Bihar CM Nitish Kumar announced a major relief for students under the Bihar Student Credit Card Scheme (BSCCS). Loans up to Rs 4 lakh will now be completely interest-free for all categories, with extended repayment periods of up to 10 years.
Nitish Kumar. Image/ File pic
With just a few days to go for the much-anticipated Bihar elections, the Bihar CM Nitish Kumar has come up with another new scheme. CM Nitish Kumar on Tuesday announced a major relief for students seeking higher education.
As reported by the news agency IANS, loans taken under the Bihar Student Credit Card Scheme (BSCCS) by the students of Bihar will be completely interest-free for all applicants.
The scheme also allows students to avail of up to a Rs 4 lakh education loan under the scheme without paying any extra interest.
Earlier, general applicants paid 4 per cent interest, and women, Divyang, and transgender applicants paid 1 per cent interest under this scheme launched by the Bihar Government.
However, after Nitish Kumar’s announcement of the scheme, under the new system, there will be a zero-interest rate for all categories of students.
As per the announcement by the Chief Minister of Bihar, for loans up to Rs 2 lakh, the repayment period has been extended from 5 years (60 EMIs) to 7 years (84 EMIs). Whereas for the loans above Rs 2 lakh, the repayment period is extended from 7 years (84 EMIs) to 10 years (120 EMIs), giving a major boost to students looking to avail student loans for higher studies.
CM Nitish Kumar, while posting on social media, also asserted that, “Under the Bihar Student Credit Card Scheme, students who pass Class 12 and want to pursue higher education are provided loans of up to Rs 4 lakh. I am very happy to inform you that this amount will now be interest-free for all applicants. This decision will ensure that no student in Bihar is deprived of higher education due to financial constraints.”
Bihar CM further asserted that, “Our aim is that the maximum number of students in the state should get higher education. These facilities given in the education loan provided for higher education will boost the morale of the students, and they will be able to pursue education with more enthusiasm and dedication. This will help them shape not only their own future but also the future of the state and the country,” as cited by news agency IANS.
The Student Credit Card Scheme was launched on 2 October 2016 under Nitish Kumar’s flagship 'Saat Nishchay Yojana'. The scheme mainly focuses on strengthening the education infrastructure of the state and supporting economically weaker students.
With this latest reform, the government hopes to significantly raise Bihar’s higher education enrolment rate and empower its youth.
(With inputs from IANS)
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