Centre’s intervention sought for coverage of Bihar Student Credit Card Scheme

Patna,(BiharTimes): Chief minister Nitish Kumar has sought Centre’s intervention for coverage of Bihar government’s Student Credit Card scheme under the Centre’s Credit Guarantee Fund Scheme for Education Loans (CGFSEL).

The state government is going to launch the Scheme on October 2 next. College students would get loan upto Rs four lakh to carry out their studies further

During his meeting with Union finance minister Arun Jaitley in New Delhi on Tuesday, Nitish handed over a letter to him, demanding the Centre’s assistance in the loan guarantee.

“Bihar’s Gross Enrolment Ratio (GER) for higher education is about 13%. To take advantage of State’s demographic dividend, it is necessary to increase this GER to about 30%. The Bihar Government has approved a scheme ‘Student Credit Card––Educational Loan’ to facilitate loans for the state’s students wishing to pursue higher education in India.

The scheme provides assistance to banks upto 25% of outstanding loans given to students of Bihar. Separately, the Union MHRD notification dated 16.09.2015 has provided for credit guarantee against default in repayment of education loan upto Rs 7.5 lakh,” the letter said.