Under the visionary leadership of Mamata Banerjee, the Hon’ble Chief Minister of West Bengal, the Higher Education Department of the Government of West Bengal introduced the Student Credit Card Scheme in July 2021. This initiative aims to help West Bengal students pursue education without financial constraints. The scheme supports students at all levels, including secondary, higher secondary, madrasah, undergraduate, and postgraduate studies, as well as professional and equivalent courses, in schools, madrasahs, colleges, universities, and affiliated institutions both within and outside India.

Eligible students from West Bengal can secure a loan of up to Rs. 10 lakhs at a 4% per annum simple interest rate from the State Cooperative Bank, its affiliated Central Cooperative Banks, District Central Cooperative Banks, and public or private sector banks. Applicants must be under 40 years of age at the time of application. The loan repayment period is fifteen years, including any moratorium or repayment holiday.