Mamata Banerjee launches 'Student Credit Card' that offers educational loan up to Rs 10 lakh

CM Mamata said that the Scheme will benefit all students residing in West Bengal who are enrolled in Higher Educational Institutions and Competitive Examinations Coaching Centres. "The Bengal govt is working relentlessly to achieve all the promises of my 10 Ongikars,'' CM Mamata said.

Kolkata: West Bengal Chief Minister Mamata Banerjee on Wednesday launched ‘Student Credit Card’ – a unique initiative that offers soft loans of up to Rs 10 lakh to students for educational purposes.

Through this credit card initiative, students will be able to take a loan up to a maximum of Rs 10 lakh at a simple annual interest rate.

"I am delighted to announce that GoWB has launched the Student Credit Card today. 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 during the launch. 

I am delighted to announce that GoWB has launched the #StudentCreditCard today.

To make the youth of Bengal self-reliant, the Scheme shall provide a loan of up to ₹10 Lakh with an annual simple interest. (1/2)

— Mamata Banerjee (@MamataOfficial) June 30, 2021

She further added that the Scheme will benefit all students residing in West Bengal who are enrolled in Higher Educational Institutions and Competitive Examinations Coaching Centres. "The Bengal govt is working relentlessly to achieve all the promises of my 10 Ongikars,'' CM Mamata said.

The Chief Minister launched the scheme from the state secretariat on virtual mode all the education departments and all the district administrative officials were present during the launch in virtual mode.

In order to further encourage the students from West Bengal to pursue higher studies, the state government has launched one of the most comprehensive and inclusive schemes in the Country "Student Credit Card" to enable them to avail collateral security free loans up to Rs 10 lakh at a very nominal annual simple interest rate with a repayment period of 15 years, a senior government official of the education department had said earlier.

"The scheme covers education from Madhyamik level to professional courses including doctorate/post-doctorate research work in any recognized educational institute within or outside the country," the official said.

This will not only be extended to students who made it to premiere institutes but the loan will be available to provide support to the students who want to prepare themselves for top central and state government jobs like UPSC and PSC. 

"The education loan shall also be extended for the students studying in various competitive coaching institutes to appear in IITS/IMs/NLUS/IAS/IPS/WBCS or 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," he added.

Earlier after the cabinet approval of the project, the Chief Minister had said, "This was in our election manifesto and it is our major scheme like Kanyashree and Sabujshree to provide financial support 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. A student up to the age of 40 years can apply for a loan. Fifteen years will be given to a student to repay the loan after getting a job. The interest rate would be low so that the student can repay the loan easily".

The government of West Bengal has taken several initiatives like free distribution of school bags, shoes, uniforms, books, cycles, scholarships like Swami Vivekananda merit-cum-means, Kanyashree, increase in plan expenditure by 9 times during the last 10 years, to ensure manifold growth of the education sector in the State.