KOLKATA: The state government on Friday said banks had sanctioned loans to the tune of Rs 412.89 crore to 20,000 students under the Student Credit Card scheme.
The scheme, introduced on June 30, 2021, offers a collateral-free loan to students up to Rs 10 lakh at 4% percent simple interest per annum and the state provides the bank guarantee. A concession of 1% interest is provided to the borrower if the interest is fully serviced during the study period. Locals have 15 years for repayment.
MoS (finance) Chandrima Bhattacharya, while reading out the budget, said 1,12,745 applications were received. “Of them, 1,07,899 applications were forwarded to banks, which approved loan of Rs. 412.89 crore,” she said.
