What is West Bengal Student Credit System?

West Bengal student credit system is scheme designed to support the students of West Bengal to pursue their education without any financial constrains.
It is launched by the Chief Minister of West Bengal, Mamata Banerjee on 30th June, 2021.
Details about the scheme, It supports students who are willing to pursue education even till the post graduate, including degrees like MBBS. It starts offering the loan starting from their secondary schooling.

What are the advantages of West Bengal Student Credit System?

1: Students studying in grade 10th and above will be able to take benefit of this scheme. There is no limit for higher education so they can study and get as many degrees as they wish for.
2: The loan provided through this scheme will be available at a very low rate of interest which will be beneficial.
3: There is sufficient time of 15 years after getting the Job, for them to repay. This could be very convenient.
4: The best thing about this loan is that there is no need for any security requirement as the government will be held responsible.

What are the disadvantages of West Bengal Student Credit System?

1: only 30% of the total loan sanctioned is the upper cap for non institutional expenses that include the cost of living of the whole course as well
2: the applicant or their family must be a resident of West Bengal for at least 10 years prior to the date of the application.
3: If the applicant fails to repay the loan amount the co applicant is bound to do so.
4: no international transaction facility available with the card.

Who implemented this scheme and why?

The West Bengal government has launched this loan on 30th June 2021.
This is truly to support the individuals for their higher studies. No student should lose their educational rights due to their financial instability.

Importance of this scheme

  • West Bengal Student Credit Card system is a scheme that provides eligible individuals with loans for pursuing their higher studies.
  • The implementational cause of this scheme is to provide education without any financial barrier.
  • The importance of this scheme is that it lets each student of Bengal be well trained in their interested field.
  • It leads to weakening the grip of unemployment in West Bengal.
  • As a long-term result, there will be many developments and modifications in West Bengal.
  • The upper age limit is at 40, and there is a clause that the repayment is required fifteen years after getting a job.
  • If there is a payment of the loans during the study period, there is a rebate of 1%.