Car Loan Subsidy For Physically Handicapped People– Full Process Guide
Car Loan Subsidy For Physically Handicapped – Financial hurdles can feel like towering walls for anyone, but for individuals with physical disabilities, navigating the maze of car loans can seem especially problematic. Yet, financial independence shouldn’t be a distant dream; it should be a right, accessible to all, including those facing mobility or other physical challenges.
Thankfully, India offers a ray of hope in the form of specialized car loan schemes designed to empower individuals with disabilities. Let’s crack open the doors of opportunity and illuminate the path towards financial freedom. In this website we have covered many cars which can easily be converted for handicapped people with a specialized kit.
NHFDC: Your Ally in Financial Inclusion
Imagine a beacon of support, guiding you through the financial landscape. That’s the National Handicapped Finance and Development Corporation (NHFDC) for you. Established by the Government of India, NHFDC offers a diverse array of loan schemes specifically tailored to the needs of people with disabilities. From car loans to and education to assistive devices, business ventures to barrier-free homes, NHFDC empowers you to chase your dreams and build a fulfilling life.
| Scheme Name | Purpose | Interest Rate (p.a.) | Loan Amount | Eligibility |
|---|---|---|---|---|
| Adaptive Vehicle Loan | Purchase or modify vehicles to suit specific needs | 5% – 8% | Up to Rs. 25 lakh | Open to disabled individuals requiring adapted vehicles for mobility or business purposes. |
| Commercial Vehicle Loan (Disabled) | Purchase commercial vehicles for income generation | 5% – 8% | Up to Rs. 25 lakh | Open to disabled individuals seeking commercial vehicles for transportation or service businesses. |
| Taxi/Auto Rickshaw Loan (Disabled) | Finance ownership of taxis or auto rickshaws for income generation | 5% – 8% | Up to Rs. 10 lakh | Open to disabled individuals with business plans for taxi or auto rickshaw operations. |
| Delivery Vehicle Loan (Disabled) | Purchase vehicles for delivery services | 5% – 8% | Up to Rs. 5 lakh | Open to disabled individuals with businesses reliant on delivery vehicles. |
| Microfinance Vehicle Loan (Disabled) | Acquire vehicles for small-scale transportation or income generation | Up to 5% | Rs. 2 lakh | Open to disabled individuals with viable plans for small-scale vehicle usage for business or personal needs. |
Eligibility for Car Loan Subsidy
Fuel Your Freedom, Ease Your Burden: This exciting petrol subsidy scheme empowers Persons with Disabilities (PWDs) to drive with less financial strain!
Who can zoom ahead?
- Proud owner of a motorized vehicle? Buckle up, you’re eligible!
- Annual income under Rs. 1.50 lakh? This subsidy’s your copilot for savings!
- No double-dipping: Already receiving a conveyance allowance? Enjoy the ride, this benefit’s not for you.
What’s in the tank?
- 50% off your actual petrol/diesel spending! Make every drop count.
- Vehicle power up? The higher the horsepower, the more fuel you can save:
- 2 horsepower or less: 15 liters per month, your budget’s best friend!
- More than 2 horsepower: No limit on savings, conquer the road!
Breathe easier, PWDs! This scheme lightens your financial load, letting you focus on the journey. Get ready to explore and empower yourself!
Documents Required
Document Required: (Self Attested Photostate)
- Two passport size photographs.
- Residence Proof for the last three years (Voter Identity Card, Ration Card, Electricity Bill)
- Copy of Disability Certificate/Identity Card with 40% or above Disability.
- Copy of Registration Certificate of the vehicle which should be in the name of the applicant.
- Copy of Driving License of the applicant.
- Income Certificate.
FAQs about Car related Benefits and Schemes for Disabled Individuals in India
General Benefits:
Q: What discounts are available on cars for disabled people in India?
A: No direct discounts on cars are offered specifically for disabled individuals in India. However, there are concessions on GST for vehicles adapted for their use.
Q: What is the GST concession for disabled persons on cars?
A: The GST rate for cars adapted for disabled individuals is reduced from 28% to 18%. This applies to modifications like hand controls, swivel seats, or wheelchair ramps.
Q: Are there any other schemes available for disabled car buyers?
A: Yes, several loan schemes offer concessional interest rates and higher loan amounts for disabled individuals purchasing adapted cars or commercial vehicles. Some notable schemes include:
- NHFDC’s Assistive Devices Loan Scheme: Up to Rs. 2 lakh at 6% interest for car adaptations.
- Bank of India’s Star Mitra Personal Loan: Up to Rs. 25 lakh at 8.5% interest for car purchase or modification.
- ICICI Bank’s Saksham Loan Scheme: Up to Rs. 10 lakh at 9.5% interest for car purchase or business ventures involving vehicles.
Specific Needs:
Q: What is a hands-free vehicle for disabled persons?
A: Hands-free vehicles have modifications like hand controls, steering knobs, or voice-activated features to enable driving without using the hands. These adaptations can be made to existing cars or purchased in specially designed vehicles.
Road Tax and Driving:
Q: Is road tax exempted for physically handicapped in India?
A: Some states in India offer exemptions or reductions in road tax for vehicles owned by disabled individuals. However, the specific rules and eligibility criteria vary from state to state.
Q: Can a blind person buy a car in India?
A: Blindness itself is not a disqualification for driving in India. However, individuals with specific visual impairments may need to undergo additional assessments and obtain special driving licenses to drive legally.
Q: Can a disabled person drive a normal car or an automatic car?
A: Whether a disabled person can drive a normal car or an automatic car depends on the nature and severity of their disability. Some individuals may require adaptations to either type of vehicle, while others may be able to drive without modifications. It’s crucial to consult a doctor and driving instructor for a proper evaluation and training before driving.
Q: Can a disabled person drive an automatic car?
Yes, a disabled person can drive an automatic car in India if they meet the following criteria:
- They have a valid driving license for automatic vehicles.
- Their specific disability does not directly hinder their ability to drive safely, such as severe vision impairments or loss of limb control.
- They may need additional assessments or training depending on the type and severity of their disability.
Some disabilities might require adaptations to the vehicle for safe driving, such as modified gearshifts or hand controls. These modifications can be made to automatic cars as well.
Q: Can a disabled person drive a normal car?
Whether a disabled person can drive a normal car in India depends on the nature and severity of their disability:
- Individuals with certain disabilities like missing limbs or limited mobility might require car adaptations like hand controls or wheelchair ramps to operate the vehicle safely.
- Others with disabilities like mild hearing loss or visual impairments may be able to drive a normal car without any modifications, provided they meet the general driving license requirements.
Consulting a doctor and driving instructor for a proper assessment and training is crucial before driving with any disability. They can determine the necessary modifications or restrictions based on your individual needs.
Q: Is road tax exempted for physically handicapped in India?
Road tax exemptions or reductions for physically handicapped individuals vary from state to state in India. Some states offer full or partial exemptions, while others have specific criteria for eligibility.
Here’s what you need to do to determine the road tax benefits in your state:
- Contact your local RTO (Regional Transport Office): They can provide you with the latest information on road tax exemptions for disabled individuals in your state.
- Refer to the state transport department website: Many state transport departments have dedicated sections on their websites outlining benefits and concessions for disabled individuals, including road tax exemptions.
- Consult with NGOs or organizations working with disabled communities: They can provide guidance and assistance in navigating the process of claiming road tax exemptions.