In fulfilling one of her pre-poll promises, Bengal Chief Minister Mamata Banerjee today announced the launch of a credit card with a limit of ₹10 lakh for students. A student – up to the age of 40 – who has lived in Bengal for 10 years will be eligible for the card, which can be used to avail loan for higher studies in India or abroad. “No guarantor is required for this loan. The state will give the guarantee,” Ms Banerjee said in an online press conference, calling it a “unique scheme”.
Ms Banerjee told reporters that the loan would be available for undergraduate, postgraduate, doctoral and post-doctoral studies in India or abroad. It may also be available to students studying in coaching classes for competitive exams.
The Chief Minister said that loan can be taken for course fee, tuition, hostel fee, books, study material, computer or laptop. Loans can be taken from any bank – government-run or private – or even cooperative organizations. Any student taking a loan of ₹10 lakh on the card will have 15 years to repay it.
“Students can apply for this loan online, it can be in the middle of a course also. After this, parents will not have to worry about the education of their children. Students do not need to come under pressure. No need and run from pillar to post for an education loan,” said the chief minister. He said, “I hope that in the days to come, this loan will help the students to fulfill their dreams. I would ask my student friends to forget about money and focus on their studies.”
The Government of Bengal is the first government to offer a student credit card. Bihar is in the process of organizing it. Currently, credit cards for students are offered by only a few private banks, including ICICI Bank, HDFC Bank and Axis Bank. State Bank of India also offers a secured card against fixed deposit of ₹5000.
Most of the cards offered by banks have a nominal joining or annual fee and come with a host of rewards including fuel surcharge waiver, cash-back at departmental stores, points on online transactions and even the birthday of the card holder.
West Bengal Student Credit Card Scheme:
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