Disabled individuals, also known as differently-abled people, have the same rights and privileges as other Indian citizens when it comes to government services and benefits. The government has taken the lead in providing several business credit packages to assist these differently-abled individuals in starting their own business and becoming self-sufficient and independent.
The National Handicapped Finance and Development Corporation (NHFDC) is a wholly owned company by Government of India. NHFDC functions as an apex institution for extending financial support for starting any activity contributing directly or indirectly in the income generation or helping Persons with Disabilities (PwDs) in their overall process of empowerment through the State channelizing Agencies(SCAs) nominated by the State Government(s)/selected Public Sector Banks (PSBs)/Regional Rural Banks(RRBs).
There are a few criteria that need to be fulfilled by the applicant in order to be eligible for the business loan for disabled person:
- You need to be an Indian citizen to be eligible
- The applicant needs to be above 18 years of age.
- Minimum 40% disability
- Must have a professional degree from an educational organization
- The business should be associated with your educational degree
- The business, you want to work with the help of loan, must be a legal one with approval from CGS
- If a person under NHFDC has already applied for an educational loan, he or she can still go for a business loan, however the combined amount should not exceed 25 lakhs
- Preference is given to women beneficiaries
- You must be a part of Thrift and Credit Group (Self Help Group)
The documents that are required for availing a loan from NHFDC are –
Loan Application form that can be obtained from implementing agencies or may be downloaded from NHFDC.
The other supporting documents needed would be
- Approved Identity Proof
- Unique Disability ID or Disability Certificate issued by the competent authority
- Aadhar Card
- Proof of educational qualifications
Prominent Schemes being implemented by NHFDC
1. Divyangjan Swavalamban Yojana
NHFDC provides financial assistance in terms of loan to Persons with Disabilities for starting any activity contributing directly or indirectly in the income generation or helping PwD in their overall process of empowerment through implementing agencies throughout the country including West Bengal. NHFDC provides maximum loan upto 50.0 lakh to Persons with disabilities for self-employment activity at the rate of interest 5-9% p.a. (A rebate of 1% in interest will be allowed to women with disabilities/persons with disabilities other than OH in self employment loans of upto Rs.50,000/-).
Any Indian citizen with 40% or more disability and age above 18 years can apply for loan under NHFDC scheme for self employment. (In case of persons with mental retardation, age is relaxed to 14 years in place of usual 18 years). The age criteria would not be required for educational loans.
2. Vishesh Microfinance Yojana (VMY)
Under this scheme NHFDC provides prompt and need based finance for the target group and activities at reasonable rate of interest through NBFC – MFI, Section-8-MFI, and NGO-MFI, SHG Federations, state Government Missions and other state level organizations to pursue small/micro business and development activities. The unit cost of Project shall not exceed Rs.60,000/-. The repayment period is upto 3 years from the date of disbursement of loan.
3. NHFDC Swavalamban Kendra (NSK)
NHFDC has rolled out the concept of NHFDC Swavalamban Kendra (NSK) by converging the credit needs, skilling needs, assured business linkage needs, etc on pilot scale basis and aspires to convert into a grandiose scheme, initially covering each district in the country at the rate of one NSK per district. Each NSK is established at a capital cost of around Rs. 12 lakhs by PwD entrepreneurs with the help of 100% financing from NHFDC. These NSKs will be used as mini incubation centers with hands on skilling on the locally relevant and viable businesses to train the PwDs for self-employment opportunities in and around their localities.
Loan Amount offered under the NHFDC Schemes
The maximum loan amount offered by NHFDC for the upliftment of disabled or differently abled individuals are as follows:
- To establish a small business in the Service or Trading sector a loan amount of up to Rs.3 lakh is offered. (In case of transport activity, loan amount of up to Rs.5 lakh is sanctioned)
- In order to set up a small industrial unit, a loan amount of Rs.5 lakh is offered.
- For providing education or professional training to the disabled individuals, up to Rs.10 lakh amount is provided. (For studying in India it is Rs.10 lakh and for studying abroad it is Rs.20 lakh).
- To finance agricultural activities, loans of up to Rs.5 lakh are offered.
- Persons with cerebral palsy, mental retardation and autism are offered loan amounts of up to Rs.3 lakh for self-employment purposes.
Where to get Loans for Physically Handicapped Persona
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