In a new initiative, the West Bengal Chief Minister Mamata Banerjee will be rolling out “Students Credit Card” on Wednesday. The project initiated by the state government comes as an effort to provide soft loans to the students for educational purposes, up to Rs 10 lakh.
Credit Card Payments To Have Nominal Annual Simple Interest Rate
A senior government official to the Education Department released a statement on the same. He said that to further encourage the students from West Bengal to pursue higher studies, the state government has decided to launch one of the most “comprehensive and inclusive” schemes across the country. It is the “student credit card” to avail of collateral security-free loan up to Rs 10 lakh. The interest rate will be charged annually at a nominal fee and the repayment period is 15 years.
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The official said that the scheme covers education from Madhyamik level to professional courses including doctorate/post-doctorate research work in any of the recognized universities in India or abroad.
The official further said that the loan is not only for the students who are preparing to get admissions in premier institutes but also for the students who are preparing for UPSC and PSC and other competitive examinations.
“It will cover various institutional/non-institutional expenses to ensure no student from the state of West Bengal is deprived of education due to lack of fund support,” official added.
West Bengal Chief Minister To Launch The Scheme Virtually
Reports suggest that the West Bengal Chief Minister Mamata Banerjee will launch the “Students Credit Card” scheme, virtually. Along with all the education departments and the district administrative officials present during the launch programme, virtually.
When the cabinet approved the project, the CM said that the scheme was part of their manifesto along with other schemes like Kanyashree and Sabujshree to provide financial support to the students.
Students up to the age of 40 years can apply for the credit card.
