The Chief Minister of West Bengal Mamata Banerjee, launched the Students Credit Card Scheme which shall come into effect from June 30, 2021. The decision was in fact, the poll promise of Banerjee’s political party Trinamool Congress and was approved by the cabinet. According to the West Bengal CM, this scheme shall enable students to seek credit up to Rs. 10 lakh without requiring any personal guarantor. The state government will function as the guarantor instead. This scheme is primarily dedicated towards female students and those belonging to minority categories.
Authorities also clarified the eligibility criteria to apply for this scheme. Accordingly, Students within the age of 40 years can avail this scheme. Furthermore, these students must be studying in Class 10 or above to be deemed eligible. This scheme can be utilised to pursue higher studies even at foreign universities. Moreover, students shall be given a duration of 15 years to repay this loan. As per records, the state has approximately 12 lakh students studying in Class 10 and more than 9 lakh students in Class 12.
Banerjee also clarified that the students need not visit any office or authority to apply for the program. They can do so online on the official student portal bangalshiksha.gov.in. As of now, students must wait for the official notification and instructions to be issued on the website. Authorities shall be issuing these documents in due course of time, preferable by June 30, 2021.
According to the CM, the new scheme will be implemented from June 30, 2021, providing relief to many parents while affording higher education for their wards. They would no longer be forced to sell-off their property or entire savings to afford foreign education. This scheme shall begin in five days, providing adequate financial assistance to many students in West Bengal.
By availing this scheme, students will be getting the opportunity to pursue a variety of courses depending on their choice. These courses include diplomas, postgraduate programmes, post-doctoral (PhD) courses etc. It is essentially, a soft-loan policy with adequate credit-limit and loan-refund time given to students. Along with this, various other schemes have also been launched by students who belong to minority categories.
According to Banerjee, another similar credit card scheme called “Krishak Bandhu” was already launched, in accordance with her party’s poll promise. This scheme shall enable farmers to receive Rs.10,000 as financial aid. With the similar aim of financial assistance, this Student Credit Card scheme was launched. Based on this scheme, students shall get a credit limit of up to Rs. 10 lakh as financial assistance.