In Pakistan, millions of individuals suffer from various types of disabilities. Despite the fact that many differently abled people have the potential to become fully integrated and productive members of society, our society and state institutions have remained mostly unaware of the requirements of these individuals. 

In this article, we’ll explore the need for disability loans in Pakistan for the differently abled individuals, and how through SBP’s new policy, people with disabilities (PWDs) feel more financially included. 

What is a Disability Loan?

If your disability prevents you from working, a disability loan is a personal loan that you can use for essential, regular costs like groceries, bills, or mortgage payments. The State Bank of Pakistan (SBP) has launched a comprehensive strategy aimed at improving the financial inclusion of people with disabilities (PWDs), marking a significant move. 

As per the regulatory framework, banks are required to provide products and services that address the unique requirements of all PWDs, such as individuals who are physically disabled, visually impaired, or have hearing or speech impairments. It has been requested of banks to make sure that ramps, sign language interpreting services, and braille copies of all necessary papers and documents are available at the doors of their branches and ATM vestibules.

The Need for Disability Loans in Pakistan

The UNDP has estimated that nearly 6.2% of the Pakistanis have some form of disability. Other estimates consider this proportion to be much higher. The HRW, for instance, has pointed out how estimates of PWDs in Pakistan vary widely, ranging from 3.3 million to 27 million.

For far too long, people with disabilities (PWDs) have been treated like diseases and are either disregarded or seen as in need of charity. PWDs frequently stay completely dependent on their family members and are restricted to their houses. 

Recently, Pakistan has implemented some positive measures, like the creation of unique ID cards for PWDs that grant them access to a number of benefits. Additionally, it is no longer acceptable to refer to someone in official papers as “mentally retarded,” “physically handicapped,” or “disabled.” Nonetheless, we require a shift in the perspectives of both the general public and our legislators. Disability loans can bridge the gap, providing necessary financial support to help differently abled individuals in Pakistan.

JS Naya Aghaaz: A Pathway to Success

Everyone should have the opportunity to succeed, according to JS Bank, especially those with brilliant ideas! For this reason, they provide JS Naya Aghaaz, a financing option that offers a specific loan for Pakistani citizens with disabilities.

As a part of the State Bank of Pakistan’s refinance program, JS Naya Aghaaz provides a special loan intended for Pakistan’s crippled population. Through the provision of disability loans, this program encourages diversity and inclusion by enabling people to launch new ventures or grow existing ones.

Key Features of JS Naya Aghaaz

• Repayment: Equal quarterly installments
• Financing Tenure:1 to 5 Years
• Processing Fee: As per Bank’s updated SOC
• Financing Amount: Between Rs. 50,000 and Rs. 1,500,000
• Small Enterprise finance based on business cash flows.

Financing: 

• Setting up of a new business enterprise
• Expansion of an existing business where the individual has been operating it for a minimum of one year with an ability to conduct the business

Security: 

• Finance up to PKR 500,000: Post Dated Cheques
• Finance over PKR 500,000: Collateral in the form of land, gold, savings certificates, or any other tangible collateral as per Bank’s requirement

Markup:

• Disbursement until SBP refinances facility: 1-Month KIBOR + 2% per annum (floating)
• Thereafter: 5% per annum

Eligibility Criteria:

• Pakistani national
• Documentary proof of disability
• Age: Minimum 18 years
• Age: Maximum 65 years (at the time of loan maturity)
• Satisfactory credit history of existing bank borrowings
• Financial ability to afford and repay finance

How to Apply for JS Naya Aghaaz

Go on the JS Bank website and click Apply Now to start the application process to become a part of the JS Naya Aghaaz loan program. For further information and help, please contact their customer service to learn more about the JS Naya Aghaaz loan. 

Conclusion: Unlocking Potential through Financial Support

PWDs should not be made invisible; instead, they should be given the chance to pursue an education and engage in social, political, and economic activities. This would help them realize their full potential and enable them to positively impact society as a whole. 

It is sad to see that even after the State Bank ruling, many banks have still not applied this policy, and banks should follow JS Bank’s Naya Aghaaz example and follow suit, so that people with disabilities can become financially independent, and it is encouraged that more individuals take advantage of these opportunities.