West Bengal has launched the student credit card
Mamta Banarjee the Chief Minister of West Bengal on Wednesday launched ‘Student Credit Card’. Student Credit Card is a unique initiative that allows soft loans of up to Rs. 10 lakh to students for educational reasons.
The Trinamool Congress had promised this in its election manifesto. This initiative was approved by the West Bengal Cabinet last week.
Chief Minister Mamata Banerjee said this initiative will allow students to take a loan of a maximum of up to Rs. 10 lakhs at a simple annual interest rate. This will help students in pursuing higher education and prepare for competitive exams.
Chief Minister Mamata Banerjee further warned that “There should be no fraud in the initiative of Student Credit Cards.” She has asked each and every education department to be very careful, alert and cautious at every step.
To apply for student credit cards you will need to visit the official West Bengal Education website and apply for a student credit card online so that there is no fraud and every movement is monitored carefully.
Here are all the details you need to know about the student credit card initiative:
- A student can get a soft loan of up to a maximum of Rs. 10 lakh only for higher education.
- The interest rate of 4% p.a. will be applied on the loan.
- To be eligible maximum age is 40 years.
- The loan tenure offered is up to 15 years after the student gets a job.
- Students can also use the loan to take admission to foreign institutes.
The main point for this Student credit cards initiative was that no student in West Bengal withdraws from higher education or competitive exams due to lack of financial support. To avoid it, one must go visit the official website of West Bengal Education and apply for a student credit card online.