Updated June 30, 2021 | 10:40 IST
West Bengal will be launching a student credit card program starting today. This measure was taken by the government to allow students to access loans of up to Rs. 10 lakh to finance their studies. Check the details here.
West Bengal Student Credit Card Program Starting Today – Everything You Need To Know | Photo credit: Representative image
West Bengal will launch the student credit card program from today. This facility has been provided by the government to allow students to easily access loans. The limit on these loans has been set at Rs. 10 lakh and can be used by students to finance their studies.
This scheme was one of the electoral promises made by the current chief minister, Mamata Banerjee, during the elections of the assembly. Although the Higher Education Ministry has yet to issue an official order, sources have confirmed that various online meetings are being held with colleges to explain the new curriculum.
West Bengal Student Credit Card Program: Eligibility
- Students studying in class 10 and above will be eligible for this card.
- Students who have lived in the state for 10 years or more will also be eligible for this card.
The idea behind the deployment of this credit card system is to provide hassle-free and unsecured loans to students belonging to West Bengal with a nominal simple interest of 4% for a maximum sum of 10 lakh. When this happens, banks will not insist on any collateral / collateral in any tangible / intangible form other than the co-obligation of parents or legal guardians. This will help West Bengal students to pursue studies inside or outside the state and in some cases even abroad.
A student will have 15 years to repay the loan. Student applications will be sent to banks via their institutions and the Higher Education Department. The loan can be used for both institutional and non-institutional expenses such as accommodation costs / rent, purchase of laptop or study trips / projects.
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