Student Credit Card, West Bengal

On June 24, 2021 the West Bengal cabinet headed by Chief Minister Mamata Banerjee approved the ‘Student Credit Card’ initiative. It was decided in the meeting that this student credit card will be launched on June 30, 2021. CM announced the details of this new initiative for students. Under this initiative students from Class 10 onwards can apply for student credit card through which they will be provided with a soft loan up to Rs. 10 lakhs per student. This soft loan will be provided for their higher studies. Students can use this amount for pursuing professional courses, diploma to post graduation, course, PhD, post-doctoral courses etc. This initiative will enable the students to pursue higher education or even fulfill his dream of studying abroad without any financial hindrance.

Overview:

Scheme Objectives and Benefits:

• The main objective of the scheme is to provide financial assistance in the form of credit/ soft loan to the students
• With the help of this scheme, no financial constraints will affect the studies of students
• All students from class 10 onward will be eligible for assistance
• The procedure of applying for the loan and availing the same will be online and simplified
• This scheme will enable the students to go for higher education
• Students can also go for overseas study using this credit card
• Repayment of loans will be given a limit of 15 years
• This initiative will help the student to pursue higher studies and fulfill the dreams irrespective of financial constraints

Key Points:

• Student Credit Card initiative for students in the state is approved by the West Bengal cabinet headed by the Chief Minister Mamata Banerjee on June 24, 2021
• The Student Credit Card will be launched on June 30, 2021
• Details of the initiative were given by the CM whereby she stated that this initiative is one of the pre-election promises made by her party and keeping the promise she is starting the initiative for the welfare of the students
• Under this scheme students from Class 10 onwards will be eligible for credit up to Rs. 10 lakhs from banks trough the credit card
• Application for the card will have to be made by the students online
• This credit will be provided to the students in the form of soft loans
• This soft loan will be provided to the students up to Rs. 10 lakhs each
• This amount can be used by the student to pursue higher education or even fulfill his dream of studying abroad without any financial hindrance.
• Students can also take up overseas study using this credit card
• Students within the age of 40 years can avail this card
• The loans taken under this initiative can be repaid within 15 years
• This initiative will prevent the parents from selling their properties or borrowing money from money lenders for their child’s higher studies and would also bring a relief to them
• It will encourage the students to take up higher studies and fulfill their dreams
• It aims to ensure welfare of the students in the state thereby shaping their future.