IF you are determined to stand on your own feet, then no disabilities matter. wealth helps this reader, who believed in his abilities.

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!

Read:

• Tips to lower your EMI burden
• Take a study loan
  

Photograph: Andrew Redington/Getty

This column is part of our series of Q&As with:

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e-mail: Gurjap Singh Kohli

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