West Bengal to roll out credit card scheme for students
The Hindu
Will enable collateral-free educational loans of up to ₹10 lakh at nominal interest rates
West Bengal will on Wednesday roll out a credit card scheme for students, allowing them to access loans of up to ₹10 lakh to fund their education. Those studying in the tenth standard or above and having lived in the State for 10 years will be eligible for the card. Though a government order is yet to be issued and students have not been formally intimated, the Department of Higher Education has been holding online meetings with colleges to explain the new scheme . The scheme was among the poll promises made by Trinamool Congress chief Mamata Banerjee during the recent Assembly elections. The objective — according to a presentation shared with colleges — is to provide hassle-free and collateral-free loans to students belonging to West Bengal, with nominal simple interest of 4% for a maximum sum of ₹10 lakh so that they are able to pursue studies within or outside the State or abroad. In other words, banks will not insist on any security/collateral security in tangible/intangible form other than co-obligation of parents or legal guardians.
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