Kolkata: Further to the pre-election promises, Mamata Banerjee had announced today, the launch of credit card for students with a limit of Rs. 10 lakh, thereby, meeting one of the key promises. Students up to age 40 who have lived in Bengal for at least ten years are eligible for the card, which will allow them to apply for loans for higher education in India or abroad. ‘No guarantor is needed for this loan. The state will stand guarantee,’ Ms. Banerjee said at an online press conference, declaring it a ‘unique scheme’.
Ms. Banerjee told reporters that the loan is available for undergraduate, postgraduate, doctoral, and postdoctoral studies in India and abroad. It could also be open for students studying in coaching classes for competitive exams.
The loan can be used for course fees, tuition, hostel fees, books, study materials, computers or laptops, according to the Chief Minister.
The loan may be obtained from any bank — government-owned or private — or even a cooperative organization.
Students who obtain Rs.10 lakh loan on the card will require 15 years to repay it.
‘Students can apply online for this loan, it can even be in the middle of a course. After this, parents will not have to worry about the education of their children. Students need not be under pressure and run from pillar to post for an education loan,’ the Chief Minister said. ‘I hope that in the coming days, this loan will help the students fulfil their dreams. I’d ask my student friends to forget worrying about money and focus on their studies,’ she added.
Bengal is among the first to offer credit cards to students. Bihar is in the way of organizing it.
At present, credit cards for students are only given by some private banks, including ICICI Bank, HDFC Bank and Axis Bank.
The State Bank of India also proposes a secured card against a fixed deposit of Rs. 5000.
In most cases, bank cards come with a nominal fee and offer a variety of rewards, such as a fuel surcharge waiver, cash-back in department stores, points on online transactions, and even additional points for use during a card holder’s birthday month.
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