Maulana Azad Education Loan Scheme, Maharashtra
Scholarship Amount
About This Scholarship
The Maulana Azad Education Loan Scheme in Maharashtra is designed to provide significant financial assistance to students from minority communities pursuing technical and professional courses. This scheme aims to empower eligible candidates by offering comprehensive support for their higher education.
Selected candidates can avail substantial benefits, including 100% loan funding for their professional degree or diploma courses. The loan limit is flexible, ranging from ₹5,000 up to ₹5 lakh, which helps cover various educational expenses. A nominal interest rate of 3% per year is applied to the loan. Additionally, students are required to make a self-contribution of 5% towards the total loan amount.
An important feature of this scheme is the moratorium period, which is 6 months after the completion of the course or getting employed, whichever is earlier. The repayment period for the loan is set at 5 years, providing ample time for graduates to settle into their careers before completing their repayments. This scheme is a crucial initiative to promote higher education among minority communities in Maharashtra.
Eligibility Criteria
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 ₹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.
Required Documents
Required Documents for Applicant
• Recent 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)
• Nationalised 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 of the whole course duration
• 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 Guardian/Co-borrower
• Recent passport-sized colour photo
• Photo ID proof
• Residence proof
• Income proof (salary/income certificate)
• Ration card (color xerox)
Required Documents for Guarantor
• Recent 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)
• Guarantor's details (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 Land Rights, and valuation certificate
How to Apply
Students can apply for the education loan by following the below steps:
1. Step 1: Visit the official website of Maulana Azad Minorities Financial Development Corporation Limited (MAMFDC).
2. Step 2: Navigate to the ‘Scheme’ section on the top of the dashboard.
3. Step 3: From the drop-down list, click on ‘Education Loan’ and select ‘Maulana Azad Education Loan’.
4. Step 4: Navigate to the ‘Online Application for Education Loan’ and click on it.
5. 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.
6. Step 6: Click on the ‘New Registration’ tab, fill in all the required fields and click on 'Submit’. (Note: The applicants who are already registered can log in using valid credentials).
7. 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.