Nitish Kumar Announces Interest-Free Education Loans
Through a social media announcement, Bihar's Chief Minister Nitish Kumar revealed that educational loans offered through the Bihar Student Credit Card Scheme would become completely interest-free for all eligible students.
With the upcoming assembly elections approaching, the CM’s announcement is viewed as a major initiative designed to assist students in their pursuit of higher education.
Furthermore, the loan repayment timeline for educational loans up to Rs 2 lakh has been lengthened from the previous 60 monthly payments (5 years) to as many as 84 monthly payments (7 years). For loans above Rs 2 lakh, the repayment schedule has been extended from the former 84 monthly payments (7 years) to as long as 120 monthly payments (10 years).
The Bihar Student Credit Card Scheme was introduced on October 2, 2016, as part of the "Saat Nischay Yojana" initiative to assist students who have completed their 12th grade and want to continue their education at higher levels. Previously, this program offered educational loans up to Rs 4 lakh with an interest rate of four percent for standard applicants, while female students, students with disabilities, and transgender students received preferential rates of one percent interest.
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"Our objective is to enable as many students as possible to pursue higher education. These new facilities will boost students' morale, allowing them to focus on their studies with greater dedication and enthusiasm, shaping not only their own future but also the future of Bihar and the nation," the Chief Minister wrote on X.
Bihar Chief Minister Nitish Kumar previously launched nine development initiatives in Siwan district, representing a combined investment of approximately Rs 558.35 crore.
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According to the Chief Minister's Office, these initiatives encompass building a grid substation in Mairwa with connecting transmission lines costing Rs 222 crore, and expanding the Pachrukhi bypass connecting Mohammadpur (NH-531) to Chhapiya–Tedhi Ghat–Gopalpur (NH-227) road for Rs 120.48 crore.
A significant initiative involves building a railway overbridge at level crossing 91 situated between Siwan and Pachrukhi railway stations along State Highway 89 (Babuniya–Siswan Road), with costs projected at Rs 92.16 crore.
Additional initiatives encompassed expanding the Siwan-Andar road for Rs 67.47 crore, broadening the Bhantapokhar-Ziradei road through Jamapur Bazar at an expected cost of Rs 18.26 crore, and establishing 33/11 KV electrical substations in Sonkara and Madhopur (Maharajganj) valued at Rs 9.93 crore.
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During his interaction with recipients of various government programs, the chief minister stated, "You should all maintain confidence and continue progressing forward. The state government is making persistent efforts at all levels to ensure women achieve self-sufficiency." He further commended the contributions of all 'Jeevika didis' participating in self-help groups.