By Sampurna Majumder
On Tuesday, Bihar Chief Minister Nitish Kumar announced that education loans under the Student Credit Card Scheme will be made ‘interest-free for all applicants’ who have passed class 12, ahead of the upcoming state polls.
Nitish Kumar also commented on X, saying that this will boost the ‘morale’ of the students to pursue higher studies in the future. “I am extremely delighted to inform you that now the education loan provided under the Student Credit Card Scheme will be interest-free for all students.” Nitish Kumar tweeted on X.
Additionally, the CM expanded the student debt payback period.
The students who have borrowed loans up to 2 lakhs will now get seven years which is 84 monthly instalments instead of five years, and those students who have taken loans will get ten years which is 120 instalments compared to the earlier seven years.
Up to 4 lakh rupees in education loans are being provided for further education at an interest rate of 4% for general applicants and just 1% for female, disabled, and transgender applicants.
The scheme was designed to support the students who want to pursue higher education and was launched on October 2nd, 2016.
Nitish Kumar also said that it is their priority to ensure that any student can access higher education in the state and with these facilities provided to them will boost their morale, enabling them to make decisions for their academic future with greater enthusiasm and dedication.
He further described the decision as an objective to expand educational opportunities and Bihar’s youth, “shaping not only their future but also the future of the state and the country.”