Student Credit Card: Here's all you need to know about the scheme launched by West Bengal CM Mamata Banerjee

In a bid to make the youth of West Bengal self-reliant,  WB Chief Minister Mamata Banerjee launched the Student Credit Card on 30 June 2021. The scheme can be availed of by anyone who has spent 10 years in West Bengal. 

The loan will be available for undergraduate, postgraduate, doctoral and post-doctoral study in India or abroad. 

I am delighted to announce that GoWB has launched the #StudentCreditCard today.

To make the youth of Bengal self-reliant, the Scheme shall provide a loan of up to ₹10 Lakh with an annual simple interest. (1/2)

— Mamata Banerjee (@MamataOfficial) June 30, 2021

In its election manifesto for 2021 Assembly polls, Trinamool Congress promised a Student Credit Card scheme with a limit of Rs. 10 lakhs at 4% interest.

Key Highlights of Student Credit Card Scheme:

1- A student can avail of a soft loan of up to Rs. 10 lakh to pursue higher studies at 4% interest. 

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

3- A student will get 15 years to repay the loan after getting the job.

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

5- A student can take admission abroad under this scheme to pursue courses of their choice up to Ph.D. or post-doctoral level.

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

The Student Credit Card Scheme will cover various institutional and non-institutional expenses to ensure that no student in West Bengal is deprived of education due to a lack of monetary support. 

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