Mamata Banerjee launches student credit card in West Bengal with Rs.10 lakh loan facility

Chief Minister Mamata Banerjee launching the 'Student Credit Card', at Nabanna in Howrah.

Chief Minister Mamata Banerjee launched a unique credit card facility for students in West Bengal from class 10 onwards to “enable them to realise their dreams”. Announcing the launch of the credit card on June 30, Mamata Banerjee said, “For the first time in the world such a huge project has been launched…. Students can avail themselves of loan up to Rs.10 lakh, and will need no guarantor; the guarantor will be the State government.” A beneficiary is given 15 years to repay the loan.

Students will be able take loan for their graduation, Master’s degree and also for diploma courses, medicine and research work. “Students can avail themselves of the loan even for preparing for competitive exams — enrolling in coaching institutes in which students are preparing for the IAS, IPS, WBCS and others services,” said Mamata Banerjee. She pointed out that the credit card can be used for paying tuition fees, hostel fees, to buy books and computers and laptops and other things related to academics. The credit card can also help those students who wish to enroll themselves in institutions both within West Bengal and outside.

A unique feature of the card is that one is eligible for it until the age of 40. “The reason why we have stretched the age limit to 40 is because often we find people who have had to give up their studies due to lack of funds. But they may still be interested in academics or may want to carry out some kind of research or sit for competitive exams. It is for them that we have allowed the card to be used till the age of 40,” said Mamata Banerjee. She said the loan would be available from all government and private banks in the State. “Now parents need no longer be concerned about the academic future of their children, and the youth need not move from pillar to post for educational loans any more. I hope the student credit card will help fulfill the dreams of many students,” said the Chief Minister. She also warned against possibilities of frauds being committed with the card. “Do not fall for any fraudulent scheme, apply online at the website of the State Education Board,” she said.