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West Bengal Student Credit Card Launched, CM Warns To Prevent Fraud

Mamata Banerjee warns students against frauds. (Image by Shutterstock / Representational)

Mamata Banerjee warns students against frauds. (Image by Shutterstock / Representational)

Through this credit card initiative, students will be able to take a loan up to a maximum of Rs 10 lakh at a simple annual interest rate.

West Bengal Chief Minister Mamata Banerjee on Wednesday launched ‘Student Credit Card’ – a unique initiative that offers soft loans of up to Rs 10 lakh to students for educational purposes.

The scheme was approved by the West Bengal Cabinet last week, which the Trinamool Congress had promised in its election manifesto.

Through this credit card initiative, students will be able to take a loan up to a maximum of Rs 10 lakh at a simple annual interest rate. This will help students pursue higher education and prepare for competitive exams, said Chief Minister Mamata Banerjee said.

Mamata Banerjee also warned that “There should be no fraud in the introduction of ‘Student Credit Cards’ for students." She has asked that Education Minister, Education Secretary, and Education department to be cautious at every step.

Many people are there who make fake PAN card, Aadhaar card, they will try to make fake student credit card as well. To avoid it, one must go visit the official website of West Bengal Education and apply for student credit card online.

Mamata Banerjee said that she will ask the department to keep a close watch on this so that one cannot misuse the money. Education Minister Bratya Basu and Education department Executive Manish Jain will also monitor this scheme closely. Department needs to maintain contact with all students who avail loan under the scheme. Only 2-3 persons will know the communication system code. In case of any mistake or mishap these two people will he held accountable.

Students can obtain a maximum loan of Rs 10 lakh at 4 per cent per annum simple interest from the state cooperative bank and its affiliated central cooperative banks, district central cooperative banks, and public or private sector banks, according to the state government.

One per cent interest concession will be provided to borrowers if the interest is fully serviced during the study period, it said.

Here are all the details about the student credit card scheme:

1. A student can get a soft loan of up to ₹10 lakh to pursue higher studies with the help of the credit card.

2. One person is eligible for the scheme till 40 years of age.

3. A tenure of 15 years will be given to a student to repay the loan after getting a job.

4. The scheme covers education from Madhyamik level to professional courses including doctorate and post-doctorate research work in any recognized educational institute within or outside India.

5. The educational loan shall also be extended to students studying in various coaching institutes, preparing to appear in national-level competitive exams, including IITs, IIMs, NLUs, IAS, IPS, WBPS among others.

6. Students can also take admission in foreign universities using the WB student credit card and pursue the courses of their choice up to Ph.D. or post-doctoral level.

7. The scheme will cover various institutional or non-institutional expenses to ensure no student from West Bengal is deprived of education due to the lack of monetary support.​

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first published:July 01, 2021, 20:00 IST