Rashid and Cheema headed for the playoff after ending the regulation 72 holes with identical totals of 16-under-272. Rashid finally prevailed on the second playoff hole.
Kolkata's SSP Chowrasia (70-65-67-71), who was overnight second, was in touch with the leader Rashid after his two birdies on the first 10 holes. However, he dropped out of the race after a bogey on the 16th and finally finished one stroke behind Rashid and Cheema at 15-under-273 to claim third place.
Jyoti Randhawa finished tied 12th at five-under-283.
Rashid (64-68-69-71), the overnight leader by one stroke, had an eventful start to the day as he made birdie-bogey-birdie on the second, third and fourth holes.
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His three-putt on the third was followed by a fabulous up and down from 120 yards on the fourth. Rashid, the wire-to-wire leader from round one till the end, sank birdie putts from 10 to 15 feet on the 11th and 13th to maintain a slender one shot lead over nearest competitor Chowrasia.
Cheema (69-69-68-66), who ended round three in third place, made seven birdies against a lone bogey in the final round to post a 66 and take the match into a playoff.
A winner on the Feeder Tour in 2013, Cheema rolled in birdie putts from eight to 15 feet on the second, fourth and 10th before dropping his only bogey of the day on the 11th.