Bengal to launch credit scheme for students to pursue higher studies

The West Bengal government will on Wednesday launch a scheme under which students can avail credit up to ₹10 lakh to pursue higher studies in India and abroad. The scheme was among the ruling Trinamool Congress (TMC)’s poll promises and was approved by the state Cabinet on June 24.

Around two million students are eligible for the scheme. “Parents would not have to sell their properties to help their children pursue higher education. With this money, students can pursue graduation, post-graduation, professional courses, diploma, PhD, post-doctorate and can even go for research...in both India and abroad,” chief minister Mamata Banerjee said last week.

There will be a credit limit of ₹10 lakh under the scheme at the interest rate of 4% with the provision of easy repayment. “Anyone aged up to 40 and who has resided in the state for at least 10 years can avail this. It is a soft loan for the students for which they do not have to bring any guarantor. The state government would be the guarantor. Students can repay the loan within a period of 15 years after getting a job,” said an official.

Banerjee will launch the scheme. The state government will also launch a portal for students to register for it.

The TMC government has also started distributing ₹10,000 among students of Class 12 to help them purchase laptops for online classes during the pandemic. Schools and colleges are closed in West Bengal and the state government has also cancelled the board exams.