Maulana Azad Education Loan Scheme, Maharashtra

To be eligible, applicants must:

Community: Be from minority communities, including Muslim, Sikh, Christian, Parsi, Buddhist, and Jain.
Residency: Be residents of Maharashtra.
Age: Be between 16 to 32 years old.
Education: 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, etc.Income: The annual income of the applicant’s family must be less than ?2.5 lakh.
- Note: Courses like B.A., B.Com. are not eligible under this scheme.
Preference: Women and handicapped applicants will be given preference.

Benefits

Selected candidates can avail themselves of the following benefits:

Loan Funding:Interest Rate: The interest rate for this loan scheme is 3% per year.
- 100% loan funding for professional degree or diploma courses.
- Loan amount ranges from ?5,000 to ?5 lakh.
Self-contribution: Students must make a 5% self-contribution towards the total loan amount.
Moratorium Period: 6 months after completing the course or getting employed, whichever is earlier.
Repayment Period: 5 years.

For Applicants:

Recent passport-sized colored 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.
Nationalized bank passbook xerox.
Previous academic year's marksheets.
Proof of admission (Bonafide certificate) from college/university.
Minority community certificate (provided by the governing authority).
Complete fee structure for the whole course duration.
Copy of the online application form.
Copy of freeship form (to show the category under which the applicant has taken admission and the scholarship they are receiving).

Recent 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).
Guarantor's details (in prescribed format).
Income Proof:
- For government servants: Salary slip certificate, office ID card, and PAN card.
- For businessmen: Last 3 years IT return certificate and PAN card.
- For property holder guarantors: Copy of 7/12 extract or Record of Land Rights and valuation certificate.

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, applicants will be redirected to a new page.
Step 6: Click on the ‘New Registration’ tab, fill in all the required fields, and click on 'Submit’. (Note: Applicants who are already registered can log in using valid credentials).
Step 7: After successful registration, applicants must provide the necessary details, upload the documents in the prescribed format, and submit to apply for the loan scheme.