West Bengal Student Credit Card Plan: West Bengal Chief Minister Mamata Banerjee shared that the state’s Student Credit Card Scheme has reached an important point, as more than one lakh loan applications have now been approved. She spoke about this in a social media post and explained how the scheme helps young people continue their studies without heavy pressure on their families.
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How the Scheme Works for Students?
The Chief Minister said the programme gives support to students who want to study in higher secondary, college, university or any other approved institution. It also helps students who go to coaching centres for exams like engineering, medical, law, IAS, IPS and WBCS. According to Mint, Tthe scheme lets a student take a loan of up to ₹10 lakh at a simple interest rate of 4% per year. The loans come from the State Cooperative Bank and many other banks across the state.
She also explained that students get a small benefit if they pay the interest during the study time. They receive a 1% concession on the interest for doing so. Students then have up to 15 years to repay the full loan amount. This long time makes it easier for them because they do not have to start paying back right away, and they get a repayment holiday during the study years.
Mamata Banerjee wrote in her post, “Happy to share that under our Student Credit Card Scheme, the number of sanctioned cases has crossed today the landmark figure of 1,00,000.” She also said, “In this flagship scheme of our Government, the students are provided education loan up to ₹10 lakh at a very nominal interest rate.…”
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Achievement for the State
The Chief Minister said this big number shows how many students are using the scheme to follow their dreams. She added that the scheme will continue to guide “budding talents” toward their goals and wished every student “a very prosperous future.”
The Student Credit Card Scheme began in 2021, about four years ago, and aimed to make education easier for young people in West Bengal. When the plan was launched, the goal was to help students study in India or abroad without worrying too much about money.
Mamata Banerjee said again, “The scheme will continue to assist the budding talents in reaching their desired goals,” showing her hope that many more students will benefit in the coming years.
