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There is a wide range of loan options in the market such as car loans, home loans, education loans, two wheeler loans, and more. Every loan scheme has a target audience and is designed for a specific purpose. Keeping this in mind, many banks have come up with special loan schemes designed just for the disabled. The main aim of these schemes is to encourage the physically and mentally disabled individuals to lead a good life and function independently. These loan schemes can help a disabled individual go a long way. Let us look into some of the best loan schemes that offers financial aid to disabled individuals in India.
Bank of India Star Mitra Personal Loan scheme was designed especially for disabled individuals. The main aim of the scheme is to help physically disabled individuals to function independently. The scheme offers finances to purchase durable and modern appliances that is designed to promote the physical and social rehabilitation of these individuals. All physically challenged individuals regardless of whether they belong to the salaried or self-employed class, are eligible for the scheme. The maximum loan amount offered under the scheme is Rs.1 lakh. The repayment tenure ranges between 12 to 60 months and no processing fee is charged for the scheme.
National Handicapped Finance and Development Corporation offers finance for disabled individuals through the State Channelizing Agencies nominated by the respective state governments/U.T.s. The scheme offers finances to set up small business, for agricultural or farming activities, and for manufacturing equipment for the physically disabled. The loan comes for a tenure of up to 7 years and the borrowers can get a rebate of 0.5% on the interest for timely payments of the loan amount.
As of now, the above mentioned schemes are the only specific loan schemes for disabled individuals in India. There are some banks like OBC that offer deposit schemes that help disabled individuals open a bank account and avail concessional banking services. It is important to check the interest rate and tenure period along with other factors before opting for a loan.