Bengal student credit card sanctions exceed 1 lakh: CM

Kolkata – In a significant milestone for educational finance reforms, the West Bengal government has sanctioned over 100,000 Bengal Student Credit Card (BSCC) applications, Chief Minister Mamata Banerjee announced recently. The initiative aims to extend financial support to students pursuing higher education and skill development courses, encouraging inclusive growth and educational empowerment across the state.

The Bengal Student Credit Card was launched as part of the state government’s efforts to address the financial challenges faced by students seeking to pursue professional and technical education. Under this scheme, students are provided access to educational loans with easy repayment terms and minimal collateral, thereby reducing the barriers to higher education for economically disadvantaged families.

According to official figures, the number of sanctioned BSCC loans has now crossed the one lakh mark, illustrating strong demand and positive reception from students and educational institutions across West Bengal. The scheme covers a wide range of courses, including undergraduate, postgraduate, diploma, and skill training programs, facilitating a diverse pool of learners to benefit.

The Chief Minister highlighted that the scheme is designed not only to provide financial aid but also to promote skill enhancement and employability, both crucial for the state's growing economy. “The Bengal Student Credit Card has been a game-changer in enabling young minds from all backgrounds to pursue their academic dreams without the burden of upfront financial constraints,” Banerjee remarked during a recent press briefing.

The initiative allows students to avail loans of up to Rs 10 lakh, which can be used to cover tuition fees, accommodation, and other study-related expenses. The repayment starts only after the student secures a job, with a grace period of up to five years. The government has also set up a mechanism to monitor the loan disbursement and utilization, ensuring transparency and accountability.

Financial experts have praised the BSCC scheme for its innovative approach to student loans at the state level, noting that it addresses common issues such as high interest rates and stringent collateral requirements prevalent in traditional loan products. “By simplifying the loan process and providing concessional terms, the scheme has made higher education more accessible to students from weaker economic sections,” stated a senior education policy analyst.

The government continues to encourage eligible students to apply for the credit card through designated portals and financial institutions participating in the program. Efforts are also underway to increase awareness about the scheme in rural and semi-urban areas, where financial constraints often hinder educational progression.

In conclusion, the Bengal Student Credit Card scheme's achievement of sanctioning over one lakh student loans marks a pivotal step toward broadening educational opportunities in West Bengal. By alleviating financial stress and fostering skill development, the state government aims to create a robust foundation for future generations to contribute effectively to the socio-economic development of the region.