Bengal government receives over 26K applications for student credit cards
The West Bengal government has so far received over 26,000 applications for the student credit card scheme under which loans of up to Rs. 10 lakh will be disbursed for higher studies, a senior official said on Tuesday. The scheme was launched by Chief Minister Mamata Banerjee on June 30, to help needy students pursue higher studies. Here are more details.
Bengal is first state to offer student credit cards
The scheme was announced by Banerjee before the recent assembly elections. Notably, Bengal became the first state to offer credit cards to students for higher education in schools, colleges, institutes in Bengal/other states, or abroad. Presently, only private banks offer such credit cards for students.
Around 16,800 applicants are males, 9,700 applicants are females
"Of the over 26,000 applications received till last week, nearly 6,059 are from students who hail from West Bengal but are studying outside the state," the official said, adding that around 16,800 applicants are males and 9,700 are females. "It seems that the scheme has become quite a hit among students. We hope to receive more applications in the coming days," the official added.
Criteria considered for providing education loans
"A student can apply for an education loan for a course for which he/she will be applying but not for one for which he/she has already paid an institution," he said. Pupils from Class X onward can apply for loans up to Rs. 10 lakh as per requirements. Students can apply for a loan even while pursuing professional/diploma courses to enhance their skills.
Loan applications to purchase laptops, books will also be considered
Pupils will not be required to provide any surety for the loan as the state government will be the surety. The interest rate will be four percent and it may be reduced further if repayment is done within the study period. Besides pursuing higher studies, students can apply for the loan even to purchase laptops, books or to pay tuition fees and boarding charges.