The Students' Credit Card will be available to provide support to the students who want to prepare themselves for UPSC and PSC.
In a unique initiative, West Bengal Chief Minister Mamata Banerjee rolled out the 'Students' Credit Card' on Wednesday. The one-of project of the state government is an effort to provide soft loans up to Rs 10 lakh to the students for educational purposes.
"In order to further encourage the students from West Bengal to pursue higher studies, the state government has decided to launch one of the most comprehensive and inclusive schemes in the Country 'Student Credit Card' to enable them to avail collateral security free loan up to Rs 10 lakh at a very nominal annual simple interest rate with a repayment period of 15 years," a senior government official of the educational department said.
"The scheme covers education from Madhyamik level to professional courses including doctorate/post-doctorate research work in any recognized educational institute within or outside the country," the official said.
This will not only be extended to students who made it to premiere institutes but the loan will be available to provide support to the students who want to prepare themselves for top central and state government jobs like UPSC and PSC.
Chief Minister Mamata Banerjee launched the scheme from the state secretariat on virtual mode on Wednesday and all the education departments and all the district administrative officials were present in the launching program in virtual mode.
Earlier after the cabinet approval of the project, CM Banerjee had said, "This was in our election manifesto and it is our major scheme like Kanyashree and Sabujshree to provide financial support to the students. We want them to fulfill their dreams. A student can get a soft loan of up to Rs 10 lakh to pursue higher studies with the help of a credit card. A student up to the age of 40 years can apply for a loan. Fifteen years will be given to a student to repay the loan after getting a job. The interest rate would be low so that the student can repay the loan easily."
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 "CM Mamata Banerjee launches 'Student Credit Card' in West Bengal, here's all you need to know")
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