There are many students in all over India who desire for higher education but most of them cannot attain desired education because of many issues. Monetary problem is one of those problems generally students face. Government has existing loan policy for students but they have to pay about 9% interest rates. If they desire to have qualification from big Universities, they need hefty money, so they take hefty loan. Consequences, they fall in burden of loan. Despite having good qualification and higher degrees they are bound to work for underemployment. There are many cases where students had to sell their property or committed suicide.
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| Student Credit Card Scheme 2021 |
But both the central and state governments always tried to introduce new schemes for students for supporting in their studies. Basically, governments are successful in some extent upto middle education. But seems to be fail for higher education.
In this article I am going to discuss about the scheme of West Bengal Government - Student Credit Card Scheme - launched on 30th June, 2021 by WB Chief Minister Mamta Banerjee.
Student Credit Card scheme has given a big relief for students having aspiration to get higher education. Now the West Bengal Government has launched Student Credit Card scheme that will lead benefit for students in various purposes. Main features of SCC are like below:
1. Eligibility - Resident of West Bengal or have resided for at least 10 years in any part of the state.
2. Interest Rate - Students will have to pay 4% simple interest on used principal amount under SCC.
3. Money provision - Students can use 10 Lakh rupees from Student Credit Card.
4. Education course - Students for the purpose of UG (Under Graduate), PG (Post Graduate) or any other higher studies can attain this benefit.
5. Money repay limit - One can repay the money with interest rate within 15 years after getting a job.
6. Educational Institution/Universities - Students can study from any institute/university within India or abroad. There is no restriction for education from a certain state, country or institution.
How till Student Credit Card help students - Before launching of this credit card, students had to apply for educational loan from banks. The loan interest rate was higher about 9% or more. There was no limit of loan sanction amount by the banks. Banks were giving loan to students looking the strata of education and background of belongings. But after getting the Student Credit Card, the students are free to use money anytime with credit limit of Rs. 10 Lakh. There is no hurdle provision in this scheme. Interest rate is very low, 4% of simple interest for repaying the amount. Means, if I have taken a loan of 10,000/- INR from Student Credit Card, I will need to pay only 400/- INR extra. There is no compounding for repaying this interest for limit of 15 years when I get a job. Now, students can more focus on study and there will not be hefty burden of loan on them or on their parents.
In the very next article we shall explain in detail about Registration, Applying etc for Student Credit Card Scheme 2021. This is one of the biggest gift to students of West Bengal by the ruling State Government.
You can watch vide in Hindi: West Bengal Student Credit Card Scheme 2021 | Apply Online for SCC, Registration | WB Scheme 2021
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