Bihar Student Credit Card Scheme: Eligibility, Loan Amount & Apply Online

Education has the power to transform people’s lives and build societies. With this in mind, the Government of Bihar launched the Bihar Student Credit Card Scheme (BSCCS). This scheme ensures that financial problems do not hinder any deserving students from pursuing higher education. This guide will provide you with the details of this initiative.

What is the Student Credit Card Bihar Scheme?

The Bihar Student Credit Card Yojana is an educational loan program started by the Government of Bihar. It is a part of the ‘Saat Nishchay’ initiative. The main aim is to provide financial assistance to students who are eager to obtain higher education but are unable to afford the costs.

Through the student credit card Bihar scheme, qualified students are in a position to borrow a credit card to finance their education. It is meant to be student-friendly with low-interest rates and easy terms of repayment, thus making higher education accessible to a large number of people.

Note: The scheme is administered through the District Registration and Counselling Centres (DRCCs) of Bihar.

Key Features & Loan Amount for Bihar Scheme

The student credit card Bihar initiative comes with several features designed to ease the financial burden on students and their families. The loan amount provided is one of the most significant aspects. Another advantage is that the Bihar student credit card apply online process is very simple.

This scheme provides students with a loan of up to ₹4 Lakhs. This amount is intended to cover a wide range of educational costs so that students do not have to worry about finances and can concentrate on their education. The Bihar credit card loan can be used for:

• Tuition Fees: The academic fees that are charged by the educational institution.
• Living Costs: Hostel, rent, and the daily sustenance.
• Books and Study Materials: All essential books and resources needed to complete the course.
• Computer/Laptop: Purchase of required electronics used for academic purposes
• Other Course-Related Expenses: Other legitimate expenses that are associated with higher education.

The Bihar student credit card loan assists students in pursuing a variety of courses, including undergraduate, postgraduate, professional and technical courses.

Interest Rate & Repayment Terms for Bihar Student Credit Card

The student credit card loan Bihar is known for its student-friendly interest rates, which are significantly lower than conventional education loans.

• The standard student credit card Bihar interest rate is 4% per annum.
• However, in order to encourage inclusivity and foster education among specific groups of people, the scheme includes additional concessions. 1% per annum is the interest for girls, transgender students and students with disabilities.

This rate of interest makes the scheme even more friendly and advantageous to these groups. The interest is accrued at simple interest during the period of moratorium.

Repayment Terms of Student Credit Card in Bihar

The loan repayment normally starts after the moratorium period, in order to provide sufficient time to students to finish their degree and find a job. The moratorium period normally extends over the course duration and one year, or 6 months after the student has been employed, whichever comes first.

The loan can be repaid in Equated Monthly Instalments (EMIs). Although the time of repayment may be modified, it is usually between 5 and 7 years, based on the loan amount taken and the financial capability of the student. An interesting incentive of the scheme is that an interest rate rebate of 0.25% is given when the interest rate payment is completed within due time.

Eligibility Criteria for Bihar Student Credit Card Scheme

To be eligible for the Bihar government student credit card, applicants must meet specific criteria set by the Government of Bihar. These parameters also allow the scheme to be availed by the target beneficiaries:

• Residency: The candidate has to be a permanent resident of Bihar.
• Education: The student should have passed the 12th-grade exam by a board in Bihar or a neighbouring state.
• Age Limit: The applicant should not be above 25 years of age at the time of application.
• Higher Education Enrollment: The student needs to be successfully enrolled in an accredited institution with a degree or diploma course. The course and the institution must be approved under the scheme.
• No Prior Financial Assistance: The applicant should not be receiving any other financial support, scholarship, or educational loan from the Government.

Documents Required for the Student Credit Card Scheme in Bihar

The application process for the Bihar Student Credit Card Scheme requires a set of essential documents for verification. Having these documents ready beforehand can make the application process smoother. The typical documents required for the student credit card Bihar online apply include:

• Academic Certificates:

  • 10th Class Marksheet and Certificate
  • 12th Class Marksheet and Certificate

• Identity Proof:

  • Aadhaar Card of the student
  • Aadhaar Card of the co-applicant
  • PAN Card of the student and co-applicant

• Address Proof:

  • Residential Certificate of the student
  • Aadhaar Card

• Admission and Course Details:

  • Admission Proof or Selection Letter from the educational institution
  • Fee structure of the chosen course, duly signed and stamped by the institution

• Photographs:

  • Two passport-size photographs of the student
  • Two passport-size photographs of the co-applicant

• Bank Account Details:

  • The student's bank account passbook
  • Bank account passbook of the co-applicant

How to Apply Online for a Student Credit Card in Bihar (Step-by-Step)

The application for the Bihar Student Credit Card Yojana is primarily an online process, which is then followed by a physical verification at the DRCC. 

Here’s a step-by-step guide on how to apply online for the Bihar Student Credit Card Yojana:

Online Registration on MNSSBY Portal

• Visit the official portal of the 'Mukhyamantri Nishchay Swayam Sahayata Bhata Yojana' (MNSSBY).
• On the homepage, look for the ‘New Applicant Registration’ link.
• You will be asked to enter your name, date of birth, and mobile number.
• An OTP (One Time Password) will be sent to your mobile number and email for verification.
• After successful verification, you will receive your login credentials (User ID and Password).

