Patna, Sept. 16 -- Bihar Chief Minister Nitish Kumar today announced a major reform in the state government's ambitious Bihar Student Credit Card Scheme, making education loans completely interest-free for all beneficiaries.
In his social media post, Kumar said, launched on October 2, 2016 under the Seven Resolves ( Saat Nishchay ) Programme, the scheme enables students who have passed Class 12 to pursue higher education with financial support of up to Rs 4 lakh.
Until now, general applicants were charged 4% interest, while women, differently-abled, and transgender students paid just 1%. He said that with the latest decision, loans will now be available at zero interest for every applicant.
The repayment period has also been extended. Ed...