The Government of India has launched several initiatives to enhance financial access for individuals with disabilities, including a dedicated loan facility for physically handicapped persons, known as a 'handicapped loan'.

Due to employment challenges, many physically challenged individuals find it hard to secure loans. However, government-backed financial aid supports self-employment opportunities for these individuals.

The National Handicapped Finance and Development Corporation (NHFDC), under the Ministry of Social Justice and Empowerment, is pivotal in promoting financial independence for physically handicapped persons. NHFDC collaborates with State Channelising Agencies (SCAs) to provide funds.

NHFDC offers various loan schemes, such as the Divyangjan Swabhalaman Yojana and Vishesh Micro Finance Yojana (VMFY). The Divyangjan Swabhalaman Yojana offers concessional loans for economic empowerment, supporting income generation, higher education, vocational training, and assistive devices purchase.

Applicants eligible for the Divyangjan Swabhalaman Yojana must be Indian citizens with a disability of 40% or more, as per the PwD Act of 2016. The scheme provides differential interest rates, with a 1% rebate for women with disabilities or specific self-employment loans up to Rs.50,000. Loans can have a tenure of up to 10 years, possibly requiring collateral.

The Vishesh Micro Finance Yojana (VMFY) caters to unbanked physically challenged individuals, offering moderate interest loans through partnerships with NBFCs, MFI, SHG Federations, and State Government Missions. Loans under VMFY have criteria from SIDBI or NABARD, allowing finance up to Rs.60,000 with NHFDC covering 90% of the project cost.

NHFDC also provides educational loans for individuals with 40% or more disability for higher education in India or abroad. The loan offers Rs.10 lakh for domestic studies and Rs.20 lakh for international studies at a 4% interest rate per annum.

Loan applications can be submitted via State Channelising Agencies, nationalized banks like Punjab National Bank, Andhra Bank, IDBI Bank, and selected Regional Rural Banks. NGOs may help with the application process, which requires forms and documents like an ID proof, Unique Disability ID or Disability Certificate, Aadhar Card, and educational qualifications.

Though government loans offer crucial support, those needing urgent loans can consider personal loans for quick access. Money View provides instant personal loans up to Rs.10 lakh to eligible individuals, including physically challenged persons, allowing them a hassle-free online application process.

For more details or to apply for a personal loan, visit Money View's website or download their application today.