West Bengal Introduces Student Credit Card Scheme For Educational Loan Up To Rs 10 Lakh

West Bengal Chief Minister Mamata Banerjee has introduced the 'Student Credit Card' scheme on June 30 which is a one-of-a-kind scheme that provides students with soft loans of up to Rs 10 lakh for educational reasons.

 

The West Bengal Cabinet approved the scheme last week, as promised by the Trinamool Congress in its election campaign.

West Bengal Introduces Student Credit Card Scheme

Students would be able to take loans up to Rs 10 lakh at a simple yearly interest rate through this credit card offer. According to Chief Minister Mamata Banerjee, this will assist students in pursuing higher education and preparing for competitive exams.

"There should be no fraud in the implementation of 'Student Credit Cards' for students," Mamata Banerjee added. She has instructed the Education Minister, Secretary of Education, and the Education Department to use caution every time.

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Many people make fake PAN cards, Aadhaar cards, and are now attempting to make fraudulent student credit cards. To avoid this, go to West Bengal Education's official website and apply for a student credit card online.

Mamata Banerjee announced the initiative on Twitter, stating that students will be given a loan of up to Rs 10 lakh with an annual basic interest rate. She said that the student credit card will make Bengal's youth "self-reliant."

According to the state government, students can borrow up to Rs 10 lakh from the state cooperative bank and its affiliated central cooperative banks, district central cooperative banks, and public or private sector banks at a simple interest rate of 4% per annum.

Borrowers will receive a 1% interest concession if the interest is paid in full during the research period, according to the statement.

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Here's everything you need to know about the Student Credit Card scheme:

  • With the use of a credit card, a student can acquire a soft loan of up to Rs 10 lakh to pursue higher education.
  • The scheme is open for an individual till 40 years of age.
  • A student will be granted a 15-year period to repay the debt after obtaining employment.
  • The scheme covers education from Madhyamik to professional courses, as well as doctorate and post-doctoral research work, at any approved educational institute in India or abroad.
  • The students enrolled in various coaching institutes preparing for national-level competitive exams, including IITs, IIMs, NLUs, IAS, IPS, and WBPS, etc. will be eligible for the educational loan.
  • Students can use their WB student credit card to enroll in foreign colleges and pursue courses of their choice up to the Ph.D. or post-doctoral level.
  • The scheme would cover a variety of institutional and non-institutional costs to ensure that no West Bengal student is denied an education owing to a lack of financial resources.
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