In a bid to empower the youth of the state, the West Bengal government on Wednesday, June 30, launched the Student Credit Card scheme.
Provisions Of The Scheme
This scheme is reportedly a first-of-its-kind in the country and was approved by the Mamata Banerjee cabinet last week.
"Today, 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," said Chief Minister, reported LiveMint.
This scheme would help students in the state to pursue higher education. It would enable students of Class 10 or higher to avail of a collateral security-free loan of up to ₹10 lakh.
The loan can be repaid in a period of 15 years with a nominal interest rate. With this loan, they can pursue higher education in schools, colleges in Bengal as well as other states or abroad.
The Chief Minister informed, "No guarantor is needed for this loan. The state will stand guarantee," reported The Indian Express.
I am delighted to announce that GoWB has launched the #StudentCreditCard today.— Mamata Banerjee (@MamataOfficial) June 30, 2021
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)
Who Can Benefit From The Scheme?
As per an official statement, this scheme will lend support to the students to pursue secondary, higher secondary, madrasa, undergraduate, and postgraduate studies including professional degrees and other equivalent courses at institutes within and outside India.
In addition, students attending coaching for competitive examinations for Engineering, Medical, Law, IAS, IPS, WBCS, and others can also benefit from the scheme.
A significant feature of this scheme is that applicants can avail themselves of this facility till the age of 40 years. The CM said, "There are many who were forced to take a break from studies for personal reasons but would like to get a second chance. This scheme will offer that."