Sbi Loan For Handicapped Person

Individuals with disabilities, commonly referred to as differently-abled individuals, have the right to access the same government benefits and services as other Indian citizens. The government has taken significant steps in providing different business loan programs to assist these individuals in establishing their own businesses and becoming self-reliant. One of the notable loan schemes available through the National Handicapped Finance and Development Corporation (NHFDC) is specifically designed for disabled persons.

How can a person with disabilities obtain a loan?

Overall, it is encouraging that there are various nationalized banks like Bank of India that offer dedicated personal loans for physically disabled people through schemes such as the BOI Star Mitra Personal Loan. These initiatives not only provide much-needed financial support but also promote inclusivity and equal opportunities within society by recognizing and addressing specific challenges faced by differently-abled individuals

Loan Schemes for Persons with Disabilities through NHFDC

The government has introduced a measure to lower the interest rates for business loans of this nature. The NHDFC, under the Divyangjan Swavalamban Yojana, has specified the loan amount and interest rates as per their guidelines.

Provide discounted financing options for individuals with disabilities, Support any activity that helps generate income, Pursue higher education after completing 12th grade, Engage in vocational or skill development programs, Purchase and/or install assistive devices.

The table displays the loan amounts in lakhs (Rs.) for handicapped individuals, along with the corresponding interest rates and margins set by the implementing agency. The interest rates vary based on the loan amount range, starting from 2% for loans below 0.50 lakhs and increasing up to 4.5% for loans above 30.0 – 50.0 lakhs. Handicapped persons are offered slightly higher interest rates compared to other borrowers, with a maximum rate of 9%.

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Please be aware that the interest rates, fees, and charges mentioned may vary and are determined solely at the discretion of the commission.

The SBI loan for handicapped individuals is available to Indian citizens who have a disability of 40% or more. The minimum age requirement is 18 years, except for those with mental retardation who must be above 14 years old to be eligible.

Comparison of Business Loan Interest Rates Offered by Leading Banks in India

Here are some banks and NBFCs in India that offer loans for handicapped individuals, along with their respective interest rates: Axis Bank (14.95% – 19.20% p.a.), Bajaj Finserv (9.75% – 30% p.a.), Flexiloans (1% per month onwards), HDB Financial Services Ltd. (Up to 36% p.a.), HDFC Bank (10% – 22.50% p.a.), IDFC First Bank (10.50% p.a. onwards), Indifi (1.50% per month onwards), Kotak Mahindra Bank (16%-26%p.a.), Lendingkart(12%-27%p.a.) Mcapital(2 %per month onwards) NeoGrowth Finance(19%-24%p,a,), Tata Capital(12%p,a,onwards) UGRO Capital(9%-36%p,a,)

Additionally, it is advisable to compare the interest rates provided by other lenders offering business loans.

NHFDC Business Loan Options for Persons with Disabilities

In general, this category encompasses any business that appears to be economically feasible and can generate sufficient income to support an individual or a family. Some examples of operational plans are as follows:

– Scheme for Empowerment of Persons with Disabilities

– Financing options based on credit and non-credit criteria

– Special Microfinance Scheme

Repayment Tenure

The loan repayment period is quite extensive, allowing individuals with disabilities enough time to earn the money back and repay it at their convenience. The minimum repayment duration is 3 years, while different schemes for disabled individuals offer a maximum tenure of up to 10 years. This timeframe also includes a moratorium period.

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NHFDC Business Loan Application for Individuals with Disabilities

Now the last step of getting the loan is applying for it and getting approval from the appropriate agencies. Firstly, you should have all the documents ready that can act as proof of your eligibility criteria. Some of the documents required are the voter’s ID for citizenship and age proof, Aadhar card , educational qualification certificate, hospital records showing a minimum of 40% disability, and documents related to previous educational loans. Once all these documents are obtained, a person can submit the application through a format using State Channelizing Agency.

SBI Loan for Persons with Disabilities – Call 1800-11-4515

The government of India has taken a commendable step by offering business loans to disabled individuals. This initiative has proven to be highly beneficial, as many disabled people have been able to establish successful businesses with the help of these loans.

What is the benefit for handicapped person in home loan?

NHFDC: Extending Support to Handicapped Individuals

The NHFDC offers loans specifically designed for individuals with disabilities, providing them with a helping hand when they need it most. These loans have an interest rate cap of 8% and a maximum repayment period of 36 months. Depending on the specific NHFDC program, people with physical disabilities can qualify for loans ranging up to Rs. 25 lakh.

Key features of NHFDC handicapped loans:

1. Interest rate capped at 8%

2. Maximum repayment period of 36 months

3. Loan amount varies based on the NHFDC program

4. Loans available for individuals with physical disabilities

What are the financial benefits of disabled people in India?

State Disability Pension is a government scheme designed to provide financial assistance to individuals with special needs. This program, also known as Subsistence Allowance or Financial Allowance, aims to support handicapped persons by granting them a monthly allowance of Rs 2500/-. The objective behind this initiative is to ensure that disabled individuals have access to basic necessities and can lead a dignified life.

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The State Disability Pension scheme recognizes the challenges faced by people with disabilities and seeks to alleviate their financial burden. By providing a regular income, it enables them to meet their day-to-day expenses such as food, clothing, shelter, and healthcare. This monetary aid plays a crucial role in improving the quality of life for handicapped individuals who may face additional difficulties in finding employment or earning an income due to their physical limitations.

P.S: It is important for eligible individuals with disabilities in India to be aware of the State Disability Pension scheme. By availing this financial assistance, they can enhance their overall well-being and strive towards leading an independent and fulfilling life despite any physical challenges they may encounter.

What are the benefits of UDID card?

In addition to financial aid, healthcare services are also accessible through the UDID card. Individuals with disabilities can utilize their UDID cards at hospitals and medical facilities across India to receive specialized treatment and care. This ensures that they have equal access to quality healthcare services without any discrimination based on their disability status.

Education is another sector where the UDID card opens doors for PwDs. By presenting their UDID cards during admissions processes or while applying for scholarships or grants, disabled students can avail themselves of educational opportunities on an equal footing with others. This helps promote inclusive education by removing barriers faced by students with disabilities in pursuing higher studies.

Employment prospects are also enhanced through the recognition of the UDID card by employers across various sectors in India. Companies are encouraged to provide job opportunities based on merit rather than discriminating against candidates due to their disability status. The inclusionary approach facilitated by the use of this identification document promotes diversity within workplaces while ensuring fair employment practices.