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West Bengal: Student credit card scheme launched

Under the scheme, a student of Class X or higher can avail a soft loan of up to Rs 10 lakh to pursue higher studies in schools, colleges, institutes in Bengal, other states or abroad.

By: Express News Service | Kolkata |
July 1, 2021 4:30:00 am
CM Mamata Banerjee announces the scheme at Nabanna Wednesday. (CMO)

CHIEF MINISTER Mamata Banerjee on Wednesday launched the student credit card project, which was announced by her before the Assembly polls. Banerjee said, “To further encourage students from West Bengal to pursue higher studies, the state government has decided to launch one of the most comprehensive and inclusive schemes in the country: ‘Student Credit Card’ to enable them to avail collateral security free loan of up to Rs 10 lakh at a nominal, annual simple interest rate with a repayment period of 15 years.”

Under the scheme, a student of Class X or higher can avail a soft loan of up to Rs 10 lakh to pursue higher studies in schools, colleges, institutes in Bengal, other states or abroad.

“No guarantor is needed for this loan. The state will stand guarantee,” Mamata said.

Any applicant can avail themselves of the facility till the age of 40 years. The loan would have to be repaid in 15 years.

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The CM said, “There are many who were forced to take a break from studies for personal reasons but would like to get a second chance. This scheme will offer that. Undergraduates, post-graduates, doctoral and post-doctoral students in India and abroad can avail of a total of Rs 10 lakh as loan.”

With this, the Bengal government has become among the first to offer a student credit card. Bihar is in the process of organising one. At present, such credit cards for students are only offered by some private banks.

The CM also reminded state education minister Bratya Basu that the education department would have to take complete responsibility of the students’ credit card scheme and monitor the process. “The communication code for the system should only be known to two persons and they will be held responsible if anything goes wrong,” she said.

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