Bihar Elections: CM Nitish Kumar announces interest free student loans; Full story here

The scheme, launched in October 2016, under the 07 Nishchay Yojana, was designed to provide education loans up to Rs 4 lakh for students who had passed Class 12 and wanted to pursue higher studies.

Patna: Bihar Chief Minister Nitish Kumar has announced a major reform in the Bihar Student Credit Card Scheme, making education loans completely interest free for all applicants. The move aims to boost higher education opportunities for students across the state.

The scheme, launched in October 2016, under the 07 Nishchay Yojana, was designed to provide education loans up to Rs 4 lakh for students who had passed Class 12 and wanted to pursue higher studies.

CM Nitish Kumar On X

“Under Bihar’s 07 Nishchay Yojana, students who have passed class 12 and want to pursue higher education, for them the Bihar Student Credit Card Scheme has been implemented from 2 October 2016. Under this scheme, for obtaining higher education, a maximum education loan of 4 lakh rupees is given”, Kumar said on X. On this, 4 percent interest rate is charged from general applicants, and only 1 percent interest rate is charged from women, differently-abled and transgender applicants.

बिहार में 07 निश्चय योजना के अंतर्गत 12वीं कक्षा उत्तीर्ण छात्र जो उच्च शिक्षा प्राप्त करना चाहते हैं उनके लिए 02 अक्टूबर 2016 से बिहार स्टूडेंट क्रेडिट कार्ड योजना लागू है। बिहार स्टूडेंट क्रेडिट कार्ड योजना के अंतर्गत उच्च शिक्षा प्राप्त करने के लिए अधिकतम 04 लाख रुपए का शिक्षा…

— Nitish Kumar (@NitishKumar) September 16, 2025

Expressing happiness, the Chief Minister said that now under the Student Credit Card Scheme, the amount of education loan given will remain interest free for all applicants.

Along with this, provision has been made that the education loan up to 2 lakh rupees can be repaid in 60 monthly installments (5 years), which can be extended up to a maximum of 84 monthly installments (7 years). “Similarly, the loan amount above 2 lakh rupees and up to 4 lakh rupees can be repaid in 84 monthly installments (7 years), which can be extended up to a maximum of 120 monthly installments (10 years)”, his tweet added.

With the facilities being given through the education loan under this scheme, students of the state will be able to acquire more knowledge and skills, and with confidence and dedication, achieve higher education and secure their future along with contributing to the future of the state and the country.