If you are determined to stand on your own feet, then no disabilities matter.
“I am 38 years old and physically handicapped (polio affected). As per the Government’s various plans for handicapped persons, I am liable to get a loan to start a business. However, I haven’t found any Government department so far that could help me with a loan. Could you suggest a way out?” — Rakesh
You can approach any bank for a loan. As for Government related aids, you can explore the following options:
Option 1: National Handicapped Finance and Development Corporation (NHFDC)
You can take a loan from NHFDC for:
— starting a venture
— pursuing any general, professional or technical education or training.
Age criteria for NHFDC loans: Between 18 and 55 years.
Loan amount given:
— Up to Rs 20 lakh to set up a small business in the service or trading sector, or an industrial unit.
— Up to Rs 5 lakh for agricultural or farming activities
— Up to Rs 25 lakh for manufacturing equipment for the physically challenged
Loan tenure: About seven years
You can get a rebate of 0.5 per cent on interest for timely repayments of the loan amount. NHFDC also offers loans through Punjab & Sind bank (P&SB) and Oriental Bank of Commerce (OBC).
Contact details of NHFDC:
National Handicapped Finance and Development Corporation (Ministry of Social Justice & Empowerment)
Red Cross Bhawan,
Sector-12, Faridabad – 121007
Number: (0129) 2287512, 2287513, 2280214, 2280335, 2264841
TeleFax: (0129) – 2284371
E-mail: nhfdc@nda.vsnl.net.in
Website: http://www.nhfdc.org
Option 2: Bank of India
This is a suitable option if you want to purchase durable and sophisticated aids that can help you function more independently.
Loan product: The Star Mitra Personal loan.
Amount of loan: Up to a maximum of Rs 1 lakh.
Eligibility: Ten times your net salary if you are a salaried individual and 50 per cent of your net annual income (as per the latest IT returns) if you are a self-employed individual or professional.
Loan tenure: Between 12 to 60 months
Interest rate: 10 per cent fixed interest rate.
Contact details:
Bank of India
STAR HOUSE
C – 5, “G” Block,
Bandra Kurla Complex,
Bandra (East),
Mumbai 400 051.
Phone: 022-66684444
Email: HeadOffice.GOD@bankofindia.co.in
Website: http://www.bankofindia.com
All the very best to you for procuring your loan and starting your own venture.