West Bengal: Student credit card scheme crosses over one lakh sanctioned loans, says CM

KOLKATA: West Bengal Chief Minister Mamata Banerjee on Friday said that the state's Student Credit Card scheme has crossed a major milestone, with over one lakh loan cases sanctioned. Banerjee, in a post on X, said the flagship initiative, aimed at supporting higher education, allows students to avail themselves of loans up to Rs 10 lakh at a nominal interest rate, with the entire interest subsidy borne by the state government.

"Happy to share that under our Student Credit Card Scheme, the number of sanctioned cases has crossed today the landmark figure of 1,00,000," CM Banerjee said. She said the scheme will continue to help "budding talents" pursue their academic and career goals and extended her wishes to all students for a "very prosperous future."

"In this flagship scheme of our government, the students are provided education loan up to Rs 10 lakh at a very nominal interest rate. The interest subvention/ subsidy amount is entirely borne by the state government. "The scheme will continue to assist the budding talents in reaching their desired goals," Banerjee added.

The Student Credit Card Scheme was launched in 2021 to make education more accessible by reducing the financial burden on students seeking to study in India or abroad.