By Analiza Pathak

Copyright india

Ahead of the upcoming Bihar Assembly elections Chief Minister Nitish Kumar has announced a big relief for students who want to pursue higher education. From now on loans under the Bihar Student Credit Card Scheme (BSCCS) will be completely interest-free for everyone. Under this scheme students can take an education loan of up to Rs. 4 lakh.
Earlier general applicants had to pay 4 per cent interest while women differently-abled and transgender students paid 1 per cent. Now the interest rate has been reduced to zero for all categories.
The government has also made repayment easier. For loans up to Rs. 2 lakh the repayment time has been extended from 5 years (60 EMIs) to 7 years (84 EMIs). For loans above Rs. 2 lakh students will now get 10 years (120 EMIs) to repay instead of 7 years earlier.
Sharing the update on social media Nitish Kumar said that the step will ensure no student in Bihar misses out on higher education due to financial problems. He added that the move will boost students’ confidence and help them pursue studies with greater dedication.
The scheme was first launched on 2 October 2016 under Nitish Kumar’s Saat Nishchay Yojana to support students from economically weaker families.
With this latest reform the government aims to increase the number of students going to college and universities and also empower Bihar’s youth to contribute to the state and the country’s progress.