Student credit cards: Those passing class 12 exams to get interest-free loans in THIS state

(PTI) Under the Student Credit Card Scheme, Bihar government on Tuesday announced that interest-free loans will be provided to students who passed the class 12 board examinations to help them pursue higher education.

Earlier, education loans of up to ₹4 lakh were provided at an interest rate of 4 per cent to general male applicants, and 1 per cent to female, differently-abled, and transgender applicants.

Interest-free loans

"Now, the loan will be interest-free for all applicants," Chief Minister Nitish Kumar said in a post on X.

The Bihar Student Credit Card Scheme has been in effect since October 2, 2016.

He also said the provision for repaying a loan of up to ₹2 lakh in 60 monthly instalments has now been extended to a maximum of 84 monthly instalments.

"For loans above ₹2 lakh, the repayment period has been extended from 84 monthly instalments to a maximum of 120 monthly instalments," he said.

Kumar said the objective of his government is to ensure that students can pursue higher education.

He said the decisions will boost the morale of students, enabling them to pursue higher education with greater enthusiasm and dedication, thereby shaping not only their own future but also the future of the state and the country.

Meanwhile, students can also seek education loans or even personal loans if they fall short of funds as they pursue their academic endevours.

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