Has Nitish Kumar Launched Interest-Free Loans for Students?
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Synopsis
In a significant move for education in Bihar, Chief Minister Nitish Kumar has declared that loans under the Student Credit Card Scheme will be interest-free for all students. This initiative aims to remove financial barriers and promote higher education in the state.
Key Takeaways
- Loans up to Rs 4 lakh now available interest-free.
- Repayment period extended for better financial flexibility.
- Targeted at fostering higher education.
- Inclusive support for all student categories.
- Aims to elevate Bihar's education landscape.
Patna, Sep 16 (NationPress) As the Bihar Assembly elections approach, Chief Minister Nitish Kumar has unveiled a groundbreaking initiative to support students aspiring for higher education. The loans provided under the Bihar Student Credit Card Scheme (BSCCS) will now be entirely interest-free for all applicants.
Eligible students can secure education loans of up to Rs 4 lakh under this scheme.
Previously, general applicants were charged a 4 percent interest rate, while women, divyang, and transgender applicants faced a 1 percent interest rate.
With this new policy, all student categories will benefit from a zero interest rate.
According to the Chief Minister's announcement, the repayment period for loans up to Rs 2 lakh has been extended from 5 years (60 EMIs) to 7 years (84 EMIs).
For loans exceeding Rs 2 lakh, the repayment period has been increased from 7 years (84 EMIs) to 10 years (120 EMIs).
In a post on social media, CM Nitish Kumar stated: “Under the Bihar Student Credit Card Scheme, students who have completed Class 12 and wish to pursue higher education are eligible for loans up to Rs 4 lakh. I am thrilled to announce that this amount will now be interest-free for all candidates. This decision will ensure that financial barriers do not prevent any student in Bihar from accessing higher education.”
“Our goal is to maximize the number of students in the state receiving higher education. The incentives associated with these education loans will uplift the spirits of the students, enabling them to pursue their studies with greater motivation and commitment. This will contribute to shaping their futures as well as those of the state and the nation,” he added.
The Student Credit Card Scheme, inaugurated on October 2, 2016, as part of Nitish Kumar’s flagship 'Saat Nishchay Yojana', was established to assist economically disadvantaged students.
This recent reform aims to substantially enhance the higher education enrollment rate in Bihar and empower its youth.
Point of View
It is crucial to acknowledge the significance of Nitish Kumar's announcement regarding interest-free loans. This initiative embodies a step towards inclusivity in education, addressing the financial hurdles that many students face. By fostering access to higher education, the government is not only enhancing individual prospects but also contributing to the socio-economic development of Bihar.
NationPress
21/09/2025
Frequently Asked Questions
What is the Bihar Student Credit Card Scheme?
The Bihar Student Credit Card Scheme is a government initiative aimed at providing financial support to students wishing to pursue higher education, offering loans of up to Rs 4 lakh.
What changes have been made to the repayment terms?
The repayment duration for loans of up to Rs 2 lakh has been extended from 5 years to 7 years, while loans above Rs 2 lakh will now have a repayment period of 10 years.
Who is eligible for the interest-free loans?
All students applying under the Bihar Student Credit Card Scheme are now eligible for interest-free loans, regardless of their category.
When was the Student Credit Card Scheme launched?
The scheme was launched on October 2, 2016, as part of the 'Saat Nishchay Yojana' initiated by Chief Minister Nitish Kumar.
How does this initiative impact higher education in Bihar?
This initiative aims to significantly boost the enrollment rate in higher education across Bihar, empowering students and enhancing their future prospects.
