The total amount of loan or advance which may be sanctioned by the Executive Committee under this part shall not in any case exceed Rs. 1,50,000/- (Rupees one lakh fifty thousand only) or 60 times of the monthly pay of the employee who has sought the loan advance whichever is less.Explanation - The actual amount of loan or advance to be sanctioned will be determined by the Executive Committee, on the basis of plans and detailed specifications and estimates furnished by the employee concerned justifying the amount of loan or advance applied for.
