The government offers financial support to minorities through the Maulana Azad Minority Economic Development Corporation. This organization also aims to advance education. Parents and children should not have to worry about money while they are in school due to this organization. They receive reasonable-rate school loans in exchange. In this article, you get all the information regarding this Maulana Azad Education Loan 2023-24 including its objective, eligibility criteria, necessary documents, benefits, and applying procedure.
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Maulana Azad Education Loan 2023-24
The government launched the Maulana Azad Education Loan program to assist students from Maharashtra’s religious minority populations. The loan offers minimal interest rates of 3% per annum on education loans up to Rs. 5 lakh. The purpose of these loans is to help students pay for the costs related to their professional degree or diploma courses.
The program was launched in 2003 by the Maharashtra government’s Maulana Azad Minorities Financial Development Corporation Limited (MAMFDC). The program is specially made for minority populations who live in the state such as the Muslim, Sikh, Christian, Parsi, Buddhist, and Jain groups.
Overview of Maulana Azad Education Loan 2023-24
Objective of Maulana Azad Education Loan
The objective of this scheme is to offer financial support to Maharashtra students who are pursuing professional degrees. The maximum loan amount of Rs.5 lakh is intended to let students continue their studies without having to worry about making quick payments. With the longer payback period, students will have more time to find jobs once they graduate.
Benefits of Maulana Azad Education Loan
The benefits of this scheme are given below:
- The foundation provides education loans up to Rs. 5 lakh under this initiative to Maharashtra residents who are students from minority communities, including Muslims, Sikhs, Christians, Buddhists, Jains, and Parsis.
- The annual interest rate is fixed at 3%. In addition, 5% of the total loan amount must be contributed by the students themselves.
- The chance to pursue professional courses will be given to the students, allowing them to continue without concern about their ongoing financial difficulties.
- When taking out an education loan students must pay it back either six months after finishing their course of study or after finding employment.
- Students registered in professional degree or diploma courses will be eligible for this scheme.
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Eligibility Criteria
The eligibility criteria for this scheme are given below:
- The applicant must live in Maharashtra.
- The applicant must be between the ages of 16 and 32.
- Applicants must come from underrepresented groups such as the Muslim, Sikh, Christian, Parsi, Buddhist, and Jain communities.
- The applicant must be registered in a college or institute that has been recognized or authorized by the Central Government, State Government, AICTE, UGC, or ISC to pursue technical and professional courses such as MBA, MCA, B.E, B.Tech, B.Pharma, and so on.
- The applicant’s family’s annual income cannot exceed Rs.2.5 lakh.
Repayment Policy for Maulana Azad Education Loan 2024
Repayment Period:
Students can return the loan balance after completing their education within six months or after landing a job.
Repayment Installments:
Students will find this to be extremely useful after every three months, students must return the money.
Total Repayment Duration:
In five years after starting a job students must return the loan balance.
Required Documents List
The required documents for this scheme are given below:
- Passport Size Photograph
- Aadhaar Card
- PAN Card
- Marksheet of Class 10, 12, Diploma, Graduate Or Postgraduate
- Domicile Certificate
- Admission Letter from College
- Minority Certificate
- Copy of Online Application Form
- Copy of Freeship Form
- No-Objection Certificate from the Bank
- Fees Structure of the Complete Courses
Required Documents of Co-Applicants (Parents)
- Passport Size Photo
- Aadhaar Card
- Birth Date
- Residence Certificate
- Income Cerazette
- Affidavit
Required Documents of Guarantor
- Passport Size Photo
- Aadhaar Card
- PAN Card
- Income Certificate
- Residence Certificate
- Salary Slip Certificate
- Office ID Card
- Last 3 Years IT Return Certificate
- Copy of 7/12 Extract or Record of Right
- Valuation Certificate
Application Procedure of Maulana Azad Education Loan 2023-24
- First you have to visit the Official Website of Maulana Azad Minority Economic Development Corporation.
- The homepage will appear on your screen.
- Click on the schemes option.
- Choose the education loan option after that select Maulana Azad Loan.
- A new page will appear on your screen.
- Click on the online application for an education loan.
- A new page will appear on your screen.
- Click on the new registration option.
- Enter all the required details such as mobile number, email ID, Username, and password, and create a password.
- Click on the submit button.
- The registration page will appear on your screen.
- Enter all the required details in the form.
- You have to upload all the necessary documents.
- Click on the submit button.