West Bengal: CM launches student credit card for loans upto Rs 10 lakh

The cabinet had approved the scheme on Thursday which was one of the key promises of the Trinamool Congress (TMC) according to its election manifesto.

West Bengal Chief Minister Mamata Banerjee on Wednesday launched a credit card scheme for students who can now take loans with a maximum limit of Rs 10 lakh for higher studies in India or abroad. The cabinet had approved the scheme on Thursday which was one of the key promises of the Trinamool Congress (TMC) according to its election manifesto. According to the scheme, any person who has spent 10 years in West Bengal can avail of the benefits of it and only one person is eligible for the scheme till 40 years of age. The beneficiaries include undergraduates, postgraduates and those who want to pursue doctoral and post-doctoral study in India or abroad. Once the student gets a job, fifteen years will be given to repay the loan. Ms Banerjee said that no guarantor will be required to have access to the loan and the state will stand guarantee. The Bengal government is the first to offer a student credit card while Bihar is in the process of organising it.