There are no legal restrictions on granting credit to people with disabilities, but such people often face some difficulties when obtaining a bank loan. There are banks that refuse with this category of citizens, but for the most part, financial and credit organizations agree to lend to disabled people, but the terms of this lending differ from the terms of standard programs.
Conditions for granting credit to people with disabilities
It is relatively easy to find a bank that agrees to enter into a loan agreement with a disabled person, but the requirements of such organizations are quite severe. Even if the required set of documents does not include a certificate of income, the disabled person will still need to submit it. If there is no such document, the bank will most likely decide to reject the application. There are banks among lenders that are ready to take into account income from unofficial earnings and disability benefits in addition to the reference from the main place of income to calculate the maximum credit amount. If a person with a disability has a high monthly income, then in most cases it should not be difficult for them to get a loan.
Credit for different groups
Each disability is assigned its own group. The bank always pays special attention to the group when considering an application. If a person has a disability in the third group, it will be easiest for them to get a loan. Usually, people in this case rarely have difficulties. The third disability group includes persons with minor health problems that allow a person to live a normal life and officially work, with the ability to prove their monthly earnings with a document from the employer.
People who have been assigned the second category of disability will face some difficulties when they want to get a loan. These people already have serious health problems, and therefore their performance is limited. A person with the second disability group can try to get a loan from banks that are ready to take into account unofficial earnings from part-time work and a pension paid by the state when checking their financial situation. In such cases, the bank often sets additional requirements and limits.
The first group of disabilities is people with serious diseases that are incurable. In most cases, these people are confined to a wheelchair or even to a bed and can not do without assistance. Loans to such people are issued by banking institutions very rarely. Banks that are loyal to this category of borrowers always require the representation of a guarantor.
Increase your chances
If a person with a disability is rejected when applying for a loan, they may try again to achieve what they want, but only in this case, it will be better to offer the lender collateral that is worth slightly more than the amount of the required loan. Almost every bank in this case will stop paying attention to the disability group and even make a deal on acceptable terms for the borrower.