'Student Credit Card': Know all about Mamata Banerjee govt's unique initiative for Bengal students

'Student Credit Card - this unique initiative will allow the ambitious students to take a soft loan of up to Rs 10 lakh for educational purposes.

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. 

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 during the launch.

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.

Student Credit Card: All you need to know

-This initiative will allow the ambitious students to take a soft loan of up to Rs 10 lakh for educational purposes. 

-They will have a period of 15 years to repay the loan after getting a job. 

-It will be a collateral security-free loan at a very nominal annual simple interest rate.

-A person will be eligible for the scheme till attaining 40 years of age.

-Students who wish to get admission in various coaching institutes for preparing for national-level competitive exams like -JEE, NEET, CLAT, UPSC, etc will also get the benefits of education loans through this scheme. 

-The Student Credit Card scheme will cover various institutional or non-institutional expenses to ensure no student from West Bengal is deprived of education due to a lack of monetary support.

-The scheme covers education from Madhyamik level to professional courses including doctorate and post-doctorate research work in any recognized educational institute within or outside India.

-Students can also take admission in foreign universities using the WB student credit card and pursue the courses of their choice up to Ph.D. or post-doctoral level.

The government of West Bengal has taken several initiatives like free distribution of school bags, shoes, uniform, 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.