West Bengal’s student credit card scheme | All You Need to Know

         Post West Bengal Polls, in which TMC won the election, Chief Minister Mamata Banerjee announces a Student Credit Card Scheme. The announcement was made on 30 June ‘21 as a follow up to the promise TMC made in their manifesto. Mamata Banerjee took to Twitter to share the launch of the scheme, which in its core aims to make the “youth of Bengal self-reliant”. In the tweet, she explained that through the Credit Card Scheme a student could avail of a loan up to 10 lakh rupees, on which an annual simple interest would be levied. Further, she shared the criterion of applying for the scheme, which will be discussed in depth below –

Here is everything you should know about the credit card scheme

What is Student Credit Card Scheme?

         The Student Credit Card Scheme is an initiative taken by the West Bengal State Government to provide financial assistance to students in Bengal. Any Student who has been residing in Bengal for more than 10 years and is enrolled in any educational institution can avail of a Loan of up to 10 Lakhs, in parts or at a time to pursue further education.

How is it beneficial for The Students?

         This scheme can be really beneficial for students, as it can remove the hurdle of financial instability. It will give them support to pursue education without worrying about securing a loan. Under this scheme, no guarantor or collateral would be required as the Government itself is claiming a Guarantee.

Who is eligible for the Student Credit Card Scheme?

         Students below the age of 40, who have been a resident of West Bengal for more than 10 years are eligible to apply for the scheme. Students from all economic backgrounds can apply as there is no restriction based on Household Income. The Loan should only be available for educational purposes and it can be used for pursuing undergraduate, postgraduate, or doctoral courses in both India as well as abroad. Students enrolled in coaching institutes preparing for Engineering, Medical, Law & Administration and such other courses can also avail the credit scheme.

Process of applying for Student Credit Card Scheme

  • The Student Loan through the Credit Card Scheme can be obtained from the National Cooperative Bank and its affiliated central cooperative banks, regional central cooperative banks, and public and private sector banks operating in West Bengal.
  • Students need to apply online through a portal maintained by the Ministry of Higher Education. The request has to be made through the corresponding educational institution where the student is currently admitted.
  • When applying to the Ministry of Higher Education through their respective institutions, students must link preferably his AADHAR card or X registration number with the relevant portal.
  • The student must make a self-declaration request that will be attached to the form.
  • Students using loans must upload their transcripts/schedules after completing the exams each semester/year.
  • A separate dashboard will be maintained for educational and financial organisations to keep track of each student with the help of a detailed report.

To apply visit : https://wbscc.wb.gov.in/Applicant_Registration