FAQs

Applying for EFA from MCHI – CREDAI is very simple. You can download the form from ……..and fill in the details On-line or take the print-out and after filling the form you can send it to MCHI office at 4th floor, Maker Bhawan II, New Marine Lines Mumbai. You can also collect the form from the above address and submit it there after furnishing all your details.

Following criteria would be applicable while applying for EFA from MCHI – CREDAI:

  1. You should be a student pursuing Engineering / Architecture degree in the Engineering/ Architecture Institutions / Colleges of Mumbai & MMR region only.
  2. Or you are undertaking skill-development/ vocational course from any recognized institute in Mumbai and MMR Region after completion of your SSC/ HSC.
  3. You should be pursuing that course which has relevance to Real Estate industry / potential of employment with real – estate sector.
  4. You should have scored 60% or above in your X / XII Standard examinations.
  5. For skill development/ vocational course, scored percentage in Class X/XII to be 50%.
  6. Your family income should not be more than Rs. 5 Lakhs per annum.

Your institution should have proper recognition like AICTE and it should be located in Mumbai and MMR region only.

You will be assisted with each academic year. Continuation of assistance would be based on your performance in the last academic year. In case you fail, no further assistance would be granted. In case of ATKT, the committee will decide on the same.

The EFA would be totally interest free.

Following Self-Attested KYC documents required to be furnished by the student:

  1. Aadhar Card
  2. Pan card
  3. Electricity bill of the Residence for last two months
  4. Maintenance /rent receipt of housing society
  5. Ownership of house documents
  6. Telephone bill for last 6 months

Other documents:

  • Notarized Mark sheet of X and XII standard
  • Income tax returns of the parents father/mother to be furnished – if applicable
  • Income Proof – Salary slip / any other
  • Two references to be provided

Duly filled in form to be submitted to MCHI office in accordance with terms & condition defined under MCHI CREDAI-EFA.

The financial assistance would range between Rs. 50,000 – Rs. 100,000 but it would be fixed on a case to case basis. The maximum amount sanctioned is 50% of the Tuition Fee for each year. If a student deserves higher amount, it would be considered and vice-versa. The amount of financial assistance is not restricted in case of deserving students.

The disbursement of financial assistance would happen anywhere between 4-5 weeks after sanction of the amount.

Step 1:  Duly filled in Form to be submitted to the MCHI office.

Step 2: Forms to accompany all KYC documents along with other specified documents.

Step3:  Forms to be screened by the Education Task Force team and based on the pre-defined parameters and weightage of screening student’s forms, personal interview to be scheduled.

Step 4: Communication to be sent to student about the date of interview, and inform if any document is lacking which he/ she need to organize.

Step 5: After personal interview and receipt of all documents, amount of assistance would be fixed.

Step 6: The amount of financial assistance to be informed to the candidate

Step 7: Students to be called for Insurance along with required documents/ information from Insurance agent/ company.

Step 8: Disbursement process to begin

Step 9: Cheque of the assistance amount to be handed over to student/ institutions

Step 10: You should submit the original receipt from the institute for the disbursal of the fees made within seven days of collecting the cheque from MCHI – CREDAI office.

Your re-payment would start after completion of your course and from first month of getting the job. 15% of your salary per month would be repaid to MCHI – CREDAI.
You will need to submit 3 undated PDCs ( Post Dated Cheques) as security for your loan amount divided into three equal parts.

In that case you will have to repay the loan immediately after completion of your Diploma course.

You would be required to furnish two references giving their complete contact details like mobile numbers and complete address.

In that case, student would need to close the financial assistance immediately, implying repaying the amount immediately.

MCHI – CREDAI would pay the amount to the institution only.