Bihar Student Credit Card Scheme: Students in Bihar can now repay interest-free loans for up to 7 years. Learn about the changes..

Bihar Student Credit Card Scheme: Good news for Bihar students. Ahead of the 2025 Bihar Assembly elections, Chief Minister Nitish Kumar has announced a significant change to the Bihar Student Credit Card Scheme. Under these changes, students will now be able to repay interest-free education loans for up to seven years. Other changes have also been made to the credit card scheme.

Let's find out what other changes Chief Minister Nitish Kumar has made to the Bihar Student Credit Card Scheme. Why is this being hailed as a masterstroke by Chief Minister Nitish Kumar ahead of the assembly elections?

Interest-free means no longer paying 1% interest.
Under the changes made to the Bihar Student Credit Card Scheme, students in the state will now be able to repay interest-free loans for up to seven years. Two decisions have been made as part of these changes. On the one hand, the loan repayment period has been extended to seven years. The loan has been made interest-free. Previously, boys had to pay 4% interest under this scheme, while girls, disabled, and transgender students had to pay 1% interest. However, after the new announcement, all students will benefit from the interest-free loan.

Loans to be Repaid in Easy Installments
The government has not only waived the interest, but has also extended the loan repayment deadline. Loans up to ₹2 lakh can now be repaid in 7 years, instead of 5 years as before. Loans over ₹2 lakh, which previously had to be repaid in 7 years, will now be available in installments of up to 10 years.

The Scheme's Inception and Journey So Far
The Bihar Student Credit Card Scheme was launched on October 2, 2016, under the "Saat Nischay Yojana." The scheme's objective is to ensure that students who have passed the 12th grade do not face any financial constraints for higher education. Initially, loans of up to ₹4 lakh were offered.

Nitish Kumar's Message
CM Nitish Kumar wrote on social media that our effort is to ensure that as many students as possible can pursue higher education. This new facility will boost children's morale and allow them to fully concentrate on their studies. This will not only build their future but also strengthen the future of Bihar and the country.

A Big Bet Before the Elections?
According to experts, this decision will provide direct relief to youth and their families during the election season. Millions of students in Bihar go abroad for higher education, and the worry of loans impacts their careers. Now, the abolition of interest will provide significant relief to them. Some are also considering this an election bet.

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