The Loan will be advanced for the following courses  
     
  Medical/ Engineering/ C.A./ I.C.W.A./ Pharmacy/ M.B.A./ Company Secretary/ Degree/ Diploma/ Post Graduate Course in Computerisation/ Fashion Designing/ Catering/ Hotel Management/ Architecture/ Degree or post graduate Course in Textile designing/ P.H.D  
     
  The Courses should be A.I.C.T. approved/ Govt. approved/ conducted by the recognized university  
     
  Maximum Loan Amount  
  Rs.7,00.000/- or the amount of fee to be paid whichever is less  
  If the husband and wife both are Bank members they can avail the loan upto Rs.14,00,000/- for their ward.  They will have to apply jointly.  
     
  Eligibility  
  10 years continuous service in the Municipal Corporation of Greater Mumbai.  
  5 years Bank membership  
     
  Loan Repayment : Maximum Repaying period of the loan is within 100 instalement and it should be repaid before 3 months of retirement from Municipal Corporation service (Length of service of loanee and sureties should be equivalent)  
     
  Rate of interest: - 10.25% p.a.  
  The member can avail loan for higher education for 2 of his /her wards within his/ her membership period. However, at a time the loan will be given for the one ward.  
     
  The applicant has to enclose the certificate of the admission of the concerned institute/ mark list/ Diploma, Graduation Certificate/ information about admission fee/ yearly fees etc/ certified Xerox copy of the rationing card  
     
  The member has to give 1  guarantor for sanction loan amount upto Rs200000/- and above Rs 200000/- member has to give  2 gurantors, whose membership should be not less than 5 years  
     
  The member must avail 1/4th of the gross salary in hand after deduction of the loan installment and interest thereon  
 
     

 

   
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