West Bengal’s student credit card scheme: Everything you need to know

West Bengal’s student credit card scheme: Everything you need to know

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Fulfilling a promise made in TMC’s election manifesto ahead of the Assembly polls, West Bengal Chief Minister Mamata Banerjee on Wednesday announced the launch of a credit card scheme for students with a limit of Rs 10 lakh.

Taking to Twitter, Banerjee said that under the scheme, students will be provided a loan of up to Rs 10 lakh with an annual simple interest. The credit card for students will make the “youth of Bengal self-reliant”, she said.

“Moreover, the scheme will benefit all students residing in West Bengal who are enrolled in Higher Educational Institutions & Competitive Examinations Coaching Centres. GoWB is working relentlessly to achieve all the promises of my 10 Ongikars,” she said.

The credit card scheme was approved by the West Bengal Cabinet on Tuesday.

“The Cabinet gave its nod to the Student Credit Card scheme. Anyone who has spent 10 years in West Bengal can avail the benefits of it. Loan will be available for undergraduate, postgraduate, doctoral, and post-doctoral study in India or abroad,” Banerjee had told reporters at a press briefing, news agency PTI reported.

Here’s everything you need to know about the credit card scheme

Under the scheme, students can take a loan of up to Rs 10 lakh to pursue higher education. A simple annual interest will be levied on the loan amount. The loan will be extended to students studying in various coaching institutes and it will cover the institutional or non-institutional expenses under the various heads.

Students preparing to appear in national-level competitive exams, including for IITs, IIMs, NLUs, IAS, IPS, and WBPS, can also apply for an education loan under this scheme.

Students will be given time up to 15 years to repay the loan.

The purpose of this scheme is to ensure that no student is deprived of education on financial grounds. It also seeks to empower the youth of the state and make them more self-reliant.

Who is eligible for this scheme?

All students from West Bengal, who are below the age of 40, are eligible to apply for a loan for educational purposes under this scheme. To qualify for benefits under this scheme, an individual needs to have lived for at least 10 years in the state.

Also, the money being taken on loan should only be used for educational purposes.

The money can be used for meeting the expenses of undergraduate, postgraduate, doctoral, and post-doctoral study in India or abroad. The amount will cover course fee, tuition and hostel fee, books, study materials, computers or laptops. Those studying in coaching classes for competitive exams are also eligible.

Students can take loans under this scheme from any bank — government-run or private — or even cooperative organisations.

Banerjee has said that no guarantor is needed and the state will stand guarantee for loans taken under this scheme.



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