Mamata Banerjee launches scheme to provide soft loans of up to Rs 10 lakh to students for higher studies

By Express News Service
KOLKATA: Launched 10 days ago, the Students Credit Card, a promise made by CM Mamata Banerjee eyeing young electorates’ support ahead of the Bengal elections, has received more than 25,000 applications. 

The populist scheme. offering pupils a loan of Rs 10 lakh without guarantor, was one of the key factors that secured the support of the young voters in favour of the TMC. 

“The applications we received till date covers Rs 1,355 crore. The number of applications is expected to go up. It (the scheme) covers students right from Class X to those pursuing higher education which include researchers. Students up to the age of 40 can apply. The beneficiaries will get 15 years to repay the loan with a nominal interest rate of 4 per cent,’’ said an official.