By Admin 
There has been good news from the Bihar government for thousands of students who dream of getting higher education. Chief Minister Nitish Kumar has made a big change in the Student Credit Card Scheme and announced that now students will not have to pay any interest on the education loan received under this scheme. Along with this, the time limit for repaying the loan has also been increased in advance, so that the students do not get additional burden.
When and why the plan started?
The Student Credit Card Scheme in Bihar was launched on 2 October 2016 under the “Saat Nishy Yojana”. Its purpose was to help those students who are unable to get higher education due to weak economic conditions. Under this scheme, 12th pass students get education loan of up to Rs 4 lakh.
What was the rule earlier?
In the early stages of the scheme, general students had to pay 4% interest on loans, while interest rates for women, disabled and transgender students were kept only 1%. Also, there was a provision to repay loans up to Rs 2 lakh in 60 installments i.e. 5 years. At the same time, a loan above 2 lakhs had to be repaid in 7 years.
What have changed now?
Chief Minister Nitish Kumar has announced that now the education loan under this scheme will be completely interest-free. That is, students will not have to pay any kind of interest. Along with this, the deadline for paying installment has also been extended. Now a loan up to Rs 2 lakh can be returned in 7 years (84 installments). There will be a facility to return more than 2 lakh loans in 10 years (120 installments).
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Nitish Kumar’s message
The Chief Minister said in the social media post, our aim is that more and more children of the state can get higher education. The new facilities being provided in education loans will increase the morale of the students and they will be able to improve the future of themselves and the state by studying enthusiastically.
What are the benefits for students?
- Now you will not have to worry about money for studies.
- After getting the job, you will have to pay the installment without interest easily.
- Due to the long installment period, there will be no sudden burden on the family.
- This scheme will be even more helpful for women, disabled and weaker sections.
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Education loan information:
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