West Bengal Student Credit Card Scheme from today
West Bengal from today will start the student credit card scheme. This facility has been provided by the government to allow students easy access to loans. The limit for these loans has been set at Rs. 10 lahks and can be used by the students to fund their education.
This scheme was one of the poll promises made by the current Chief Minister, Mamata Banerjee during the assembly elections. Even though the Department of Higher Education has not released an official order yet, sources have confirmed various online meetings being held with colleges in order to explain the new scheme.
West Bengal from today will start the student credit card scheme. This facility has been provided by the government to allow students easy access to loans. The limit for these loans has been set at Rs. 10 lacks and can be used by the students to fund their education.
This scheme was one of the poll promises made by the current Chief Minister, Mamata Banerjee during the assembly elections. Even though the Department of Higher Education has not released an official order yet, sources have confirmed various online meetings being held with colleges in order to explain the new scheme.
West Bengal Student Credit Card Scheme: Eligibility
- Students studying in class 10 and above will be eligible for this card.
- Students who have been living in the state for 10 years or more will also be eligible for this card.
The whole idea behind rolling out this credit card scheme is to provide hassle-free and collateral-free loans to students belonging to West Bengal, with a nominal simple interest of 4% for a maximum sum of ₹10 lahks.
When this happens, banks will not insist on any security/collateral security in tangible/intangible form other than co-obligation of parents or legal guardians. This will help the students of West Bengal to pursue studies within or outside the state and in some cases even abroad.
A student will have 15 years to repay the loan. The applications of students will be sent to the banks via their institutions and the Department of Higher Education. The loan can be used for both institutional expenses and for non-institutional expenses such as hostel fees/rent, purchase of a laptop, or study tours/projects.
