Chief Minister of West Bengal Mamata Banerjee on Wednesday launched ‘Student Credit Card’ – a unique initiative that provides soft loans up to Rs 10 lakh to students for educational purposes.
The scheme was approved by the West Bengal cabinet last week, as promised by the Trinamool Congress in its election manifesto.
Through this credit card initiative, students will be able to take loans up to a maximum of Rs 10 lakh at simple annual interest rate. Chief Minister Mamata Banerjee said that this will help the students to pursue higher education and prepare for competitive examinations.
Mamata Banerjee also warned that “there should be no fraud in introducing ‘student credit cards’ for students”. He has asked the Education Minister, the Education Secretary and the Education Department to be vigilant at every step.
There are many people who make fake PAN card, Aadhar card, they will also try to make fake student credit card. To avoid this, one has to visit the official website of West Bengal Education and apply online for student credit card.
Mamta Banerjee said that she will ask the department to keep a close watch on it so that no one can misuse the money. Education Minister Bratya Basu and Education Department executive Manish Jain will also closely monitor the scheme. The department is required to maintain liaison with all the students who have availed loan under the scheme. The communication system code will be known to only 2-3 persons. In case of any mistake or accident, he will hold these two people responsible.
According to the state government, students can get a maximum loan of Rs 10 lakh at 4 per cent per annum simple interest from the State Co-operative Bank and its affiliated central co-operative banks, district central co-operative banks and public or private sector banks.
It said that one per cent interest rebate will be given to the borrowers if the interest is fully repaid during the study period.
Here are all the details about the student credit card scheme:
1. A student can avail a soft loan of up to ₹10 lakh to pursue higher studies with the help of a credit card.
2. A person is eligible for the scheme till the age of 40 years.
3. A student will be given a tenure of 15 years to repay the loan after getting a job.
4. The scheme covers education from secondary level to vocational courses including doctoral and post-doctoral research work in any recognized educational institution within or outside India.
5. Educational loan will also be given to students studying in various coaching institutes who are preparing to appear in national level competitive exams including IIT, IIM, NLU, IAS, IPS, WBPS.
6. Students can also take admission in foreign universities using WB student credit card and get Ph.D. You can pursue the courses of your choice. or post-doctoral level.
7. The scheme will cover various institutional or non-institutional expenses to ensure that no student of West Bengal is deprived of education due to lack of monetary support.
read all Breaking News, today’s fresh news and coronavirus news Here
.