Maulana Azad Education Loan
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Maulana Azad Education Loan scheme is a government-initiated scheme that supports students from religious minority communities in Maharashtra by providing education loans up to INR 5 lakh at a nominal interest rate of 3%.
The scheme was introduced by the Maulana Azad Minorities Financial Development Corporation Limited (MAMFDC), a Government of Maharashtra undertaking, in 2003. This loan aims to assist students by covering the expenses associated with their professional degree/diploma courses.
Maulana Azad Education Loan
DeadlineAlways Open Eligibility To be eligible, the applicants must fulfil the following criteria:
- Applicants must be from minority communities including Muslim, Sikh, Christian, Parsi, Buddhist, and Jain.
- Applicants be residents of Maharashtra.
- The age of applicants must be between 16 to 32 years.
- Applicants must be studying in an institute/college recognized/approved by the Central Government, State Government, AICTE, UGC, or ISC for pursuing technical and professional courses like B.E., B.Tech., B.Pharma., MBA, MCA, among others.
- The annual income of the applicant’s family must be less than INR 2.5 lakh.
Note:- Courses such as B.A., B.Com. will not be considered eligible under this scheme.
- The preference will be given to women and handicapped applicants.
Benefits: Selected candidates can avail the following benefits:
- 100% loan funding to students for their professional degree or diploma courses.
- Loan limit ranges from INR 5,000 to INR 5 lakh, offering financial support to cover various expenses associated with their education.
- The interest rate for this loan scheme is set at 3% per year. Additionally, students are required to make a self-contribution of 5% towards the total loan amount.
Documents Required Documents for Applicant
- Passport-sized coloured photo
- Photo ID Proof (Election Card/Pan card/Passport/Aadhaar Card/Driving License)
- Residential proof (Election card/passport/driving license /domicile certificate/electricity bill)
- Date of Birth Proof (school leaving certificate/birth certificate/passport).
- Domicile certificate (proof of residency like Voter ID card/ration card/passport)
- No-objection certificate (NOC) from bank
- Class 10 and 12, diploma and graduation mark sheets/certificates
- Minority community certificate (provided by the governing authority)
- Verified admission letter from the college/university
- Complete fee structure of the whole course duration
- Bonafide certificate from recently completed school, college, or university
- Copy of online application form
- Copy of freeship form (to show in which category applicants have taken admission and which scholarship they are getting)
Required Documents for Guarantor
- Colored passport-size photo
- Photo ID proof (Election Card/PAN card/passport/Aadhaar card/driving license)
- Residential proof (Election card/passport/driving license/domicile certificate/electricity bill)
- Affidavit (in prescribed format)
- Income Proof
- For government servant: Salary slip certificate, office ID card and PAN card
- For businessman: Last 3 years IT return certificate and PAN card
- For property holder guarantor: Copy of 7/12 extract or Record of Land Rights, and valuation certificate
How can you apply? Students can apply for the education loan by following the below steps:
Step 1: Visit the official website of Maulana Azad Minorities Financial Development Corporation Limited (MAMFDC).
Step 2: Navigate to the ‘Scheme’ section on the top of the dashboard.
Step 3: From the drop-down list, click on ‘Education Loan’ and select ‘Maulana Azad Education Loan’.
Step 4: Navigate to the ‘Online Application for Education Loan’ and click on it.
Step 5: A message will appear asking to click on Yes to proceed. On clicking yes, the applicants will be redirected to a new page.
Step 6: Click on the ‘New Registration’ tab, fill in all the required fields and submit by clicking on ‘Register’. (Note: The applicants who are already registered can log in using valid credentials).
Step 7: After successful registration, the applicants are required to provide the necessary details, upload the documents in the prescribed format and submit to apply for the loan scheme.
Previous Year Scholarships And Results
Frequently Asked Questions
What is the interest rate applicable for the Maulana Azad Education Loan Scheme?
The interest rate under this scheme is 3% per annum.
How long does it take for the Maulana Azad Education Loan scheme to be approved and disbursed?
The approval and disbursement process for the education loan scheme takes approximately two months. After submitting an online application on the portal, the subsequent steps such as document submission to the district center are manually processed.
Do education loans require collateral?
Education loans can be both secured and unsecured. Secured loans require collateral such as property, fixed deposits, or insurance policies, while unsecured loans do not require collateral but may have different eligibility criteria and higher interest rates.
What is the moratorium period for this education loan scheme?
The moratorium period for this education loan scheme is 6 months after the completion of the course or after getting employment/job whichever is earlier.
Are there any tax benefits associated with education loans?
In many countries, including India, tax benefits may be available on the interest paid towards education loans. It is recommended to consult a tax advisor or refer to the specific tax laws related to the country for accurate information.
What is the repayment period for the Maulana Azad Education Loan scheme?
The repayment period of the Maharashtra education loan scheme is 5 years. Here are the key points to understand about the repayment process for the education loan:
- Repayment Period: The applicants can repay the loan after six months of the course completion. This grace period allows the students to focus on finding employment or settling into their careers before starting to repay the loan.
- Repayment Installments: Unlike traditional Equated Monthly Installments (EMIs), the students are required to make repayment installments every three months. This allows for a more flexible repayment structure.
- Total Repayment Tenure: The education loan has a five-year repayment tenure, which provides students with a suitable time frame to manage their repayment process.
Contact
In case of any queries, please reach out to:
022-22672293, 22653080, 22633351, 22672294 (Monday to Friday - 10:00AM to 06:00 PM (IST))mamfdc_ho@rediffmail.com
Disclaimer
1. Source of Information: Buddy4Study app compiles details on scholarships/fellowships from government websites and private scholarship sources. Links to the official sources accompany each listing detail pages.
2. Non-affiliation: The Buddy4Study app is not associated with any government entity in India or elsewhere. When featuring government scholarships, we rely on publicly accessible information from central and state government websites in India.
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