Kolkata: The West Bengal cabinet on Thursday approved the student credit card scheme, which the Trinamool Congress (TMC) had promised in its election manifesto. CM Mamata Banerjee informed about the cabinet's decision. With the help of student credit card, students will be able to avail soft loans up to Rs 10 lakh for higher studies.

Banerjee said the Cabinet has given the green signal to the Student Credit Card Scheme. Any student who has been living in West Bengal for 10 years can take advantage of it. The loan will be provided for graduation, post-graduation, doctorate and post-doctoral studies in India or abroad. The scheme will be launched in the state from June 30. CM Mamata said students up to the age of 40 years are eligible for the scheme. She said that no one will have to save a house to get education, nor will the parents of the students have to worry. The state government will be the guarantor of loans up to Rs 10 lakh. He said the state government is standing with students. Students will be able to repay this loan after getting a job.

CM Mamata further said, "A student will be given fifteen years to repay the loan after getting a job". The process of availing this loan has also been facilitated. Online application for student credit card can be made. The Trinamool Congress (TMC) had promised such a scheme in its election manifesto during the election of the West Bengal Assembly and is now being implemented.

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