New Delhi, 1 July 2021 – West Bengal Chief Minister Mamata Banerjee has launched the ‘Student Credit Card’ scheme, under which pupils will get soft loans of up to Rs 10 lakh for higher studies. This announcement was made on 30th June evening, as a part of the promise made in TMC’s election manifesto ahead of the Assembly polls.
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West Bengal Credit Card Scheme – Details
- Purpose of this scheme – Chairing the press conference, Banerjee stated, “With an aim to make West Bengal’s youth “self-reliant”, the state government has launched the ‘Student Credit Card’ scheme on 30th June 2021. This will help students pursue higher education and prepare for competitive exams.”
- Who all will benefit? – The newly-launched credit card scheme has been designed to support the students to pursue secondary, higher secondary, madrasah, undergraduate, and postgraduate studies including professional degrees and other equivalent courses at institutes within and outside India.
Note: This facility is available to any student only who has spent 10 years in West Bengal.
- Benefits – Announcing to students via her Twitter handle, Banerjee stated that students can avail the loan amount of up to Rs 10 lakh with this credit card with an annual simple interest included.
Students must note that the official notification of the student credit card scheme has also been shared by Snehasish Chakraborty, a state spokesperson belonging to the All India Trinamool Congress. .
Today, Hon’ble CM has launched the #StudentCreditCard scheme.
I’m sure this will help Bengal’s students excel in higher education and competitive exams.
— Snehasish Chakraborty (@SnehasisAITC) June 30, 2021
WB Student Credit Card – Scheme at a Glance
The decision to launch the Student Credit Card scheme was taken in a state cabinet meeting held on 24th June 2021. This scheme aims to ensure that no student is deprived of basic education on financial grounds. It also seeks to empower the youth of West Bengal and make them independent.
- The Student Credit Card scheme is offered to students studying in class 10th or above, who want to pursue higher studies. Under this scheme, loans can be availed for undergraduate, postgraduate, doctoral, and postdoctoral studies in India or abroad.
- This loan will be available to them at a very low rate of interest.
- Similar to availing of loans in banks, students will be provided a credit card.
- Students can apply for a credit card online.
- Students preparing to appear in national-level competitive exams, including for IITs, IIMs, NLUs, IAS, IPS, and WBPS, can also apply for an education loan under this scheme.
- The loan will be extended to students studying in various coaching institutes and it will cover the institutional or non-institutional expenses under the various heads.
- They can take loans under this scheme from any bank — government-run or private or even cooperative organizations
- No guarantor will be required to take this education loan. The state government will stand as a guarantor for loans taken under this scheme.
WB Student Credit Card – Interest Rate Under this Scheme
- With the assistance of this scheme, students can avail of a collateral security-free loan up to Rs 10 lakh with a nominal annual interest.
- For a hassle-free and collateral-free loan, students will only be charged with an interest of 4%.
- The institutions and the Department of Higher Education will send the students/applicants to the bank after verifying and approving their loan applications.
- The loan will be provided without any security or collateral security in a tangible or intangible form other than the co-obligation of parents.
- 1% interest concession will be provided to borrowers if the interest is fully serviced during the study period.
WB Student Credit Card – Repayment Period of this Scheme
- The repayment period of this student loan is 15 years.
- The students will be given the advantage of repaying the loan amount with the repayment period only after they get a job.
WB Student Credit Card Scheme – Eligibility Criteria
- The applicant must be a permanent resident of West Bengal.
- In case the applicant does not fulfill the first criteria, he/she must be living in West Bengal for at least 10 years.
- The upper age limit of the applicant to apply for this scheme is 40 years.
WB Student Credit Card Scheme – Documents Required
Students of West Bengal must have the below highlighted basic documents while applying for this student credit card scheme:
- Valid ID proof – Aadhaar card
- Residence certificate
- Age proof
- Ration card
- Income certificate
- Bank account details
- Mobile number
- Passport size photograph
As the government of West Bengal has just launched the West Bengal Student Credit Card Scheme, no information regarding the application procedure is out till now. However, the state government has assured students that the procedure to apply for a loan will be made easy so that they can avail the required loan amount without any inconvenience.
For more details, students are advised to visit the official website of Banglar Uchhashiksha (Bengal’s Higher Education) at Banglar Uchchashiksha and keep an eye for the latest developments.