The Bihar government on Tuesday waived interest on education loans provided under the Bihar Student Credit Card Scheme. CM Nitish Kumar in a post on X announced that interest-free education loans will be provided to students who passed the Class 12 exams. "The Bihar Student Credit Card Scheme has been in effect since October 2, 2016, for students who have passed the 12th grade and wish to pursue higher education Under the Bihar Student Credit Card Scheme, an education loan of up to 4 lakh rupees is provided for higher education at an interest rate of 4 percent for general applicants and only 1 percent for female, differently-abled, and transgender applicants. I am extremely pleased to inform you that now the education loan provided under the Student Credit Card Scheme will be interest-free for all applicants," Bihar CM in a post on X mentioned.
"Additionally, the provision for repaying an education loan of up to 2 lakh rupees in 60 monthly installments (5 years) has now been extended to a maximum of 84 monthly installments (7 years). For loan amounts above 2 lakh rupees, the repayment period has been extended from 84 monthly installments (7 years) to a maximum of 120 monthly installments (10 years). Our objective is to ensure that as many students as possible in the state can pursue higher education. These facilities provided in the education loan for higher education 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," the CM posted on X.
The Bihar government's move will give a major relief to students ahead of the election year.
