More than 10,000 students have applied for the Student Credit Card scheme launched by West Bengal Chief Minister Mamata Banerjee. Under this scheme, students can avail soft loans of up to Rs 10 lakh for pursuing higher education. The scheme was announced by the CM on June 30
The government has launched the scheme after it was approved by the West Bengal cabinet.
A senior official from the state finance department told IANS, “So far, little more than 10,000 students have applied for loan and we will send the applications to the banks after examining the documents.”
The official added that the amount sanctioned will be directly sent to the institute where the student is planning to study.
Since the chief minister is trying to avoid any kind of allegations against the scheme, the government is trying its best to make the details and process transparent, the official added
All students are advised to apply for loans only via the West Bengal Education department’s official website. Students can avail loans at 4 per cent per annum simple interest. Anyone from Class X level up to 40 years of age can apply for the loan. After students get jobs on completing their studies, they can pay back the amount at an annual interest rate of 4% within 15 years. In case if the interest is fully serviced during the study period, then the student will get one per cent concession on interest.
Students planning to move to a foreign land for future studies can do so via Student Credit Card Scheme. They can opt for courses of their choice up to PhD or post-doctoral level.