STUDENT CREDIT CARD WITH A THRESHOLD OF 10 LAKH
By a staff reporter
Kolkata, 24th June, 2021: West Bengal Chef Minister Ms. Mamata Banerjee announced the launch of Bengal student Credit Card scheme where soft loan up to Rs. 10 lakh will be made available to students from June 30. The students have to be Indian citizens and Bengal residents, have to be more than 18 years old and must have passed 12th or equivalent from institutions recognised by West Bengal Exam committee to be eligible for the credit card.
The Bengal Student Credit Card scheme was proposed in the election manifesto of the Trinamool Congress for the 2021 Assembly polls. Ms. Mamata Banerjee said, "foan will be available for graduate, postgraduate, doctoral, post-doctoral study in India or abroad for 40 years." The repayment beings after one year of securing a job and it has a window of 15 years with only 4% interest rate.
The money can only be used for one degree of course in higher studies. The credit card will cover college and hostel fees, examination fees, expenses of books, computers and study tours. The government may entirely waive off the outstanding balance in future in extreme cases. The gross enrolment ratio in higher education in West Bengal was 18.71% in 2017-18 as against the national average of 25.8%. Financial crisis is the reason for not pursuing higher studies.
With the introduction of this credit card, students will no longer face any financial crisis and they can take loans from banks without any further hurdles. The government intends to boost the gross enrolment ratio to the national standard with this credit card scheme.
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