Student Credit Card Scheme
| Student Credit Card |
About Student Credit Card Scheme :
The honorable CM of West Bengal Ms. Mamata Banerjee
has announced a scheme for the students of West Bengal named Student Credit
Card Scheme. According to the scheme any student of Bengal can apply for a loan
of maximum 10 lakh Rupees at minimum interest. And most importantly The Banks
will not insist on any security /collateral security in tangible/ intangible
form other than co-obligation of the parents/ Legal guardians.
Eligibility to apply for Student Credit Card:
1. The
student seeking loan under the scheme should be an Indian national and resident
of West Bengal for the last 10 years
2. The
interested students should not be aged more than 40 (forty) years at the time
of applying for loan
3. Students
of Class X and Onwards can apply for Student Credit Card Loan
Details of Student Credit Card Loan Amount :
· The
Maximum Amount of loan you can apply is 10 lakh. And the interest you have to
pay is 4% at Simple Interest rate.
· 1%
interest concession will be provided to the borrower if the interest is fully
serviced during the study period
Mode of Disbursement: –
· The
amount of loan will be credited directly to the designated account of the
Institution concerned in case of payment of course fees and other fees related
to the Institution.
· The
amount of loan will be credited to the student’s Bank account for purchasing of
Computer/ Laptop/ books/ stationeries/ living expenses etc.
Repayment: –
· Repayment
period shall be fifteen (15) years for any loan availed under this student
Credit Card scheme
· The
student or the co-borrower, as the case may be, shall be liable to repay the
loan on time as 1st charge.
Most Important Points :
1. A
student can avail loan under this scheme for the Current Course only. You have
to submit admission receipt during the Application Process of the Loan.
2. Course
fees also payable to various competitive coaching institutes for different
competitive examinations like IIT JEE, WBJEE, UPSC,WBCS etc.
3. There
will be a moratorium or repayment holiday of Maximum one year under this
scheme. And Repayment Holiday or Moratorium is included in your 15y Period. 4%
interest will be continued to charge in this period.
4. You
cannot apply for the loan unless you are in a Regular Course Like – Graduation,
Masters, PhD, MBBS, Nursing, CA, Engineering, Paramedical etc. You cannot apply
for Student Credit Card while you are doing some Distance Course.
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