Ahead of the assembly elections just around the corner, Bihar Chief Minister Nitish Kumar on Tuesday made a significant announcement aimed at supporting the students in pursuing higher education.
In a social media post, the Chief Minister stated that education loans provided under the Bihar Student Credit Card Scheme will now be interest-free for all applicants.
Additionally, the repayment period for education loans of up to Rs 2 lakh, previously set at 60 monthly installments (5 years), has been extended to a maximum of 84 monthly installments (7 years). For loan amounts exceeding Rs 2 lakh, the repayment period has been increased from 84 monthly installments (7 years) to a maximum of 120 monthly installments (10 years).
Launched under the "Saat Nischay Yojana" on October 2, 2016, the Bihar Student Credit Card Scheme supports students who have passed class 12 and wish to pursue higher education. Earlier, under this scheme, loans of up to Rs 4 lakh were provided at 4% interest for general applicants and 1 per cent interest for female, differently-abled, and transgender applicants.
"Our objective is to enable as many students as possible to pursue higher education. These new facilities will boost students' morale, allowing them to focus on their studies with greater dedication and enthusiasm, shaping not only their own future but also the future of Bihar and the nation," the Chief Minister wrote on X.