Collateral security free loan up to ₹10 Lakhs
  • West Bengal

Whereas, the State Government in the School Education and Higher Education Departments has made a huge
expansion in the school/ higher education institutions as well as its infrastructures and other academic facilities since
2011, resulting thereby an increase of Gross Enrolment from 11.8 lakhs to 16.6 lakhs at Higher Secondary level after
passing Class X and 13.24 lakhs to 21.61 lakhs at higher education level, and Whereas, the State Government has upgrading 2700 schools to Secondary/ Higher Secondary level and set up 19 new State-aided Universities, 11 Private Universities and 51 new General Degree colleges since 2011. Every year about 12.00 lakhs and 9.5 lakhs students qualify Class X and class XII exams respectively in the State of West Bengal, to pursue the higher studies in schools, Madrasahs, colleges, Universities and other institutes like IITs, IIMs, IISc, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, BITS, SPA, NID, IIFTs, ICFAI Business School etc. or studying in various coaching institutes for appearing in different competitive examinations like IAS, IPS, WBCS, SSC etc. About 38 Lakh students take admission at Secondary (class X), Higher Secondary (Class XI & XII), UG and PG levels respectively in the State every year, and Whereas, in order to enhance the quality of higher education and to facilitate meritorious poor students, the State Government has already started Swami Vivekananda Merit-cum-means scholarship Scheme and Kanyashree Prakalpa (K3) for college/ University going students and every year about 1, 40,000 students avail the benefits under these Schemes, and Whereas, in order to further encourage the students to pursue higher studies and to facilitate them with necessary funds for pursuing the same, the State Government proposes to support the students by providing a Credit Card, having  a maximum limit of Rs. 10 lakhs available at nominal rate of 4% simple interest rate per annum, so that the students can avail necessary fund as and when needed for their studies, and

Therefore, in view of the above the following scheme is adopted to achieve the above-mentioned purposes: –


1.Short title and Commencement: –

    • This scheme shall be called the West Bengal Student Credit Card
    • It shall come into force from the date of publication in the Official

2. Definitions: –

Unless the context otherwise requires, the following words shall have the meaning assigned against each of them under this scheme as follows: –

  • “Academic year” means the annual period during which academic instructions are provided to the students generally commencing from 1st of July, every
  • “Bank” for the purpose of this Scheme means the State Co-operative Banks or Central Co-operative Banks or District Central Co-operative Banks or any other Public and private sector Banks, as may be determined and notified by the State Government from time to
  • “College” includes Private self-financing
  • “Course fee” includes tuition fees, examination fees, library fees, caution deposits etc., to be charged by the School, College, University, or Institution in which the student concerned is receiving academic
  • “Credit Card” for the purpose of this scheme shall means a physical plastic card issued by the Bank against which the holder i.e., the student borrower can avail specific financial services on credit up to a specific amount on some specific rate of interest upon executing an appropriate loan
  • “Institute” means an institution imparting secondary/ higher secondary level education and above in any branch of
  • “Legal guardian” means a person having been in charge of a student (in absence of his Father and Mother, including stepfather and stepmother) lawfully, as permitted under the personal law of inheritance and succes- sion of the student concerned or some other person declared as such, by any competent court of Law in India.
  • “Living expenses” means an expense incurred by a student for living outside from his residence during the course of
  • “Professional course” includes the courses done in medicine, surgery, engineering, architecture, law, busi- ness, economics, accountancy, physiotherapy, psychology, technology, education, etc. which are recog- nized by any statutory authority in India constituted as such under any Central or State enactments or any statutory authority of any other
  • “Resident of West Bengal” means a student, or his parent or legal guardian is residing in West Bengal at least for a period of 10 (Ten) years preceding the date of application made under this
  • “School” means school providing secondary and higher secondary education and includes private schools under the administrative control of the boards/ councils active in the State of West
  • “Student” means a student pursuing education from class 10 onwards from a recognized Board active in the State of West Bengal or studying in various coaching Institutes or pursuing undergraduate/ postgraduate degree or professional or diploma courses including research scholar pursuing doctoral or post-doctoral research
  • “State Government” means the Government of West Bengal in the Higher Education
  • “University” includes Private Universities and Deemed
  • 3. Objective of the Scheme: –

  • The Student Credit Card Scheme outlined herein aims at providing financial support/
    assistance by the State Government at a nominal interest rate (with suitable guarantees to the bank) to the students
    residing in West Bengal for at least 10 years and pursuing education from class 10 onwards, or studying in various
    coaching institutes for appearing in different competitive examinations like Engineering/ Medical/ Law, IAS, IPS,
    WBCS, SSC etc., UPSC, PSC, SSC etc., and pursuing Undergraduate, Postgraduate courses including professional degree, Diploma courses and research at doctoral/ post-doctoral level or other similar courses in schools,
    Madrasahs, colleges, Universities and other institutes like IITs, IIMs, IIESTs ISIs, NLUs, AIIMSs, NITs, XLRI,
    BITS, SPA, NID, IISc, IIFTs, ICFAI Business School etc., within or outside the country, who are unable to
    pursue higher education due to financial constraints. The main emphasis is that students are provided with an
    opportunity to pursue higher education, with the financial support from the banking system with reasonable and
    affordable terms and conditions. Under this Scheme the aspiring students may upon fulfilling the terms and conditions detailed herein, obtain maximum loan of Rs. 10.00 lakhs at the rate of 4% simple interest from State Cooperative Banks and its affiliated Central Cooperative Banks and District Central Cooperative Banks and Public
    Sector/ Private Sector Banks operating in the State of West Bengal.
  • 1.   Purpose: –

    1. Under this scheme the Credit Card may be used to avail loan to meet up the following expenses: –
      • Course fees payable to the School/ Madrasah/ College/ University / Professional Institutes like IITs, IIMs, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, IISCs, BITS, SPA, NID, IIFTs, ICFAI Business School various competitive coaching institutes meant for different competitive examinations like Engineering/Medical/Law, IAS, IPS, WBCS, SSC etc.
      • Fees required for accommodation in School/ Madrasah/ College/ University/ Institution hostel or rent/ license fees payable for living outside the hostel or fees required for living as a Paying
      • Fees payable for caution deposit/ building fund / refundable deposit/ examination/ library/ laboratory fees to be supported by Institution’s bills/
      • Cost of purchasing of books/ Computer/ Lap-top/ Tablet/ equipment
      • Any other expense required to complete the course such as study tours, project works, thesis,
      • The student can incur expenditure up to 30% of the total loan sanctioned for non-institutional expenses for the whole course of
      • Up to 20% of the total loan sanctioned can be used as living expenses for the duration of the
    2. Expenses incurred in any of the above purposes shall have to be reported to the bank and the Department via online Portal with proper receipts/ bills/ documents by the concerned



Leave a Reply

Your email address will not be published. Required fields are marked *