Fill in Personal and Academic Details

• Log in to the portal using your newly created credentials.
• You will be directed to the application form for the Bihar student credit card registration, where you need to fill in your personal and academic details.
• Ensure all information is accurate and matches your documents
• From the available schemes under the ‘Saat Nishchay’ program, select the Student Credit Card Bihar Scheme option.

Upload Documents and Submit Application

• After filling in all the required details and reviewing them, submit your application.
• Upon successful submission, you will receive an acknowledgement and a PDF copy of your application form.

It is important to download and print this form from the Bihar student credit card app for future reference and the physical verification process.

Visit DRCC for Document Verification

• Within 60 days of submitting your online application, you must visit your nearest DRCC with all your original documents and the printed application form.
• At the DRCC, officials will verify your documents and provide further guidance.

This step is mandatory for the successful processing of your application for the DRCC Bihar student credit card.

Departmental and Bank Approval

• After successful verification at the DRCC, your application will be forwarded for departmental approval.
• Once approved by the education department, it will be sent to the concerned bank for final sanction and disbursal of the loan amount.

You will be notified of the progress of your application via SMS and email.

Bihar Student Credit Card Login & Status Check

It is essential to keep track of your application. The MNSSBY portal provides facilities for Bihar Student Credit Card login and to check the student credit card status in Bihar.

Bihar Student Credit Card Login Process

1. Visit the official MNSSBY portal.

2. Click on the ‘Student Login’ or ‘Applicant Login’ section.

3. Enter your User ID and Password that you received during the registration process.

4. Enter the Captcha code displayed on the screen.

5. Click on the ‘Login’ button to access your dashboard.

After you finish the student credit card login Bihar, you can view your application details, update information if necessary, and check the status of your loan application.

Application Status Check

To check your Bihar Student Credit Card status, you can use your application ID or Aadhaar number on the ‘Application Status’ page of the MNSSBY portal. This page provides real-time updates on the various stages of your application, from submission to verification and final approval.

Loan Repayment & Subsequent Payment Process

Understanding the Bihar Student Credit Card loan repayment process is important for effective financial planning. During the moratorium, simple interest accrues on the loan amount.

Repayment Process:

• The Bihar student credit card payment is done in Equated Monthly Instalments (EMIs).
• The repayment tenure can extend up to 7 years.
• Students receive a 0.25% interest rebate for consistent and timely EMI payments.

Subsequent Payment Process:

If the loan is disbursed in instalments, students need to ensure they meet the academic progress requirements and submit any necessary documents as requested by the bank or the education department. This usually involves submitting mark sheets of previous semesters/years and a bona fide certificate from the institution.

Role of DRCC in Bihar Student Credit Card

DRCCs play a vital role in the implementation and success of the Bihar Student Credit Card Scheme. These centres are the primary points of contact for applicants after online registration.

Key Functions of DRCCs

• Document Verification: DRCCs are responsible for verifying all original documents submitted by the applicants against their online applications. This ensures the authenticity of the information provided when you apply for Bihar student credit card.
• Counselling and Guidance: Officials at the DRCC provide counselling to students. Students can clarify their doubts about the scheme, eligibility, and application process. They guide students through all the necessary steps and help them understand their responsibilities.
• Application Forwarding: After successful verification, the DRCC forwards the application to the relevant departments and banks for further processing and sanction.
• Grievance Redressal: DRCCs also help students with any grievance redressal. They assist students with any issues or challenges during the application or loan disbursal process.

It is mandatory for all applicants to visit their respective DRCC within 60 days after applying for a student credit card apply online Bihar to begin document verification. Failure to do so may lead to the cancellation of the application.

Benefits of the Student Credit Card Scheme in Bihar

The Bihar Student Credit Card Yojana offers numerous benefits to students and the state as a whole:

• Access to Higher Education: Financial access is provided to students from economically weaker sections, enabling them to pursue their academic dreams.
• Low-Interest Rates: The highly subsidised interest rates make the loan affordable and reduce the burden of repayment.
• Flexible Repayment: The moratorium period and extended repayment tenure offer flexibility, allowing students to focus on their studies and career building before starting repayments.
• Comprehensive Coverage: The loan covers a wide range of expenses, including tuition fees, living costs, and study materials, ensuring holistic support.
• Empowerment: The scheme empowers students, especially girls and marginalised communities, by providing them with the means to achieve financial independence through education.
• Skill Development: By promoting higher education, the scheme indirectly contributes to skill development and enhances the employability of the youth in Bihar.

Conclusion

The Bihar Student Credit Card Scheme stands as a testament to the Bihar government's commitment to fostering education and empowering its youth. It gives students access to financial assistance through easy avenues that will enable them to follow their educational ambitions and create a better future.

With My Mudra, you can explore a variety of loan options, including personal loans that may be beneficial to students.

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