Student Credit Card Scheme: The Bihar government’s Student Credit Card scheme is proving to be a boon for thousands of students in the state who were unable to pursue higher education due to financial constraints. Through this scheme, the government provides financial assistance to needy students so that the lack of money does not hinder their talent. Over time, the government has taken several important steps to make this scheme simpler and more student-friendly.
Interest Waiver on Loans Provides Great Relief to Students
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Recently, the government made a major announcement for students associated with the Student Credit Card scheme. The interest amount has now been waived for students who have completed their studies using loans under this scheme. This will directly benefit students who have not yet found a job after graduation or who were under pressure to repay the loan. Now, students will only have to repay the principal amount.
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Up to Four Lakh Rupees Available for Education
Under this scheme, the Bihar government provides loans of up to four lakh rupees for higher education. Earlier, interest was also charged on this loan, but after the new decision, the burden of interest has been eliminated. This will provide mental and financial relief to thousands of students in the state.
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Loan Repayment Period Also Extended
The government has not only limited the relief to interest waiver but has also increased the loan repayment period. For students who have taken loans up to two lakh rupees, the repayment period was previously five years, which has now been extended to seven years. For students who have taken loans exceeding two lakh rupees and up to four lakh rupees, the repayment period has been increased from seven years to ten years. This will significantly reduce the burden of monthly installments.
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DRCC Officials Provide Update
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Sangeeta Kumari, Assistant Manager (Scheme) at the Jehanabad District Registration and Counseling Center, said that significant amendments have been made to the Student Credit Card scheme recently. She said that the interest amount has been waived for students who have not yet repaid their loans. In Jehanabad district, a target of 1450 beneficiaries was set under this scheme this year, which has been almost achieved.
An initiative to secure the future of students
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The government believes that it may take time for students to find employment after completing their studies. In such a situation, the pressure of loan repayment can force them to make wrong decisions. Interest waivers and longer repayment periods will give students the opportunity to build a stable career and become self-reliant.