CURRENT AFFAIRS

Detailed explanation-1: -The West Bengal Chief Minister Mamta Banerjee launched the “Student Credit Card Scheme” on 30 June 2021. Now, students can get a maximum Rs. 10 lakh loan with a nominal interest rate of 4% simple interest per annum. Further details about Student Credit Card West Bengal are shared below.

Detailed explanation-2: -Under the CGFEL scheme you can get a loan up to Rs 10 lakh for study in India and up to Rs 20 lakh for studying abroad. But, if you take a loan of more than Rs 7.5 lakh, the bank may ask for collateral for the loan amount. The bank may also ask you to deposit margin money and seek third-party guarantee.

Detailed explanation-3: -Student Credit Card Scheme of Government of West Bengal launched to provide study loan at nominal interest – Application developed by NIC, WB. within and outside India. availed under this Credit Card including the Moratorium/repayment holiday.

Detailed explanation-4: -90% of the expenditure of the course subject to maximum loan limit of Rs. 15.00 Lakh per student (For study in India), the balance will be borne by student/SCA. 85% of the expenditure of the course subject to maximum of Rs. 20.00 Lakh per student (For study in abroad), the balance will be borne by student/SCA.

Detailed explanation-5: -West Bengal issues ‘Student Credit Card’ among beneficiaries Students can borrow up to Rs. 10 lakh through this scheme at a low annual interest rate.