West Bengal Govt. has launched the student credit card scheme on 1st July 2021. It will allow every student to take up to a 10L education loan at a mere 4% simple interest rate, which can be repaid back over 15 years. It has a fully online application process.
First things first, this is not a traditional credit card, but an upfront loan, which will attract interest.
- This scheme is available for any student who has resided in West Bengal for the past 10 years.
- Anyone who has passed the Secondary Examination is eligible to apply. The upper limit for application is 40 years.
- The student credit card will grant a loan amount of 40L, that can be used against educational expenses like paying school/college fees, higher study needs, etc.
- The interest rate is 4% SIMPLE INTEREST. The interest will not be compounded. This is a relief for the students.
- The loan can be repaid back in 15 years.
- If anyone starts paying back their loan from the beginning onwards, they will get a 1% rebate, so for them, the interest rate will be 3% simple interest only.
The eligibility criteria, how to apply, and all other details are available in this post.