Maulana Azad Education Loan: Get ₹ 5,00,000 Loan at 3% Interest Rate

Maulana Azad Education Loan is presently available for students who are pursuing professional degree courses presented in the Maharashtra state and want to continue their education despite financial struggles. The students can get a loan of up to Rs 5 lakh through the development of this prestigious scholarship program and they will be able to pay the loan back to the authorities within the next 5 years after they have completed their professional degree. The instalment can be done for everything month and the interest rate is 3%. The students can check out the major details of the loan program presented by the Maulana Azad authorities from the article given below and it will help them to complete their education without any financial problem. You can check out the eligibility criteria and the financial rewards available for you from the article given below:

Objective Of The Scheme

The main objective of this Maulana Azad Education Loan program is to help the people who are currently pursuing professional degree courses available in Mumbai and they want to get proper opportunities related to financial assistance. The students can fill out the application form for the loan program if they are eligible for the loan as per the eligibility criteria presented by the Maulana Azad authorities. Loan up to Rs 5 lakh is available to all of the beneficiaries so that they can continue taking the loan and the repayment period is also very extended for the help of the students who are not able to find employment after the completion of the degree. You can get the loan if you feel out of the application form and then you will be selected based on your income criteria and the academic performance that you are putting forward.

Also Check: DTE Maharashtra Scholarship

Eligibility Criteria 

• The applicant should be from a minority community 
• He should be a student of any professional degree or diploma course.
• The applicant should be domiciled in the State of Maharashtra.
• The age limit for the Applicant must be between 16 to 32 years.
• The Colleges/Institutes in which the applicant is studying must be recognised by /approved by Central Govt./State Govt./AICT/UGC/ISC.
• Annual Family Income of the parents of the applicant should be below Rs. 2,50,000/-
• A few courses such as B.A., B.Com., D.Ed, B.Ed., B.Sc., and M.Sc., are not eligible under this scheme.
• The preference will be given to women and handicapped applicants.

Benefits Of The Scheme 

• 100% loans will be provided for the people so that they can pursue their professional and diploma courses.
• Loans will be provided from INR 5000 to INR 5 lakh to support the education of all of the beneficiaries.
• The interest rate is set at 3% per annum. Additionally, students are required to make a self-contribution of 5% towards the total loan amount. 
• The students will be provided with the opportunity to continue their professional courses without having to worry about the financial problems that they are currently going through.

Repayment Policy

• A lot of options are available for the student so that it is convenient for them to repay the education loan.
• The applicant will have to repay the loan after 6 months of the course completion.
• The grace period will help the students to focus on finding employment.
• The students can make the repayment every 3 months which makes this repayment structure very flexible.
• The repayment period is of 5 years so the students can easily make their repayment very easily.

Documents Required

• Coloured passport-size photos
• KYC documents (Aadhaar card/PAN card/passbook/election card/driving license) 
• Domicile certificate (proof of residency like Voter ID card/ration card/passport)
• No-objection certificate (NOC) from the 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 servants: 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

Also Read: Open Merit Scholarship Maharashtra

Application Process Of Maulana Azad Education Loan

• You will first have to visit the Maulana Azad website of Maulana Azad Minorities Financial Development Corporation Limited (MAMFDC).

• Now you have to go to the scheme section which is available at the top of the dashboard.
• The drop-down list will open on your screen and you have to click on ‘Education Loan’ and select ‘Maulana Azad Loan’.

• Go to the option called ‘Online Application for Education Loan’ and click on it. 

• A new page will open on your screen
• Click on the ‘New Registration’ tab

• You have to fill out the registration form with important details
• After successful registration, the applicants are required to provide the necessary details, upload the documents in the prescribed format and submit them to apply for the loan scheme.

Terms And Conditions

• 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.

Contact Details

• Maulana Azad Minorities Financial Development Corporation Ltd.
• 2nd Floor, D.D. Building, Old Customs House,
• Shahid Bhagat Singh Road,
• Mumbai, Maharashtra – 400023

Maulana Azad Education Loan 2023 FAQs