West Bengal Chief Minister Mamata Banerjee announced a significant achievement for the state's education sector on Friday, revealing that the sanctioned cases under the Bengal Student Credit Card Scheme have crossed the one lakh milestone.
Historic Achievement for Education Scheme
The Chief Minister took to social media platform X to share the groundbreaking news, stating: "Happy to share that under our Student Credit Card Scheme, the number of sanctioned cases crossed today the landmark figure of 1 lakh." This announcement marks a major success for the flagship program launched in 2021.
The scheme represents the state government's commitment to making higher education accessible to all students, regardless of their financial background. Under this initiative, students can avail education loans up to Rs 10 lakh at remarkably low interest rates, with the state government bearing the entire interest subvention and subsidy amount.
Comprehensive Financial Support for Students
The Bengal Student Credit Card Scheme offers extensive coverage for various educational pursuits. Students can utilize the loans for secondary, higher secondary, madrassa, undergraduate, and postgraduate studies. The scheme also supports those pursuing professional degrees both within India and internationally.
An official explained the loan structure: "A student from Bengal can obtain a maximum loan of Rs 10 lakh at 4% per annum from the state cooperative bank and its affiliated central cooperative banks, district central cooperative banks, and public/private sector banks."
The program extends beyond traditional education, supporting students enrolled in coaching institutions preparing for competitive examinations in fields including engineering, medicine, law, and central and state civil services.
Additional Benefits and Eligibility Criteria
The scheme includes several attractive features that make it particularly beneficial for students. Borrowers receive an additional 1% interest concession if they maintain regular interest payments during their study period. The upper age limit for applicants is set at 40 years, providing opportunities for mature learners as well.
The repayment terms are designed to be student-friendly, with a 15-year repayment period that includes a moratorium or repayment holiday. This flexible structure ensures that graduates have adequate time to establish their careers before beginning loan repayment.
State Education Minister Bratya Basu emphasized the scheme's vision, noting that Chief Minister Mamata Banerjee specifically designed it to ensure that marginalized students in Bengal don't face deprivation of higher education due to geographical distance or economic hardship.
The state government's commitment to education expansion is further demonstrated by the establishment of 19 government-run universities and 33 government colleges across Bengal since 2011. This infrastructure development, combined with the Student Credit Card Scheme, creates a comprehensive ecosystem supporting educational advancement throughout the state.
As the scheme continues to gain momentum, it promises to transform the educational landscape of West Bengal, enabling thousands of aspiring students to pursue their academic and professional dreams without financial constraints.
