Less than two months after roaring back to power for the third time in a row, Bengal Chief Minister Mamata Banerjee delivered on her pre-poll promise, rolling out on Wednesday the much touted students’ credit card that would enable the aspirants to pursue their higher studies from Standard X onwards.
The credit card has an upper limit of Rs 10 lakh, can be availed till the age of 40 even for getting admission into coaching institutes for competitive examinations, the Chief Minister said. “A student who has lived in Bengal for 10 years will be eligible for the card,” Banerjee said adding “the fund can be utilized by those who want to go for higher studies both in India and abroad as also those who want to get coaching for competitive exams.”
No one would be required to produce a guarantor for the loan, she said. “No guarantor is needed for this loan. The state will stand guarantee,” she said adding the “unique scheme would take care of tuition fee, books, coaching fee, study materials, computers, laptops, research works, hostel fees etc… and can be taken from both government and private banks.”
This was a “unique loan” because “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 loan availed on credit card would be repayable in 15 years of time, she said adding the entire system would run online and there would be no need to catch intermediaries or agents. Asking the students to “remain alert against fraudsters” she said “students can apply online for this loan, it can even be in the middle of a course.”
Incidentally, similar loans are currently offered by some private banks only. Most cards offered by banks have a nominal joining or annual fee and some lucrative offers like fuel surcharge waiver, cash-back in departmental stores etc. A senior State official said that he had no information about any other State starting a similar scheme. “I think Bengal is the first … Bihar is perhaps in the process of finalising a similar loan,” he said.