.

1. The annual income of the applicant should be at least Rs.1 lakh in urban areas and Rs.80,000 in rural areas.
2. The borrowers should not have any outstanding loans in their names and should not be covered under any other financing scheme of the state or central government.
3. The applicants should preferably be frequent members of self-help groups such as Thrift and Credit Group.
4. Women borrowers will be given preference

Mahila Samriddhi Yojana for Physically Handicapped Women

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:

1. A women Indian citizen with a disability of 40% or more
2. Aged between 18 years and 55 years
3. Earning at least Rs.1 lakh p.a. in urban areas and Rs.80,000 in rural areas

The features of the Mahila Samriddhi Scheme are given below:

BOI Star Mitra Personal Loan

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:

1. The loan can be used by physically disabled individuals to purchase durable aids/appliances that will promote their physical and social rehabilitation.
2. The loan can be availed by both self-employed and salaried physically handicapped individuals.

1. Minors who are physically challenged can also avail the loan through their parents or legal guardians.
2. The loan will be of a secured nature and in the form of demand or term loan.
3. Borrowers must provide invoice/quotation of the equipment to be purchased, doctor's certificate stating the need for the equipment, and the stamped receipt after the equipment has been purchased.

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