Here's all you need to know about the West Bengal student credit card system.

 KOLKATA: Chief Minister Mamata Banerjee introduced the Student Credit Card initiative on Wednesday, calling it the world's largest of its kind.

Students can use this credit card to enrol in coaching centres and take competitive tests, according to Higher Education Secretary Manish Jain, who wrote to the DMs on Tuesday.

Students in the state can apply for a loan of up to ten lakh rupees under the initiative.

“I'm happy to announce that GoWB has recently launched the #StudentCreditCard. Bengal Chief Minister Mamata Banerjee tweeted, "The Scheme will offer a loan of up to ten lakh rupees at an annual simple interest rate of 5%."

According to an official statement, this plan is intended to assist students in pursuing secondary, higher secondary, madrasah, undergraduate, and postgraduate education, as well as professional degrees and other similar courses, at institutions both inside and beyond India.

Students preparing for competitive exams in Engineering, Medicine, Law, IAS, IPS, WBCS, and other fields can do so.

Borrowers will receive a 1% interest reduction if the interest is paid in full during the research period, according to the statement.

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The maximum age to apply for the plan is 40 years old at the time of application.

The loan has a 15-year payback term.

The Student Credit Card Scheme "aims to provide financial support/assistance by the State Government at a minimal interest rate (with appropriate bank guarantees) to students who have lived in West Bengal for at least 10 years and are pursuing education from class 10 onwards" or enrolling in various coaching schools in preparation for competitive exams like as Engineering/Medical/Law, IAS, IPS, WBCS, SSC, UPSC, PSC, SSC, and so on."

Students studying UG, PG courses, including professional degrees, diploma courses, and doctoral/post-doctoral research, as well as other comparable courses, can benefit from the plan. The plan includes IIMs, IITs, AIIMSs, NITs, XLRI, BITS, SPA, IIESTs, ISIs, NLUs, NID, IISc, IIFTs, ICFAI, and other schools, madrasas, colleges, universities, and other institutes such as IIMs, IITs, AIIMSs, NITs, XLRI, BITS, SPA, IIESTs, ISIs

The student seeking for the loan must be an Indian national who has lived in West Bengal for the past ten years.

Students must be under the age of 40 at the time they apply for the loan.

Repayment conditions

The payback duration for Credit Card debts has been set at 15 years, including the Moratorium/repayment vacation.

A student or their parent/legal guardian can pay back the loan amount at any moment before the deadline. Early repayment also saves you money because the bank won't charge you any processing fees.

A 1% interest discount will be given if a student pays all of the interest throughout the study time.

Today, the West Bengal government introduced the Student Credit Card. A student can acquire a soft loan of up to ten lakh with the aid of a credit card to pursue higher education.

Mamata Banerjee, the chief minister of West Bengal, stated, "I am happy to announce that the Government of West Bengal has introduced the Student Credit Card today." To empower Bengal's young to become self-sufficient.

The West Bengal Cabinet authorised the plan last week, as promised by the Trinamool Congress in its election campaign.

"Today, the Cabinet granted its assent to the Student Credit Card programme," Banerjee told reporters on Thursday. It is available to everyone who has lived in West Bengal for ten years. Undergraduate, postgraduate, and doctoral students will be eligible for a loan.

Mamata Banerjee, the Chief Minister of Bengal, today announced the launch of a credit card for students with a maximum of ten lakh rupees, fulfilling one of her main pre-election pledges. A student between the ages of 18 and 40 who has resided in Bengal for at least ten years would be eligible for the card, which may be used to obtain a loan for further education in India or overseas. "This loan does not require a guarantor."

Ms Banerjee told reporters that the loan will be accessible for undergraduate, postgraduate, doctoral, and post-doctoral studies in India and overseas. It may also be offered to students enrolled in competitive test preparation programmes.

According to the Chief Minister, the loan can be used for course fees, tuitions, hostel fees, books, study materials, computers, or laptops.

"Students can apply for this loan online, even if they are in the middle of a course." Parents will no longer have to be concerned about their children's education. Students do not need to feel rushed or go from pillar to post in search of an education loan, according to the Chief Minister. "I hope that this loan will assist the students in realising their ambitions in the future days."

Bengal is one of the first governments to provide a student credit card. Bihar is in the midst of putting it together.

Credit cards for students are now only available from a few private banks, such as ICICI Bank, HDFC Bank, and Axis Bank.

West Bengal is launching a student credit card initiative today. The government has set up this service to make it easier for students to get loans. These loans have a ceiling of Rs. 10 lakh and can be utilised by students to pay for their education.

This programme was one of the election pledges made by Mamata Banerjee, the current Chief Minister, during the assembly elections.

West Bengal Chief Minister Mamata Banerjee stated, "The objective behind the launch of the student credit card plan is to make the young of Bengal self-reliant."

The plan would cover a variety of institutional and non-institutional costs, ensuring that no student in West Bengal is denied an education owing to a lack of financial resources.

Mamata Banerjee levelled corruption allegations for the first time today, adding a new wrinkle to the Governor vs. Chief Minister battle in Bengal.

The Chief Minister called Governor Jagdeep Dhankhar a "corrupt guy," saying that he was accused in the 1996 Jain hawala case involving a dairy that implicated politicians who had taken bribes.

 

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