The assistance will be given for each year of their college studies.

The financial support will be to the extent of Rs 15,000 for those who've passed standard X and Rs 25,000 for those who have passed standard XII.

Speaking to reporters, leader of the house Anil Bhosale and Congress party leader in PMC Aba Bagul said that it was a historic decision taken by the PMC.

NCP corporator Ajit Apte said one of the important criteria is that the student getting the assistance should perform consistently and score 80 per cent marks every year of college.

"And the amount of Rs 15,000 and Rs 25,000 is a ceiling amount. The support will depend on the fees of the respective college the students studies in. It could be less than the amount fixed," Apte said.

He also pointed out that students who are already availing benefit through a similar scheme of the state government will not be entertained.

"Application forms for the scheme will be available at all the 14 ward offices within a few days," Apte said.

The other conditions laid by the civic body is that the students should be a resident in the PMC limits for last three years, that only one child in the family will be able to avail the benefit and that there should not be more than two children in the family born after June 1, 2001. There are no castebased conditions put forth.

The PMC plans to implement the scheme under its Maulana Abul Kalam Azad education scheme and Lokshahir Annabhau Sathe education scheme for which Rs 4 crore have been set aside in the municipal budget for 2008-09.

Although a section of the corporators were irked over the plan to provide support from the schemes meant for the backward classes, they were assured by party leaders that funds will be diverted for the scheme from other projects.