In a major student-friendly decision, Chief Minister Nitish Kumar has announced that education loans in Bihar will now be interest-free, and the repayment period for installments has been extended.
Under the Student Credit Card Scheme, students who take loans for higher education will not have to pay any interest. Additionally, the time limit for repayment of the loan amount has been increased to 10 years (earlier it was 5 years).
Loan Repayment Period Extended
Students will now get up to 10 years to repay their loans instead of the earlier 5 years. This will reduce financial burden and make repayment easier.
Main Provisions of the Scheme
Interest-Free Loan: Up to ₹4 lakh loan available for higher education with zero interest.
Extended Repayment Time: Repayment period increased from 5 years to 10 years.
Collateral-Free: No guarantee or mortgage needed to avail the loan.
Flexible Repayment: Installments can be paid within 120 months (10 years).
Chief Minister’s Statement
Nitish Kumar said:
“The aim is to ensure that more and more students in the state can pursue higher education. No student should be deprived of education due to financial difficulties. The education loan scheme will help youths complete their studies without burdening their families.”
Benefits of the Scheme
Students can pursue higher education without worrying about financial stress.
Loans can be availed for professional, technical, and general degree courses.
The scheme will benefit thousands of students annually.
✅ In short: Bihar’s Student Credit Card Scheme has been made more student-friendly with interest-free loans up to ₹4 lakh and a 10-year repayment period, ensuring financial support for higher education.
