West Bengal Chief Minister Mamata Banerjee has announced a significant achievement for the state's education sector, revealing that the Student Credit Card scheme has successfully sanctioned loans for more than one lakh students.
What is the West Bengal Student Credit Card Scheme?
Launched four years ago in 2021, this flagship initiative aims to reduce financial barriers for students seeking higher education. The program enables young learners from West Bengal to access loans up to ₹10 lakh at a highly affordable interest rate of just 4% per annum as simple interest.
The scheme covers a wide range of educational pursuits including secondary, higher secondary, undergraduate, and postgraduate studies. It also extends to professional degrees and equivalent courses offered by institutions both within India and internationally.
Students preparing for competitive examinations in fields such as engineering, medical, law, IAS, IPS, and WBCS through various coaching institutions can also benefit from this financial support program.
Key Benefits and Interest Structure
The state government bears the entire interest subsidy, making education more accessible to students from diverse economic backgrounds. Borrowers receive an additional 1% interest concession if they fully service the interest during their study period.
The loan repayment period extends up to 15 years, including a moratorium or repayment holiday period, providing ample time for students to complete their education and establish their careers before beginning repayment.
Celebrating the Milestone Achievement
Chief Minister Mamata Banerjee expressed her enthusiasm about this accomplishment through her social media channels. "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 announced.
Banerjee emphasized that the scheme will continue to support "budding talents" in achieving their academic and professional aspirations. She extended her best wishes to all students for a "very prosperous future."
The Chief Minister further reinforced the government's commitment to educational accessibility, stating that "The scheme will continue to assist the budding talents in reaching their desired goals."
This achievement marks a significant step forward in West Bengal's efforts to empower students through financial inclusion and educational support, demonstrating the state government's dedication to creating opportunities for the younger generation.
