Mamata Banerjee is launching ‘Student Credit Card’ today, loan up to Rs 10 lakh will be available

Kolkata : West Bengal Chief Minister Mamata Banerjee will launch ‘Students Credit Card’ on Wednesday in a unique initiative. This project of the state government is an attempt to provide soft loans up to Rs.10 lakh to the students for educational purposes. To further encourage the students of West Bengal towards higher studies, the state government has decided to launch one of the most comprehensive and inclusive schemes in the country, ‘Student Credit Card’, a senior government official said. To enable them to get security free loans. An amount of up to Rs 10 lakh will be given at very nominal annual simple interest rate with a repayment tenure of 15 years.

The scheme covers education from secondary level to vocational courses including doctoral/post-doctoral research work in any recognized educational institution within or outside the country, the official said. He said that the loan will also be available to provide assistance to students who want to prepare for top central and state government jobs like UPSC and PSC.

It will be available for students studying in various competitive coaching institutes to appear in IITA/IM/NLUS/IAS/IPS/WBCS or other competitive exams. He said that this step is being taken so that no student in the state is deprived of education due to paucity of money.

Chief Minister Mamata Banerjee will launch the scheme on virtual mode from the state secretariat on Wednesday and all the education departments and all district administrative officers will be present in the launching program in virtual mode.

Earlier, after the cabinet approval for the project, the Chief Minister had said that it was in our election manifesto and we have a flagship scheme like Kanyashree and Sabujshree to provide financial assistance to the students. We want them to fulfill their dreams. A student can get a soft loan of up to Rs 10 lakh to pursue higher studies with the help of a credit card. Students up to the age of 40 years can apply for the loan. A student will be given fifteen years to repay the loan.”