Spend Before You Earn? Number Of Student Credit Cards In Bihar Crosses 25,000

The number of student credit card beneficiaries in Bihar has crossed the 25,000 mark after Bihar State Education Finance Corporation (BSEFC) took over the responsibility of the Student Credit Card (SCC) scheme, Indian Express has reported. The BSEFC is disbursing soft loans for students to pursue higher education. Earlier, the scheme was routed through the banks.

“I am happy to say that BSEFC has started functioning for past three-four months (for disbursing loans under SCC scheme). The scheme has become popular among students. I am told the number of beneficiaries under the SCC scheme has gone up to 25,000 within three-four months of BSEFC starting its work,” the Bihar Chief Minister said. He highlighted this achievement while addressing a function at Mahavir Rameshwar Inter College, Harsiddhi in East Champaran district.

Nitish Kumar added that the scheme had reached 9,000 students in past one and half years when SCC scheme was routed through banks, he said. The interest rates under this scheme is as low as 4 per cent for male students. For female students, specially abled students and transgenders the interest rate is 1 per cent.

Bihar’s gross enrolment ratio (GER) is 13.9 per cent against the national average of 24 per cent. The chief minister said while asserting that he aspires to surpass the national average and achieve a GER of 30 per cent in the next few years.