To be eligible, applicants must:

1. Community: Be from minority communities, including Muslim, Sikh, Christian, Parsi, Buddhist, and Jain.
2. Residency: Be residents of Maharashtra.
3. Age: Be between 16 to 32 years old.
4. 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.
6. Preference: Women and handicapped applicants will be given preference.

Benefits

Selected candidates can avail themselves of the following benefits:

1. 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.
3. Self-contribution: Students must make a 5% self-contribution towards the total loan amount.
4. Moratorium Period: 6 months after completing the course or getting employed, whichever is earlier.
5. 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

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, 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: Applicants who are already registered can log in using valid credentials).
7. 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.
   
   

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