There is good news for the minority community students who are looking for a loan at low interest for their education. The Maulana Azad Minorities Financial Development Corporation Limited (MAMFDC), has started the Maulana Azad Education Loan Scheme. Under this scheme, the foundation offers education loans up to Rs. 5 lakh to the resident students of Maharashtra who belong to minority communities like Muslims, Sikh, Christian, Buddhist, Jain, and Parsi. Students who take an education loan will need to repay it after 6 months of completion of their course or after getting employed.
The Maulana Azad Education Loan will be offered to students who are involved in Professional degree\diploma courses. There will be a 3% interest rate on the educational loan with a repayment duration of 5 years. Students who want to know more about the Maulana Azad Education Loan scheme then must read this article completely.
About Maulana Azad Minorities Financial Development Corporation
Maulana Azad Minorities Financial Development Corporation Limited (MAMFDC) was created on 28th September 2000, under the Company Act of 1956. This foundation has been started with a clear vision of financially supporting the economically weaker section of Maharashtra besides the caste system, sex, and creed. Also, the foundation has created multiple loan schemes for the benefit of students between the age group of 16 to 32 years so no student needs to drop from the course because of the financial crises.
- The loan schemes implemented by the Maulana Azad Minorities Financial Development Corporation Limited are Term Loans, Microfinance, Education loans, or any other loan scheme as approved by the State Government.
- It also implements the training and exhibition programs into practice by the State Government, Federal Government, and NMDFC standards.
Also Read: Begum Hazrat Mahal Scholarship
Key Highlights of Maulana Azad Education Loan
| Implemented By | Maulana Azad Minorities Financial Development |
| Name of Scheme | Maulana Azad Education Loan |
| Objective | To financially help the students |
| Benefits | Education loan of up to Rs. 5 lakh |
| Eligibility Criteria | Students from minority community |
| Interest Rate | 3% |
| Duration of Repayment | 5 years |
Objective of Maulana Azad Education Loan
The main aim of the Maulana Azad Education Loan is to financially support every student of the minority community to become educated and get employed to fulfill the desires of their family. Many students are very intelligent but because of financial crises are unable to attend professional courses. These students can take advantage of the Maulana Azad Education Loan scheme and pay the expenses of their college. And when they can repay the amount, slowly they can do so.
Benefits and Features of Maulana Azad Education Loan
- The Maulana Azad Minorities Financial Development Foundation (MAMFDC), has started the MaulanaAzad Education Loan Scheme.
- Under this scheme, the foundation offers education loans up to Rs. 5 lakh to the resident students of Maharashtra who belong to minority communities like Muslims, Sikh, Christian, Buddhist, Jain, and Parsi.
- There will be a 3% interest rate on the educational loan with a repayment duration of 5 years.
- Students who take an education loan will need to repay it after 6 months of completion of their course or after getting employed.
- The Maulana Azad Education Loan will be offered to students who are involved in Professional degree\diploma courses.
Also Read: Maulana Azad Scholarship
Eligibility Criteria
- 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.
Repayment Policy for Maulana Azad Education Loan
- 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.
Also Read: Moma Scholarship
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
Application Procedure to apply for Maulana Azad Education Loan
- Applicants first need to visit the Official Mamfdc Website of Maulana Azad Minorities Corporation.
- 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
FAQs
Who will get benefits under the Maulana Azad Education Loan?
Students should belong to minority communities.
What is the interest rate for an education loan?
There will be a 3% interest rate on the educational loan
When will we repay the education loan or what is the duration of repayment?
Students need to repay the loan amount in the duration of 5 years after they get involved in a job.