Bengal CM Mamata Banerjee launches student credit card, says scheme to help lakhs

KOLKATA: Chief minister Mamata Banerjee on Wednesday launched the Student Credit Card scheme, which she described to be the biggest such project in the world.
With this credit card, any Indian student staying in Bengal, who studies in Class X and above, can apply for loans at a low interest rate to pursue higher studies in India or abroad. The loan has to be paid back within 15 years.
“The students can get Rs 10 lakh loan at one go or in phases as per their need and no guarantor will be needed for that. Because, the state government will stand as guaranteer,” the chief minister said while launching the scheme.
“Anyone can apply to pursue a course so that the parents do not have to bother. It will help students to turn their dreams into reality.” Lakhs of students will be benefited from the scheme, she added.
Students of Class X and above — to graduation, PG, PhD and post-doctoral level — may get loan under this scheme. Students can get the loan to prepare for competitive exams, for pursuing diploma courses and even for professional courses like MBBS.
The CM said the nationalized banks and cooperative banks will provide the loan without any collateral security.
The interest rate will be 4% and if paid during the study period, there will be a further rebate of 1%.
Students can pay the course fee, tuition fee, examination fee through this card and it will be directly credited to the institutes. Up to 30% of the total sanctioned amount can be used for non-institutional purposes like purchasing books, computers and for study tours.
The chief minister, however, asked the students to be cautious so that no fraud happens with the Student Credit Card. She advised them to visit only the Bengal government’s education department website or Egiye Bangla site for online application and not to approach any unauthorised person.
The CM said it was one of her poll promises. "Students from Class X onwards will be eligible for this scheme."
She said the state government had already implemented Taruner Swapno scheme and Rs 10,000 had been transferred to the bank accounts of 8.7 lakh students of Class-XII for buying tabs or mobiles to continue their studies online. This year, around 8.9 lakh students would be promoted to Class-XII level and they too would get the benefit.
She said 70 lakh students enrolled under the Kanyashree project would be entitled to get this card. “There is no economic criteria for the students to get this card. All students can apply to be self-sufficient.”