With an aim to make West Bengal's youth “self-reliant”, the state government on June 30 launched the ‘Student Credit Card' scheme. This will help students pursue higher education and prepare for competitive exams, Chief Minister Mamata Banerjee said.
Under the scheme, students of the state can obtain a loan of up to ₹10 lakh.
“I am delighted to announce that GoWB has launched the #StudentCreditCard today. To make the youth of Bengal self-reliant, the Scheme shall provide a loan of up to ₹10 Lakh with an annual simple interest,” Chief Minister Mamata Banerjee tweeted.”
“Moreover, the Scheme will benefit all students residing in West Bengal who are enrolled in Higher Educational Institutions & Competitive Examinations Coaching Centres,” Ms Banerjee added.
I am delighted to announce that GoWB has launched the #StudentCreditCard today.— Mamata Banerjee (@MamataOfficial) June 30, 2021
To make the youth of Bengal self-reliant, the Scheme shall provide a loan of up to ₹10 Lakh with an annual simple interest. (1/2)
This scheme has been designed to support the students to pursue secondary, higher secondary, madrasah, undergraduate and postgraduate studies including professional degree and other equivalent courses at institutes within and outside India, according to an official statement.
Students attending coaching for competitive examinations for Engineering, Medical, Law, IAS, IPS, WBCS and others can also avail the loan under this scheme, it said.
Students can obtain a maximum loan of ₹10 lakh at 4 per cent per annum simple interest from the state cooperative bank and its affiliated central cooperative banks, district central cooperative banks,and public or private sector banks, according to the state government.
One per cent interest concession will be provided to borrowers if the interest is fully serviced during the study period, it said.
The upper age limit to avail benefit of the scheme is 40 years at the time of application.The repayment period is 15 years.