Maulana Azad Education Finance Foundation Scheme
Education opens up opportunities and helps people make informed decisions. It equips learners with the skills and knowledge needed to excel in an evolving world. However, many students from minority communities face financial difficulties in pursuing higher education. To bridge this gap, the Maulana Azad Education Finance Foundation Scheme helps minority students by offering scholarships, low-interest loans and support for educational infrastructure. It aims to make quality education more accessible.
What is the Maulana Azad Education Loan Interest Rate?
It is 3%.
Introduced in 2003 by the Ministry of Minority Affairs, the Maulana Azad Education Loan Scheme offers financial assistance of up to ₹7.5 lakhs to students from minority communities pursuing higher education in India. The loan is offered under the Maulana Azad Shaikshanik Karz Yojana at an interest rate of 3%.
Maulana Azad Education Loan Scheme Overview & Key Features
The Maulana Azad Education Loan Scheme helps minority students afford higher education with low interest and broad expense coverage. Below are its key features and benefits:
Students from minority communities can benefit from the key features of government education loan plans like the Maulana Azad Scheme, which provides subsidized interest rates and wider accessibility.
How to Apply for Maulana Azad Education Loan?
If you are a minority student looking to pursue higher education and have limited finances, you can readily apply for this education loan through the Maulana Azad loan application form online. To apply, follow the steps below:
Step 1: Commence the application process by visiting the official website of Maulana Azad Minorities Financial Development Corporation Limited.
Step 2: Go through the ‘Scheme’ section through the top right tab of the dashboard.
Step 3: Click on ‘Education Loan’ from the drop-down list and select ‘Maulana Azad Education Loan’.
Step 4: Select the ‘Online Application for Education Loan’ tab and click on it.
Step 5: A message or note will appear asking if you want to proceed with the application process. Click on “Yes” to proceed.
Step 6: Now, click on the ‘New Registration’ tab. Fill in the details and necessary fields. Recheck the info that you have filled in and submit it by clicking on ‘Register’.
Step 7: After registration, fill in the required details like uploading the documents as asked. Finally, submit to apply for the loan scheme.
To log in to your account, if you are already registered, you can fill in the valid credentials and log in successfully.
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How can I Download Maulana Azad Education Loan Form?
To get the Maulana Azad Education Loan form PDF, go to the official website of the Maulana Azad Minorities Financial Development Corporation Limited. Head to the ‘Education Loan’ section, complete the online registration, and then download the application form. Make sure to check for the latest version of the form before applying.
To complete your application, it's essential to and follow the prescribed guidelines for minority community education schemes.
How to get the Maulana Azad Education Loan Disbursed?
After submitting and approval of your loan application, you will obtain a sanction letter from Maulana Azad Corporation Ltd. Below are the steps that you should follow to get your loan amount disbursed.
- You are first required to submit three notarized documents. These documents are:
- Agreement authorized and notarized by applicant, co-applicant, and guarantor under Maulana Azad Minorities Financial Development Corporation Ltd
- Notarized promissory note
- A stamp of ₹100 on the guarantee letter by the guarantor
- Sign twenty bank cheques. Write them to the Maulana Azad Minorities Financial Development Corporation Ltd. Girl candidates would require the signature of both persons in that joint account.
- A self-declaration form attesting that you will not close the bank account meant for loan disbursement. You will get your loan amount disbursed successfully.
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How to Check Maulana Azad Education Loan Status?
To check the status of your Maulana Azad Education Loan, follow these steps:
1. Go to the Maulana Azad Minorities Financial Development Corporation Limited's official site.
2. Look for the Loan Management section.
3. Enter your username and password.
4. Once logged in, view your application status.
If you have any issues, contact the corporation directly using the contact information on their website.
What is the Eligibility for Maulana Azad Education Loan?
Every student loan comes with a set of eligibility criteria. Maulana Azad Education Loan is no less! Here is an outline of important pointers necessary to get fulfilled to be eligible for this education loan:
- Applicants must belong to minority communities. These include Muslim, Sikh, Christian, Parsi, Buddhist, and Jain.
- Applicants should belong to India and be residents of Maharashtra.
- The age limit of applicants should be between 16 to 32 years.
- Applicants must be students of an institute or college that is recognized/approved by the Central Government, State Government, AICTE, UGC, or ISC.
- The eligible courses for the loan include technical and professional courses such as B.E., B.Tech., B.Pharma., M.Pharma, M.Tech, MBA, and MCA, among others.
- The annual income of the family of the applicant should be less than ₹2,50,000.
A few courses, such as B.ed, B.Com, B.A., B.Sc, and M.Sc, are not eligible under this scheme.
Check out the Top Education Loan Options for Muslim Students in India, designed to support higher studies with flexible terms and minimal financial burden.
