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.
Required Documents
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).
For Guardian/Co-borrower:
- Recent passport-sized color photo.
- Photo ID proof.
- Residence proof.
- Income proof (salary/income certificate).
- Ration card (color xerox).
For Guarantor:
- 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.
Application Process
- 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.
