WB CM Mamata Banerjee Launches Student Credit Card Scheme. Know Eligibility, Criteria To Avail

The above scheme will benefit all students residing in West Bengal enrolled in Higher Educational Institutions & Competitive Examinations Coaching Centres.

Kolkata: Keeping its promise made in the election manifesto of Trinamool Congress ahead of the Assembly polls, West Bengal Chief Minister Mamata Banerjee on Wednesday launched a credit card scheme for students with a limit of Rs 10 lakh.

The chief minister informed about the scheme through a Tweet  saying that students will be provided a loan of up to Rs 10 lakh with an annual simple interest. The credit card for students will make the “youth of Bengal self-reliant”, she said.

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The above scheme will benefit all students residing in West Bengal enrolled in Higher Educational Institutions & Competitive Examinations Coaching Centres. GoWB is working relentlessly to achieve all the promises of my 10 Ongikars, Banerjee added.

The West Bengal Cabinet gave its approval to the Student Credit Card scheme.

Which students can avail the credit card scheme?

Those students who have spent 10 years in West Bengal can avail the benefits of the scheme. Loan will be available for undergraduate, postgraduate, doctoral, and post-doctoral study in India or abroad.

Under the scheme, students can avail a loan of up to Rs 10 lakh to pursue higher education, and simple annual interest will be charged on the loan amount. The scheme will be extended to students enrolled in various coaching institutes across the state and it will cover the institutional or non-institutional expenses under the various heads.

Those who are preparing for national-level competitive exams, including for IITs, IIMs, NLUs, IAS, IPS, and WBPS, can also avail the education loan under this scheme.

Students will be given time up to 15 years to repay the loan.

The scheme is aimed to ensure that students are not deprived education on financial grounds, besides it seeks to empower the youth of the state and make them more self-reliant.

Is there an age limit for students to avail the scheme?

Students in West Bengal, who are aged below the age of 40, will be eligible to apply under the scheme for educational purposes. The rider is that an individual needs to have resided in the state for at least 10 years to be able to qualify for the scheme.

It is to be noted that the amount availed under the loan will be used for educational purposes. It can be availed for meeting the expenses of undergraduate, postgraduate, doctoral, and post-doctoral study in India or abroad. The amount will cover course fee, tuition and hostel fee, books, study materials, computers or laptops. Those studying in coaching classes for competitive exams are also eligible.

The loan can be availed from any bank — government-run or private — or even cooperative organisations.

There is no requirement of a guarantor and the state will stand guarantee for loans taken under this scheme.

Education Loan Information: