Mamata Govt Launches Student Credit Card, Offers Loan Of Up To Rs 10 Lakh - Know More

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

West Bengal CM and TMC supremo Mamata Banerjee. | PTI

Kolkata: Chief Minister Mamata Banerjee-led Trinamool Congress (TMC) government on Wednesday launched a student credit card for the students of West Bengal.

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

The Chief Minister expressed her delight in announcing this decision by the state government.

“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),” Banerjee tweeted.

The TMC supremo also informed that her government is “working relentlessly to achieve all the promises of my 10 Ongikars”.

“Moreover, the Scheme will benefit all students residing in West Bengal who are enrolled in Higher Educational Institutions & Competitive Examinations Coaching Centres. GoWB is working relentlessly to achieve all the promises of my 10 Ongikars,” she posted on the micro-blogging platform.

The TMC had promised this scheme, approved by the West Bengal Cabinet earlier last week, in its election manifesto in the recently held assembly elections.

Know more about the credit card scheme:

• This scheme will have a credit limit of Rs 10 lakh with only a 4 percent interest rate and easy repayment options so that the students do not have to depend on their parents for higher studies
• The loan will be given for undergraduate, postgraduate, doctoral, and post-doctoral study in India or abroad
• Anybody who has spent 10 years in the state can avail of this scheme’s benefits
• Anyone till the age of 40 is eligible for this scheme
• Those availing benefits of this scheme will get 15 years to repay the loan after getting a job