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Bengal: Credit Card scheme for students to apply for loans up to Rs 10 lakhs

June 30, 2021
Mita Mukherjee

The West Bengal government on Wednesday launched a credit card scheme for students to enable them to apply for education loans up to Rs 10 lakhs.

The Student Credit Card facility will be extended to students who have resided at least 10 years in Bengal and they can repay the amount within 15 years after they get jobs, chief minister Mamata Banerjee said launching the scheme today.

Those studying between Class X and postdoctoral level will be allowed to apply for the loan.

The chief minister said her party, Trinamool Congress had promised to introduce the student credit card scheme before the Assembly election.

“We have kept our promise. Our students are our pride. So we want them to fulfill their dreams in life. This scheme aims to make the students self-reliant. We have noticed many students are not able to pursue higher studies for not having the funds. The credit card scheme is unique. This will help students to achieve their goals without hassles,” Mamata Banerjee said announcing the scheme.

The scheme was approved by the state cabinet last week.

The maximum age limit for availing of the loan is 40. The Bengal government will be the guarantor for each and every student who would apply for the loan from banks through the credit cards.

“ We have kept the upper age limit 40 because many students cannot continue their studies for various reasons. The scheme will help those students who are affected due to the break in studies,” the chief minister said.

The idea behind rolling out the credit card scheme is to provide hassle-free and collateral free loans to students of the state at a nominal interest rate.

“In Bengal there are many good institutions. But many students want to pursue higher studies in institutions outside Bengal. The new scheme will help students of Bengal to pursue studies within or outside the state and even abroad,” the chief minister said .    

The facility will be covered not only for studying conventional courses but it will be also extended to students wanting to study in coaching institutes to prepare themselves for competitive examinations for studying in various professional institutes like IITs, IIMs and NJLUs. Those wanting to study in coaching institutes to appear in IAS and West Bengal Civil Service (WBCS) examinations will also be covered.    

Nearly one crore students studying in Class X, IX and XII and those pursuing bachelor degree and postgraduate degree courses, research scholars and postdoctoral students can apply for the credit cards from the government.

Also Read:Winning education card

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