Bengal government launches “Student Credit Card”,to  be operational by June 30th

Bengal government launches “Student Credit Card”,to be operational by June 30th

On Thursday 24th June 2021,  West Bengal Chief Minister Mamata Banerjee declared the approval of “Student credit card scheme” by the Bengal cabinet, which the Trinamool Congress had promised in their election manifesto. This Scheme will provide backbone to parents of the students who are financially incapable to fund higher education for their children’s.

We believe this scheme will also support towards the mission of girl child education and education for all, as we have seen often siblings sacrifice their dream of pursuing a higher study for each other because of lack of finance and the underprivileged deprived community even cannot look for bank loan options because of no collaterals or guarantors.

What is Student Credit Card Scheme?

This credit Card will help students to get a credit or a soft loan of Rs 10 lakhs from the banks without any personal guarantor, as the state government will provide the guarantee.

This loan will be available for undergraduate, postgraduate, Doctoral and Post-Doctoral courses in India or Abroad.

Who are Eligible?

  • You should be an Indian national
  • Your residential status should be in West-Bengal or you should be living in west Bengal for last 10 years
  • Your age should be above 18 years but not more than 40 years
  • You must have passed 10th or 12th or equivalent from institutions recognized by the West Bengal board of secondary education or Equivalent boards
  • All the above Educational Institutes need to be situated in West Bengal

Document you would require to apply:

  • Filled Application Form
  • Approved Couse Structure
  • Fees Schedules
  • Passport Size photos-02
  • Marks sheets of 10th and 12th standard
  • Address Proof
  • Identity Proof( Aadhaar Card, PAN Card, Passport, Voter ID)
  • Bank account statement for 6 months
  • The document for Enrolled or selected for enrolment for pursuing higher education
  • Family Income certificate.

Key Features of Student Credit Card Scheme

  • You can get a loan of up to Rs 10 lakhs
  • Interest rate is as low as 4 % for all the eligible students
  • You can repay the credit card outstanding once the course is completed or you secure a job, however the government is providing you 15 years to repay
  • Government in extreme cases may completely waive out the outstanding balance
  • The loan will be available for Undergraduate, Post graduate, doctrol and post-doctoral in India or Abroad
  • The fee payable to college and hostel, Examination Fee ,Library and Laboratory fee, Caution deposit, purchase of books, euipments/computer if needed, study tours, project work, thesis etc. will all be covered under the credit card scheme.

For Any other information drop a comment below.

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