Everybody shares equal right and nobody is left out when it comes to getting government help and resources. In a quest to help out the physically challenged persons lead their life happily, many banks and government entities are offering special loans. The main idea is to provide the necessary financial help to such people so that they can live their life with dignity without being dependent on others financially. These loans are very easy to get with minimal paperwork and effort.
There are several trustworthy lenders who have designed special loan products to cater to the specific needs of the physically handicapped persons. Apart from the banks and financial organisations, there are several government-launched projects for the betterment of such individuals.
NHFDC or National Handicapped Finance and Development Corporation is offering a wide range of security-free low-interest loans for the education and empowerment of individuals with physical disabilities. Their main target is to open up self-employment opportunities for such individuals by offering them financial support to set up their own business. Here are the various loan schemes offered by this organisation:
Here are the maximum loan amount offered by NHFDC for the upliftment of the physically-challenged individuals:
|Scheme||Purpose||Loan Quantum||Eligibility||Rate of Interest||Tenure||Rebate|
|1. Micro Financing Scheme||To aid disabled individuals from weaker sections in income generating activities.||No maximum amount if implemented through SCA Up to Rs. 10 lakh in case of loan to NGO||1. Indian citizens above 18 years with more than 40% disability 2.Preferably be a member of Thrift and Credit Group. 3. Relevant education, qualification and experience||5% p.a.||3 years with quarterly repayment facility||1% p.a rebate on the interest rate|
|2. Scheme for vocational education and training||To offer financial support to PwD’s to get vocational education and training||Up to Rs. 2 lakh||1. Indian citizens above 18 years with more than 40% disability 2.Relevant education, qualification and experience 3.Other criteria as per the norm and policy of NHFDC Education loan||As per the NHFDC education loan scheme||Up to 7 years from the date of commencement||Nil|
|3. Scheme for financial assistance for skill & entrepreneurial development||To provide training to PwDs to make them self-dependent through proper technical training in technical and traditional occupations||100% of the total recurring cost of the training programme||1.Indian citizens within the age-group of 15 to 50 years 2.Should fulfill all other applicable criteria for NHFDC loans||---||Based on the duration of the training.||Nil|
|4. Scheme of financing construction of commercial/business premises for starting self employment activity to PwDs.||To help the poor PwDs for construction of Business premises to start self-employment activities||Up to Rs. 3 lakh||1. Indian citizens above 18 years with more than 40% disability 2. Must be eligible for all the criteria mandated by NHFDC under self-employment loan schemes.||5% for an amount up to Rs.50,000 6% for an amount more than Rs.50,000 up to Rs.3 lakh.||10 years from the date of commencement||Nil|
|5. Scheme of financing assistive devices to enhance the employability or increased opportunity of self employment of persons with disability.||To provide finance to the needy PwDs for purchasing assistive devices to improve chances of self-employment||Up to Rs. 5 lakh||1. Indian citizens above 18 years with more than 40% disability 2. Should be employed with a renowned organisation or must have the confirmed appointment letter.||5% for an amount up to Rs.50,000 6% for an amount more than Rs.50,000 up to Rs.5 lakh.||Within 5 years from the time of commencement||Nil|
|8. Scheme for young professional||To provide loan to physically-challenged individuals who are unemployed in spite of being professionally educated||Up to Rs. 25 lakh||1. Indian citizens above 18 years with more than 40% disability 2. Should have a professional degree from recognised educational institute/ University||Minimum 5% p.a. to maximum 8% p.a based on the loan amount||Within 10 years of borrowing the amount||1% p.a rebate on the interest rate|
The ‘Scheme for Young Professional’ is a special loan scheme from NHFDC which is dedicated to physically-challenged individuals who are unemployed in spite of being professionally educated. NHFDC has come up with this scheme for instilling self-confidence among them and lift them to the main strata of life. Under this scheme the physically-disabled individuals can avail the highest amount of loan to start of their own self-employment venture. Here are the details of this most sought after loan:
In order to be eligible for the physically disabled loan, the applicant has to meet the below-mentioned criteria:
The eligible applicants will receive a maximum of Rs.25 lakh under this loan.
The rate of interest for this special loan under NHFDC is low compared to other loans. The interest rates applicable to the general borrowers are as follows:
A special 1% rebate on the interest of the loan is offered to disabled women in this NHFDC self-employment scheme. This rebate is offered to the women applicants under the Mahila Samridhi Yojana. The rate of interest that is applicable for the women beneficiaries covered under this scheme are as follows:
NHFDC provides a long duration to the borrowers for the repayment of the loan. An individual can repay his or her loan within 10 years of borrowing it. This tenure also comprises of the moratorium period.
To avail a loan under this loan scheme from NHFDC, the borrowers needn’t give any kind of security or collateral.
BOI has come up with this special loan for the physically-handicapped person to bring them back in the normal flow of life. The bank is targeting to provide all the financial help to such people so that they can function independently. The bank expects the applicant to use the loan amount in purchasing high-quality instruments or appliances which would help them to manage their lives in a better way. The insurance and processing charges on these loans are waived off.
The applicant can get up to 1 lakh under this loan. No minimum loan is stipulated under this loan.
This loan can be availed for a duration of 1 year (12 months) to 5 years (60 months) based on the convenience and preference of the borrowers. The tenure will start after one month of the full disbursement of the loan or after three months of complete disbursement, whichever tenure come first will be considered.
The bank will ask for the hypothecation of the aid or equipment that is purchased by the borrower using the funds provided by the bank.
BOI has put forward a few terms and conditions which the applicant need to abide by to get the eligibility for the loan. Here are the details of the same:
In order to avail these special loans for the disabled, an individual need to get in touch with the authorities and meet all their mandated criteria. Once the applicant receives the loan approval, the amount will be disbursed in his or her account.
If you are suffering from physical disability of 40% or above which is hampering your professional productivity, apply for these loans to make your life better with financial independence. Such loan facilities for the physically handicapped persons are easily accessible and are disbursed to the borrower in quick time-span. Since the motto of such loan facility is to empower the disableds, the process is kept simple and hassle-free to facilitate the borrowers.