Mamata Banerjee launches Student Credit Card scheme; Check loan amount, interest rate and other details

Kolkata: West Bengal Chief Minister Mamata Banerjee on Wednesday launched Student Credit Card scheme that provides a soft loan of up to Rs 10 lakh to the students for educational purposes.

Ms Banerjee said, “I am delighted to announce that GoWB has launched the Student Credit Card today.”

She said to make the youth of Bengal self-reliant, the Scheme shall provide a loan of up to Rs 10 Lakh with an annual simple interest.

The chief minister said moreover, the Scheme will benefit all students residing in West Bengal who are enrolled in Higher Educational Institutions and Competitive Examinations Coaching Centres.

Ms Banerjee said, “GoWB is working relentlessly to achieve all the promises of my 10 Ongikars.”

The Chief Minister launched the scheme from the state secretariat Nabanna on virtual mode.

All the education departments and all the district administrative officials were present during the launch in virtual mode.

Students studying in class 10 and above will be eligible for this card. Students who have been living in the state for 10 years or more will also be eligible for this card.

The whole idea behind rolling out this credit card scheme is to provide hassle-free and collateral-free loans to students belonging to West Bengal, with a nominal simple interest of 4% for a maximum sum of Rs 10 lakh.

A student will have 15 years to repay the loan. The applications of students will be sent to the banks via their institutions and the Department of Higher Education. The loan can be used for both institutional expenses and for non-institutional expenses such as hostel fees/rent, purchase of laptop or study tours/projects. (UNI)