Maulana Azad Education Loan 2024: This Education Loan scheme was initiated by the Maulana Azad Minorities Financial Development Corporation Limited (MAMFDC), provides education loans up to ₹5,00,000 at a favorable 3% interest rate to minority community students in Maharashtra. Aimed at supporting Muslims, Sikhs, Christians, Buddhists, Jains, and Parsis, this scheme is designed for those pursuing professional degrees or diplomas. The loan repayment starts six months after course completion or upon employment, with a total repayment period of five years. The initiative helps mitigate financial barriers, ensuring that economically disadvantaged students can continue their education and achieve their career goals.
Established on September 28, 2000, MAMFDC focuses on financial aid to economically weaker sections of Maharashtra’s minority communities. The corporation offers various loan schemes, including education loans, term loans, and microfinance, adhering to state and federal standards. To qualify for the Maulana Azad Education Loan, applicants must be permanent residents of Maharashtra, aged between 16 and 32, and enrolled in a recognized professional course. The application process involves registering on the MAMFDC website and submitting necessary documents, including proof of minority status, domicile, and course admission. This scheme reflects MAMFDC’s commitment to empowering minority students through education.
Maulana Azad Education Loan 2024 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
OR After getting employment/job (whichever is earlier) |
| Registration Link | https://www.mamfdc.maharashtra.gov.in/ |
Eligibility Criteria:
The Eligibility Criteria of Maulana Azad Education Loan 2024 is mentioned below.
- The applicant must be a permanent resident of Maharashtra.
- Students should belong to minority communities: Muslims, Sikh, Christian, Buddhist, Jain, and Parsi.
- The age of the applicant must be between 16 to 32 years.
- Students must enroll in a Professional degree course like: B.E., B.Tech., B.Pharma., MBA, MCA, etc. from the central government, state government, AICTE, UGC, or ISC-recognised university.
- The annual income of the family should be Rs. 2.50 lakh.
Benefits
The Benefits of Maulana Azad Education Loan 2024 is listed below.
- Selected candidates can avail the following benefits:
- 100% loan funding to students for their professional degree or diploma courses.
- 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 year. Additionally, students are required to make a self-contribution of 5% towards the total loan amount.
READ ALSO: PM Scholarship Scheme 2024: Check Eligibility, Documents Required, Apply Online
Maulana Azad Education Loan Repayment
Repayment Period: Students can repay the loan amount after 6 months of completion of their course or after getting employed.
Repayment Instalments: Students are required to repay the payment after every three-month duration. This will be very convenient for students.
Total Repayment Duration: Students need to repay the loan amount in 5 years after they get involved in a job.
Documents Required
- Passport Size photo (Coloured)
- Aadhaar card/PAN card/passbook/election card/driving license
- Marksheet of class 10,12, Diploma, Graduation, or Post Graduation.
- Minority certificate
- Domicile certificate
- No-objection certificate from the bank
- Admission letter from college
- Fees structure of the complete course
- Copy of online application form
- Copy of freeship form
Documents of Co-Applicants (Parents)
- Passport Size photo (Coloured)
- Aadhaar card/PAN card/passbook/election card/driving licence
- Date of Birth
- Residential proof
- Income certificate
- Affidavit
Documents of Guarantor
- Passport Size photo (Coloured)
- Aadhaar card/PAN card/passbook/election card/driving licence
- Residential proof
- Income certificate
- For businessman: last 3 years IT return certificate and PAN card
- For government servants: Salary slip certificate, office ID card, and PAN card
- For property holder guarantor: copy of 7/12 Extract or Record of Rights, and valuation certificate.
READ ALSO: Mirae Asset Foundation Scholarship 2024: Apply Online For ₹50,000
How to Apply for Maulana Azad Education Loan 2024
- Applicants first need to visit the Official MAMFDC Website https://www.mamfdc.maharashtra.gov.in/.
- The homepage will appear on your screen, where you have to click on the Schemes option.
- Then choose the Education Loan option after that Select Maulana Azad Loan.
- After that a new page will be on your screen, here you have to click on the Online Application For Education Loan.
- After this you will be redirected to a new site where you have to click on the New Registration option.
- Now enter your Mobile number, Email id, User name, and Password, and Create a password.
- After that click on the Submit button.
- Now the registration page will open on your screen, here you have to fill in the required details and upload the documents necessary.
Contact Details
Maulana Azad Minorities Financial Development Corporation Ltd.
2nd Floor, D.D. Building, Old Customs House,
Shaheed Bhagat Singh Road,
Mumbai, Maharashtra 400023
Phone Number: 022-22672293, 22653080, 22633351, 22672294
Email id: mamfdc_ho[at]rediffmail[dot]com.
Official Website – mamfdc.maharashtra.gov.in
Our Homepage – NSP Scholarship 2024
I am Zahid Sheikh With 3 Year of Experience in Writing Content About Scholarship, Education. With Masters in English Literature, I love to to write digital content about Government Scholarship Schemes.