KOLKATA: In an overwhelming response to the Mamata Banerjee government's Student Credit Card scheme, at least 8,000 students have applied to get loans for pursuing higher studies.
The total amount of loan, for which the 8,000 students have applied, stands at about Rs 400 crore. The unique scheme – one-of-its-kind in the country – facilitates a collateral security free soft loan up to Rs 10 lakh with the Mamata Banerjee government as guarantor; enabling students to pursue higher education without having any financial constraints.
Chief Minister Mamata Banerjee launched the Student Credit Card on June 30 from Nabanna. Students from class X level and above up to 40 years of age can apply for the loan.
A separate portal has also been launched through which students can easily apply for the loan following three simple steps. Though the portal had slowed down in initial few hours with a large number of students logging onto the site at a time, about 4,000 students have applied for the same in just 5 days time.
According to the sources in the state Secretariat, about 6,000 of them have applied for loans to pursue different courses of higher studies in the state itself. The number of applicants who wish to study outside the state is only 2,000. About 1,200 out of 4,000 applicants have applied to pursue diploma courses. A large number of students have applied for loans to undertake graduation level studies.
Maximum number of applications was received from areas including Ballygunge, Jadavpur and Uttarpara in Hooghly. The online application will reach the Higher Education Department, which will forward the same after due examination to the bank to issue the credit card after necessary verifications. A student can avail the loan at any time during the course of study. One will get a repayment period of 15 years for the same.
The scheme has been launched making the scope wider for students to undertake secondary, higher secondary, undergraduate and postgraduate level studies including professional degree, diploma courses and research at doctoral or postdoctoral level or other similar courses in any school, madrasah, college, university, IITs, IIMs, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, BITS, SPA, NID, IISc, IIFTs and ICFAI Business School and other affiliated institutes within and outside the country.
With Chief Minister Mamata Banerjee always encouraging more IAS and IPS from the state, students studying in various coaching institutions for appearing in different competitive examinations like engineering, medical, law, IAS, IPS, WBCS, UPSC, PSC, SSC etc can also avail the facility to opt for the soft loan at only 4 per cent per annum simple interest from the state cooperative bank and its affiliated central cooperative banks and district central cooperative banks and public or private sector banks.
Even one per cent interest concession will be provided if the interest is fully serviced during the study period.