Maulana Azad Education Loan – 3% Interest Rate for Maharashtra’s Minorities

The Maulana Azad Education Loan is a government-initiated scheme that supports students from religious minority communities in Maharashtra by providing education loans of up to INR 5 lakh at a nominal interest rate of 3% p.a. These loans aim to assist students in covering expenses associated with their professional degree/diploma courses.

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The scheme was introduced by the Maulana Azad Minorities Financial Development Corporation Limited (MAMFDC), a Government of Maharashtra undertaking, in 2003. The program is specifically designed for minority communities including Muslim, Sikh, Christian, Parsi, Buddhist and Jain, residing in the state.

This article provides crucial details about the scheme’s eligibility criteria, benefits, documents required, interest rate, application process, and more.

Maulana Azad Education Loan – Overview

Particulars Details
Name of the Scheme Maulana Azad Education Loan
State Maharashtra
Provider Maulana Azad Minorities Financial Development Corporation Limited (A Government of Maharashtra undertaking)
Educational Qualification  Students must be studying in colleges/institutes recognised/approved by Central Govt./State Govt./AICTE/UGC/ISC
Maximum Loan Limit Up to INR 5 lakh
Moratorium Period 6 months after the course completion 


After getting employment/job 

(whichever is earlier)

Registration Link 

Maulana Azad Education Loan – Eligibility Criteria

To be eligible for the Maulana Azad Education Loan, applicants must fulfil the following criteria:

Career Assessment Test

  • Applicants must be from minority communities including Muslim, Sikh, Christian, Parsi, Buddhist, and Jain.
  • The candidates must be residents of Maharashtra.
  • The age of the applicant must be between 16 to 32 years.
  • The college or institute where the applicant is studying must be recognized or 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.
Important Note: 

  • A few 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.

Maulana Azad Education Loan – Benefits and Interest Rate

  • The scheme provides eligible students with an opportunity to secure 100% loan funding for their professional degree or diploma courses. 
  • The 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 annum. Additionally, students are required to make a self-contribution of 5% towards the total loan amount. 

Maulana Azad Education Loan – Repayment Policy

The Maharashtra education loan scheme offers repayment policies that are designed to be convenient and student-friendly. 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 or after getting employment/job (whichever is earlier). 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 instalments 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.

Maulana Azad Education Loan – Documents Required

The applicants are required to submit the following documents while applying for the Maulana Azad Education Loan application:

  • 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 Co-Applicant (Parent)

  • Coloured passport-size photo of the parent
  • Photo ID proof (Election card/PAN card/passport/Aadhaar card/driving license)
  • Residential proof (Election card/passport/driving license /domicile certificate/electricity bill)
  • Income Certificate (issued by tahsildar/collector)
  • Date of Birth Proof (school leaving certificate/birth certificate/passport)
  • Affidavit (in prescribed format)

Required Documents for Guarantor

  • Coloured 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 employee: 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 Rights, and valuation certificate
                                                                        Did you know?


Buddy4Study - Education Loan

The Extract or Record of Rights, commonly known as the 7/12 Extract, is a crucial document maintained by the Revenue Department of the Government of Maharashtra. It serves as a comprehensive record extracted from the land records register and pertains specifically to rural areas. In contrast, property cards are associated with land properties in urban areas. The 7/12 extract plays a vital role in determining the legal status of agricultural land properties, providing complete information about them.

                        Also Read: Maulana Azad Education Loan Scheme Details (In Marathi)

Maulana Azad Education Loan – How to Apply?

Interested candidates can apply for the education loan scheme by following the below-mentioned 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 and click on it.

Step 3: On the drop-down list, click on ‘Education Loan’ and select ‘Maulana Azad Education Loan’.

Maulana Azad Education Loan - How to Apply

Step 4: Navigate to the ‘Online Application for Education Loan’ and click on it. The applicants will be redirected to a new page. 

Maulana Azad Education Loan - Online Application for Education Loan

Step 5: Click on the ‘New Registration’ tab, fill in all the required fields and submit to ‘Register’. (Note: The applicants who are already registered can log in using valid credentials).

Maulana Azad Education Loan - New Registration

Step 6: 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.

Important Note:

  • The applicants must visit the district office with the co-applicant and the guarantor after they receive the approval for their education loan from the Maulana Azad Minorities Financial Development Corporation Ltd. 
  • The applicants, along with their guarantor and co-applicant, must sign the legal agreement before the district officer.
  • Suppose all the documents submitted by the applicants get verified. In that case, they will receive a sanction letter from the organization or a query letter mentioning the missing or unverified documents. The applicants are required to update those documents and submit them again.

Detailed Information of Maulana Azad Education Loan

Maulana Azad Education Loan – Contact Details

For any queries or assistance regarding the application process or if applicants encounter any issues, they can reach out to the following contact points:

Maulana Azad Minorities Financial Development Corporation Ltd.

2nd Floor, D.D. Building, Old Customs House,

Shahid Bhagat Singh Road,

Mumbai, Maharashtra – 400023

Contact person and number for inquiry of education loan/direct loan/term loan/microfinance/NOC:

1. Education Loan New Files:  

  • Shri Arif Khan (Mumbai/Nagpur/Aurangabad Division): (022) – 22633351
  • Shri Shaikh Shakil Shaikh Shaukat (Pune/Amaravati/Nasik Division): (022) – 22653080

2. Education Loan Renewal Files:  

  • Shri M.I. Lakadawala (All Division):  (022) – 22653080

3. No Objection Certificate:   

  • Shri N.R. Khan (All Division) – (022) – 22633351

 Maulana Azad Education Loan – FAQs

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.

What is an education loan?

An education loan, also known as a student loan, is a type of loan specifically designed to help students and their families to finance their education-related expenses, such as tuition fees, books, accommodation, and living expenses.

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.

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.


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