What are the key benefits of SBI Credit Cards?

SBI Credit Cards offer a wide range of benefits, including rewards, cashback, lounge access, discounts, and insurance coverage.

How can I apply for an SBI Credit Card?

You can apply for an SBI Credit Card online through the Paisabazaar platform, where you can compare card options and check for pre-approved offers.

What factors should I consider when choosing an SBI Credit Card?

Consider your spending habits, lifestyle, and financial goals to select a card that best suits your needs, such as travel, shopping, or rewards.

How can I manage my SBI Credit Card efficiently?

SBI Card offers a user-friendly mobile app and online banking services to help you manage your card, check statements, make payments, and access additional features.

What precautions should I take to avoid accumulating credit card debt?

Responsible credit card usage includes paying bills on time, managing credit limits wisely, and avoiding unnecessary spending to prevent debt accumulation.

Loan Facility Introduced for Physically Handicapped Persons in India

In an effort to ensure easy access to financial assistance for individuals with disabilities, the Government of India has implemented various initiatives. This includes the introduction of a loan facility specifically designed for physically handicapped persons, commonly referred to as a 'handicapped loan'.

Physically challenged individuals often face difficulties in obtaining loans due to many employers not considering them ideal candidates for employment. This significantly affects their source of income, making it even more challenging to secure financial aid. Nevertheless, there are several self-employment opportunities available for physically handicapped individuals that can be pursued with the help of government-backed financial assistance.

One of the key organizations supporting financially independent initiatives for physically handicapped persons is the National Handicapped Finance and Development Corporation (NHFDC), which operates under the Ministry of Social Justice and Empowerment. NHFDC acts as an apex institution that channels funds to physically challenged individuals through State Channelising Agencies (SCAs) nominated by the respective State Governments.

NHFDC provides a range of loan schemes for the physically handicapped, including the Divyangjan Swabhalaman Yojana and the Vishesh Micro Finance Yojana (VMFY). The Divyangjan Swabhalaman Yojana is NHFDC's flagship scheme, aimed at providing concessional loans to contribute to the economic and overall empowerment of individuals with disabilities. This scheme covers activities such as income generation, pursuit of higher education, vocational or skill development, and the purchase of assistive devices or customization of existing equipment.

To be eligible for the Divyangjan Swabhalaman Yojana, applicants must be Indian citizens with a disability of 40% or more, as defined in the PwD Act of 2016. The scheme offers varying interest rates based on the amount of loan availed. Additionally, a rebate of 1% in interest is provided for women with disabilities or persons with disabilities other than orthopedic handicaps for self-employment loans up to Rs.50,000. The maximum loan tenure is 10 years, and collateral or security may be required.

Another scheme offered by NHFDC is the Vishesh Micro Finance Yojana (VMFY), which aims to provide financial assistance at moderate interest rates to the unbanked population among the physically challenged. NHFDC partners with various organizations, including NBFCs, MFI, SHG Federations, and State Government Missions, to support small/micro business and developmental activities.

Applicants seeking loans under VMFY must meet the eligibility conditions set by the Small Industries Development Bank of India (SIDBI) or the National Bank for Agriculture and Rural Infrastructure Development Fund (NABARD). The maximum finance amount allowed is Rs.60,000, with NHFDC contributing up to 90% of the project cost. The loan duration is three years, and interest is charged at 12.50% per annum.

Moreover, NHFDC provides educational loans for physically handicapped individuals. Indian nationals with a disability of 40% or more can apply for educational loans to pursue higher education in India or abroad. The loan quantum available is Rs.10 lakh for studies in India and Rs.20 lakh for studies abroad, with an interest rate of 4% per annum.

Applicants can submit loan applications through State Channelising Agencies or nationalized banks, including Punjab National Bank, Andhra Bank, IDBI Bank, and Regional Rural Banks in certain states. NGOs can also assist individuals in submitting loan applications on their behalf. The required documents include a loan application form, approved identity proof, Unique Disability ID or Disability Certificate issued by the competent authority, Aadhar Card, and proof of educational qualifications.

While government loans provide valuable assistance, individuals in need of urgent loans without the hassle of a lengthy application process can consider obtaining a personal loan. Money View offers instant online personal loans up to Rs.10 lakh to individuals who meet their simple eligibility criteria. Physically challenged individuals can conveniently avail these loans from the comfort of their homes, eliminating the need for multiple trips to banks or financial institutions.

For more information and to apply for a personal loan from Money View, interested individuals can visit their website or download the loan app today.