CHIEF MINISTER Mamata Banerjee on Wednesday kicked off the student credit card project, which was announced by her ahead of the Assembly elections. Banerjee said, “To further encourage West Bengal students to pursue higher education, the state government has decided to launch one of the most comprehensive and inclusive programs in the country: ‘The Credit Card for students’ to enable them to qualify for an unsecured collateralized loan of up to Rs 10 lakh at a nominal annual simple interest rate with a repayment period of 15 years.
Under this program, a student of class X or above can benefit from a subsidized loan of up to Rs 10 lakh to pursue higher studies in schools, colleges, institutes in Bengal, in others. States or abroad.
“No guarantor is needed for this loan. The state will be the guarantor, ”said Mamata.
Any applicant can take advantage of the facility up to the age of 40. The loan is expected to be repaid in 15 years.
The CM said: “Many have been forced to take a break from their studies for personal reasons but would like to have a second chance. This diet will deliver that. Undergraduates, postgraduates, doctoral students and post-docs in India and abroad are eligible for a total loan of Rs 10 lakh.
With this, the government of Bengal became one of the first to offer a credit card to students. Bihar is in the process of organizing one. At present, these student credit cards are only offered by certain private banks.
The CM also reminded state education minister Bratya Basu that the education department should take full responsibility for the student credit card system and oversee the process. “The system’s communication code should only be known to two people and they will be held accountable if something goes wrong,” she said.