Bihar News: Bihar Chief Minister Nitish Kumar announced significant reforms in the Bihar Student Credit Card Scheme, aimed at empowering students to pursue higher education without financial constraints.
Nitish Kumar Announces Interest-Free Student Credit Card Scheme in Bihar to Promote Higher Education
Under the “07 Nishchay Yojana,” implemented since October 2, 2016, students who have passed their 12th standard and wish to pursue higher education are eligible to apply for education loans through the Bihar Student Credit Card Scheme. Previously, a maximum loan of ₹4 lakh was provided at a 4% interest rate for general applicants, and only 1% interest for women, differently-abled, and transgender candidates.
In a landmark decision, Nitish Kumar declared that now all applicants will receive interest-free education loans under this scheme. This step is expected to significantly reduce the financial burden on students and encourage more youth to pursue higher education.
Additionally, the loan repayment terms have been made more flexible:
For loans up to ₹2 lakh, the repayment period has been extended from 60 monthly installments (5 years) to a maximum of 84 monthly installments (7 years).
For loans exceeding ₹2 lakh, the repayment period has been increased from 84 monthly installments (7 years) to a maximum of 120 monthly installments (10 years).
The Chief Minister emphasized that the primary objective of these reforms is to ensure that as many students as possible from Bihar can access higher education without facing financial hurdles. He added that the new measures will boost students’ morale, encouraging them to focus more on their studies and future career prospects.
Nitish Kumar concluded by highlighting the long-term benefits: “Through these progressive steps, our students will not only secure their individual futures but will also contribute to the development of Bihar and India as a whole.”
