Persons with disabilities (PWDs) often face more unique challenges that require them to seek financial assistance. These challenges can arise from a complex combination of different factors. To mitigate these challenges, the National Handicapped Finance and Development Corporation (NHFDC) has played a crucial role in empowering PWDs by providing loans for disabled people or loans for handicapped persons.
The NHFDC offers special loan products of up to ₹50 lakhs at a maximum low-interest rate of up to 12.5% p.a. with a flexible repayment period of 10 years. Apart from this, some banks also offer personal loans for handicapped persons.
Securing a loan for a handicapped person can empower them to achieve their personal or business goals. Understanding the interest rates for these loans can help them get loans with terms that best suit their requirements. Below is a table showing the different schemes and loans along with their interest rates:
|Divyangjan Swavalamban Yojana
|5% - 9% p.a.
|Education loan for studies abroad and India
|Vishesh Microfinance Yojana
|Mahila Samriddhi Yojana
|Bank of India Star Mitra Personal Loan
|1 year MCLR + 1.00%
The eligibility criteria to avail a loan for a handicapped person will outline the essential requirements that borrowers need to meet. These criteria will differ depending on the lender, loan type and schemes. Below are the general criteria that borrowers can expect from lenders:
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Providing the necessary documentation when availing of a loan for the disabled is important to ensure a successful application. Lenders will have specific documents that are required to assess the eligibility of the borrower. Here are what lenders require as documentation for availing loans for disabled people:
There are diverse loan options that people with disabilities can pursue to achieve their goals. These loans provide financial support to cover the unique needs and challenges faced by specially-abled people.
This scheme offered by Bank of India provides support to differently-abled people to purchase durable and sophisticated aids or equipment for the promotion of their social and physical rehabilitation. The features of the loan are as follows:
|Up to 2 lakhs
|10.75% p.a. (4% for DRI case)
The Government of India has also established several programs to provide financial assistance for disabled borrowers. These schemes are:
The NHFDC offers various loan products for physically handicapped individuals. The schemes offered by this corporation are Divyangjan Swavalamban Yojana, Education loans for studies abroad and India, and Vishesh Microfinance Yojana.
This scheme was launched under the NHFDC with the main aim of helping people with disabilities by providing loans for their overall economic empowerment. Under this scheme, loans for the disabled can be given for the following purposes:
The loan amount and interest rates offered for this scheme is as follows:
|Up to ₹50,000
|₹50,000 - ₹5 Lakhs
|₹5 Lakhs - ₹15 lakhs
|₹15 Lakhs - ₹30 Lakhs
|₹30 Lakhs - ₹50 Lakhs
Indian nationals with 40% disability will be eligible to apply for an educational loan. The loan amount and interest rates for this scheme are as follows:
|Up to ₹50 Lakhs
This scheme was launched by NHFDC to reach out to unbanked populations of society with financial support at moderate interest rates. This is to promote sustainable and inclusive livelihoods including supporting projects that facilitate comfortable living. The features of the loan are as follows:
|Up to ₹60,000
|Period of fund utilization
Mahila Samriddhi Scheme is an advantage to economically weak women with a disability because they are provided with financial assistance for starting any income-generating activity. The loan amount for this loan will be provided through Non-Government Organisations and State Channelling Agencies (SCA). The features of this loan scheme are:
|Up to ₹60,000
|4 years with 6 months moratorium period
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When getting a disability loan online, effectively planning for the repayment is important to maintain financial stability. The repayment for these loans is usually done through Equated Monthly Instalments (EMI) which can be calculated using an online EMI calculator. The calculators are easy and convenient to use, all you need to do is enter the loan amount, interest rate and tenure of the loan to get an estimated EMI amount in seconds.
Use the calculator below to find out your estimated EMI amount:
To enhance your chances of getting your loan approved you can follow these tips below:
Getting a personal loan is now more affordable and accessible with the help of Buddy Loan, simply follow the steps below:
Require a business loan to kickstart your dream business? Follow these simple steps below to get a business loan:
Looking for a personal or business loan?
Yes, many lenders offer specific loans for people with disabilities. There are also government programs that are specifically designed for persons with disabilities.
Yes, individuals with disabilities can get financial assistance for education abroad or in India.
To apply for a disability loan online: Visit the desired lender's website, 2) Find their disability loan section, 3) Complete the online form, 4) Upload required documents, 5) Submit and await their response.
Yes, some lenders do consider alternative income sources for disabled borrowers.
Yes, persons with disabilities can qualify for low-interest or subsidised loans.
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