Maulana Azad Education Loan Documents List
Arranging documents for paperwork and the loan dispersal process may seem overwhelming. We have compiled a checklist for Maulana Azad loan documents necessary for an easy loan application process.
Basic Documents Requirements for Applicant
Below are the necessary documents for candidates applying for Maulana Azad Education Loan.
- KYC documents such as Aadhaar Card, PAN Card, and photocopies of Passbooks
- 10th, 12th, diploma and graduation mark sheets/certificates
- Minority certificate endorsed by the governing administration
- Domicile certificate/proof of residency: Voter ID Card, Ration Card, Driving license, or Passport
- Passport-size photographs
- Original and verified admission letter from the college/university
- The fee structure of course term
- Bonafide certificate record from recently completed school, college, or university
- Photocopy of the application form you applied to. You can get that from the portal.
- Copy of Freeship form to show in which category you have taken admission and which scholarship you are getting.
- NOC (Non-Objection Certificate) from your bank
If you are a female applicant, open a joint bank account with your father, mother, or guardian.
Basic Documents Requirements for Co-applicants
Below are the necessary documents for co-applicants/parents/guardians applying for Maulana Azad Education Loan.
- KYC documents like Aadhar Cards/PAN Cards
- Proof of address such as Driver's Licence, Ration Card or Passport
- A relationship certificate to justify your relation with the co-applicant. E.g., birth certificate, passport.
- Proof of income or profession
For business professionals
- Proof of business transactions of more than 1 year
- Proof of business number registered under the co-applicant name
- Photocopy of last 3-year balance sheet or profit and loss account
- Business Address Proof
For salaried employees
- Income certificate
- Latest Salary slip of at least 3 months
- Employer's ID card
- 3 years Income Tax Return (ITR) or form 16 A
Basic Documents Requirements for Guarantor
Mentioning Guarantor in the loan application form eases the loan process. Here is a list of mandatory documents for guarantors.
- KYC documents: Aadhar Cards/ PAN Cards.
- Proof of address such as Driver's Licence, Ration Card or Passport
- Proof of Income Tax return (ITR) in the last 3 years
- Salary slip of more than 3 months
Eligibility of Guarantor
There are numerous cases in which a loan gets rejected due to the ineligibility of a guarantor. Below mentioned are the parameters necessary to become a guarantor.
- Any individual, either a government/private salaried employee or Business/property holder.
- The age of the guarantor should not be more than 48 years
- An individual filing an Income Tax Return (ITR) of not less than 5 lakhs annually.
In the case of collateral pledging, the guarantor should be available to sign the loan documents.
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What are the Benefits of Maulana Azad Education Loan?
From easy expense coverage to flexible loan amounts, Maulana Azad Education Loan gives numerous advantages to selected candidates. Some of the prime advantages of the Maulana Azad Minority Loan scheme includes:
- The foundation provides education loans up to ₹5 lakh under this initiative to Maharashtra residents who are students from minority communities, including Muslims, Sikhs, Christians, Buddhists, Jainites, and Parsis.
- There is very little interest rate for this education loan scheme, i.e., 3% per annum with a 5-year payback period.
- If a student takes out an education loan, they will have to pay it back either six months after they graduate from college or after they find employment.
- Students enrolled in professional degree or diploma programs will be eligible for the Maulana Azad Education Loan.
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Maulana Azad Education Loan Repayment Policy
Six months after finishing the course, the candidates are able to repay the loan. Before repaying the loan, the students might use this grace period to concentrate on landing a job or establishing themselves in their careers. The repayment policies of Maulana Azad Education Loan are student-friendly and follow the following process:
- Loan repayment starts after 6 months of course completion
- Total repayment tenure is of 5 years
- Unlike normal EMIs, repayment payments are made once every three months
Maulana Azad Education Loan Renewal
When necessary, you can renew your Maulana Azad Education Loan to fill your future and fund your educational expenses. The list of documents needed for renewal is as follows:
- Mark sheet from your institution or university's previous academic year (Passing Certificate)
- Bonafide certificate valid for the current school year
- Income certificate with a maximum amount of ₹8 lakhs
- Bank transaction proving that the final installment was received
- The Maulana Azad Education Loan Portal offers both the report and the application
Maulana Azad Education Loan offers an easy and reliable way to cover all your educational expenses. The scheme plays a vital role in fulfilling the dreams of thousands of students to pursue their higher studies. The process of loan education, however, is an unorganized and hectic endeavor. With lesser knowledge of application,a list of eligibility criteria and tons of hectic documentation, applicants face difficulties and many of them might end up with the application form getting rejected.
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Here is a list of reasons why Propelld can be the best education financing solution:
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