Bihar college students can quickly avail interest-free loans:Nitish

Bihar Chief Minister Nitish Kumar on Tuesday introduced that interest-free loans shall be offered to college students underneath the Bihar Student Credit Card Scheme.

Earlier, training loans of as much as ₹4 lakh have been offered at an rate of interest of 4% to male candidates, and 1% to feminine, differently-abled, and transgender candidates who’ve handed the Class 12 examinations. The Bihar Student Credit Card Scheme has been in impact since October 2, 2016.

Mr. Kumar shared the knowledge on social media platform ‘X’ saying, “I’m extraordinarily happy to tell you that now the training mortgage offered underneath the Student Credit Card Scheme shall be interest-free for all candidates. Additionally, the availability for repaying an training mortgage of as much as ₹2 lakh in 60 month-to-month instalments (5 years) has now been prolonged to a most of 84 month-to-month instalments (7 years).”

He additional stated, “For mortgage quantities above ₹2 lakh, the reimbursement interval has been prolonged from 84 month-to-month instalments (7 years) to a most of 120 month-to-month instalments (10 years). Our goal is to make sure that as many college students within the State can pursue greater training.”

Mr. Kumar added that the transfer will increase the morale of scholars, enabling them to pursue greater training with larger enthusiasm and dedication, thereby shaping not solely their future but additionally the way forward for the State and the nation.

While addressing the NDA employees’ convention in Sheikhpura Assembly seat, Janata Dal (United) State president Umesh Singh Kushwaha described the announcement as a historic step.

He stated this initiative is not going to solely present greater training alternatives to college students from economically weaker households, but additionally empower the training sector of Bihar and take the general growth of the State to new heights.