Nitish government removed interest burden from education loan

Giving a big relief to the students before the election year, the Nitish Kumar-led Bihar government has announced that no interest will be charged on the education loan given under the Bihar Student Credit Card Scheme. Bihar Chief Minister Nitish Kumar shared this information through a post on social media and described it as a step to reduce the financial burden on aspiring students. Nitish wrote on Twitter that the Bihar Student Credit Card Scheme is in force from 02 October 2016 for students who have passed class 12 under the 07 Nischay Yojana in Bihar and want to pursue higher education. The Chief Minister further said that under the Bihar Student Credit Card Scheme, a maximum education loan of Rs 04 lakh for pursuing higher education is given to the general applicant at 04 percent interest rate and to women, disabled and transgender applicants at only 01 percent interest rate. He said that I am very happy to inform that now the amount of education loan given under the Student Credit Card Scheme will be interest-free for all applicants. Nitish said that there was a provision to repay the education loan up to Rs 2 lakh in 60 monthly installments (5 years), which has now been increased to a maximum of 84 monthly installments (7 years) and the loan amount above Rs 2 lakh has been increased from 84 monthly installments (7 years) to a maximum of 120 monthly installments (10 years). He said that our aim is that maximum number of students of the state can get higher education. These facilities provided in the education loan for higher education will increase the morale of the students and they will be able to get higher education with more enthusiasm and dedication and will be able to shape their future as well as the future of the state and the country.