Student credit card scheme also for those competing in nat'l level competitive exams
KOLKATA: Chief Minister Mamata Banerjee will roll out one of the most comprehensive and inclusive schemes in the country — "Student Credit Card" — on Wednesday, enabling students to avail collateral and security-free loans up to Rs 10 lakh for pursuing higher studies.
The educational loan shall also be extended to students studying in various coaching institutes, preparing to appear in national-level competitive exams, including IITs, IIMs, NLUs, IAS, IPS, WBPS among others. It will cover various institutional or non-institutional expenses to ensure no student from the state of Bengal is deprived of education due to lack of monetary support.
Banerjee will launch the scheme at 3 pm from Nabanna in virtual mode. Authorities from all districts will attend the event.
The Student Credit Card is one of the 10 most important poll assurances made by Banerjee while releasing her party's election manifesto. In a recent press conference, Banerjee had stated that the Bengal government would be the guarantor of the loans. It is expected that after the launch of the scheme, people of the state will not have to sell off their assets to gather money for their children's higher education. One can avail the loan till the age of 40. The loan will be available at a very nominal annual simple interest rate with repayment period of 15 years. The scheme covers education from Madhyamik level to professional courses, including doctorate, post-doctorate research work, in any recognised educational institute within or outside the country.
So far, the state government has taken up a series of steps to help students in undertaking their studies. The projects include free distribution of school bags, shoes, uniform, books, cycles, scholarships like Swami Vivekananda merit and Kanyashree. The planned expenditure in the education sector has increased by nine times in the past 10 years.
Sources said Manish Jain, Principal Secretary of the Higher Education department, wrote to all District Magistrates to attend the launch of the scheme virtually.
