Fulfilling one of the poll promises, West Bengal chief minister Mamata Banerjee announced the launch of a credit card for students with a limit up to Rs 10 lakh.
While announcing the launch of the facility for the students on Thursday during an online press conference, Banarjee said, “No guarantor is needed for this loan. The state will stand guarantee.”
Chief minister Banerjee termed it a “unique scheme”.
The scheme can be availed by a student, aged up to 40 years, who has lived in West Bengal for 10 years.
The credit card can be used to get a loan for higher studies in India or abroad.
Chief minister Banerjee told the reporters that the loan will be available for undergraduate, postgraduate, doctoral and post-doctoral study in India or abroad.
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The loan can also be available for students studying in coaching classes for competitive examinations.
The chief minister said the loan can be taken for course fees, tuitions, hostel fees, books, study materials, computers or laptops.
The students will be able to take the loan from any bank whether it is government-run or private or even cooperative organisations.
Any student, who takes a loan of Rs 10 lakh using credit card, will have 15 years to repay the amount with interest.
Chief minister Banerjee said the students can apply online for availing of the loan and it can also be in the middle of a course.
She said parents will not have to worry about the education of their children.
“Students need not be under pressure and run from pillar to post for an education loan,” she said.