Education Loans for the Physically Challenged

Whereas “Disability” pertains to any restriction or lack of ability to perform an activity in the manner or within the range considered normal by a human being. Another term almost used synonymously with these terms is “Handicap”. It is defined as the disadvantage for a given individual resulting from disability or impairment. 
 
It is on the society and the welfare states to look after that the “impairments” are not converted into “handicap” and “disabilities”  to “inabilities” of any kind.
It is for the authorities to sort out that the people with physical challenges   get adequate education, employment facilities and good living conditions.

One of the crucial steps taken in this regard recently is the announcement of education loans for those with physical impairments and it has proved beneficial for these people thereby making them the active participants of the economy and society.
The National Handicapped Finance and Development Corporation (NHFDC)  has also announced that education loans at concessional rate would be extended to those with physical disabilities for pursuing higher education.

With these loans, the candidates can study either in India or abroad. But certain given criteria have to be satisfied to avail the facility of this loan. NHFDC was set by the Ministry of Social Justice and Empowerment and it has been dispersing soft loans to the disabled population. It has been functioning as an apex corporation and channelizes its funds through State Channelizing Agencies (SCAs) for the welfare of Persons with Disabilities (PWDs) long since.  But the recent endeavour of it to provide loans for higher education is something very new and a remarkable step in the direction of bringing rehabilitation of the disables. Though 3% of the seats in all educational institutes are reserved for the students with special needs by law, less than 1% of those seats are occupied in reality. This scheme of loan would lead to filling of almost the whole reserved category as  more and more students would now be able to afford the otherwise expensive courses.

The maximum loan amount that can be taken for education in India is Rs.7.50 lakhs and Rs15 lakhs for abroad. The interest rates too are not hefty and can easily be afforded by the beneficiaries. The interest rates for loans upto Rs. 50,000 is 5%, from Rs 50,000 to Rs 5 lakh is 6% and above Rs 5 lakh is 8%. A rebate of 1% is also being given to woman beneficiaries.
It is decided that the proposal for education loans above Rs. 1.50 lakh to be received from SCAs would be sanctioned at NHFDC level and the proposals upto Rs. 1.50 lakh would be sanctioned by the SCA under delegated authority.
India has signed the Declaration on the Full Participation and Equality of People with Disabilities in the Asia Pacific Region. It has to take such strong measures as this in the direction of mainstreaming the disabled population by providing an inclusive, barrier free and rights based society.  But enacting of legislations alone would not serve the purpose unless and until viable action plans are executed. 
All these reforms seem to be a part of the Action Plan announced in 2005 for making education disabled friendly by 2020.And if this commitment has to be fulfilled, then the primary need is to change   the mindset of the people. The disability reforms should also come up as matter of human rights rather than an act of charity.