Bihar Student Credit Card Scheme: How to Apply – A Comprehensive Guide

The Bihar Student Credit Card Scheme (BSCC) is a program launched by the Government of Bihar to provide education loans to students aiming to pursue higher education. This scheme is designed to offer financial support to eligible students to help them complete their studies, covering a range of courses from general degrees like B.A, B.Sc, and B.Com to professional degrees such as Engineering, Medical (MBBS), and MBA.

Overview of the Bihar Student Credit Card Scheme

Launched in 2017, the Bihar Student Credit Card Yojana, also referred to as Mukhyamantri Nishchay Sarthi Yojna, aims to financially support students in their pursuit of higher education. This program allows eligible students to obtain loans of up to Rs. 4 lakhs at a highly subsidized interest rate of just 1%.

The repayment period for the loan extends from 5 to 7 years post course completion. Unlike a traditional credit card, this scheme does not involve a physical card; rather, the approved loan amount is transferred directly to the educational institution. The primary goal of this initiative is to assist students who wish to further their education but are hindered by financial limitations.

Objectives of the Bihar Student Credit Card Yojana

• Provide financial support to students from economically disadvantaged backgrounds to pursue higher education.
• Enhance the gross enrolment ratio in higher education institutions across Bihar.
• Prevent students from dropping out due to financial constraints.
• Offer an educational loan scheme with low-interest rates and easy terms.

Eligibility Criteria

To qualify for a study loan under the Bihar Student Credit Card Scheme, the applicant must meet the following requirements:

• The student must be a resident of Bihar.
• Completion of the 12th standard from a recognized institution in Bihar.
• The applicant’s age must be between 18 and 25 years.
• The annual family income should not exceed Rs. 6 lakhs.
• The student must have achieved at least 50% marks in the Class 12th examination.
• Admission must be secured in an educational institution approved by a recognized regulatory authority.

Features and Benefits

• Low Interest Rate: The scheme offers a simple interest rate of 1% per annum, which is significantly lower compared to educational loans from banks that typically charge between 6% and 14%.
• No Collateral Required: Students are not required to provide any collateral or security to avail of the loan under this scheme.
• Moratorium Period: Repayment begins one year after the course completion or five years from the date of loan disbursement, whichever comes first.
• Extended Repayment Period: The scheme allows students a repayment window of 5 to 7 years after the moratorium period.
• Loan Amount: Eligible students can access loans up to Rs. 4 lakhs to pursue higher education.

Required Documents

Applicants must provide the following documents when applying for the Bihar Student Credit Card Scheme:

• Recent photograph and signature
• Class 12th mark sheet
• Admission confirmation letter
• Detailed fee structure
• Domicile certificate
• ID proof (such as Aadhaar card, voter ID, etc.)
• Family income certificate
• Bank account details

Steps to Apply for the Bihar Student Credit Card Scheme

If you meet the eligibility criteria, you can apply for the Bihar Student Credit Card by following these steps:

1. Access the official website and select the “Apply Online” link.
2. Choose the “MNSSBY Bihar Student Credit Card” option and start filling out the application form.
3. Complete the form by entering the necessary details, such as your full name, contact number, email address, date of birth, residential address, Aadhaar number, and other required information.
4. Upload the scanned copies of all necessary documents, including identification proof, proof of residence, your Class 12th mark sheet, admission confirmation letter, and any other relevant documents.
5. Carefully review the entire application to ensure accuracy before submission.
6. Upon successful submission, you will receive an Application Reference Number.
7. Your application will be reviewed, and if approved, you will receive login credentials through SMS and email.
8. With these credentials, you can log in to check the status of your loan application and provide the required beneficiary details to complete the loan disbursement process.

Repayment Terms

The moratorium period for the loan is either one year after the course is completed or five years from the loan disbursement date, whichever occurs first.

Following this grace period, students are provided with 5 to 7 years to repay the loan, depending on the loan’s tenure.

The loan carries a simple interest rate of 1% per annum during the repayment phase.

If the student secures employment after completing their course, the Equated Monthly Instalments (EMIs) will commence immediately.

Repayment of the loan can be made through various methods, including cheque, Demand Draft (DD), Electronic Clearing System (ECS), National Automated Clearing House (NACH), or any other accepted payment mode.

If the borrower is unable to meet the repayment obligations, appropriate recovery actions will be taken according to established guidelines.

Bihar Student Credit Card Scheme – Contact Information

• Helpline Number: 18003456444 (toll-free)
• Email Address: [email protected]

FAQs

Who is eligible to apply for the Bihar Student Credit Card Scheme?
Students who are residents of Bihar, aged between 18 and 25 years, and have completed their 12th standard through the Bihar Board are eligible. Additionally, the annual family income should not exceed Rs. 6 lakhs.

What is the maximum amount that can be borrowed under this scheme?
Qualified students can receive a study loan of up to Rs. 4 lakhs under this program.

What are the interest rate and repayment conditions for the loan?
The loan is available at a highly subsidized interest rate of 1% per annum. The repayment period ranges from 5 to 7 years, starting after a 1-year grace period following course completion.

Which courses are covered by the BSCC scheme?
The scheme supports a broad spectrum of courses, including but not limited to Engineering, Medical, MBA, MCA, B.A, B.Sc., M.A, M.Sc, Paramedical, and other similar programs.

Is there any requirement for collateral or a guarantor?
No, the scheme does not require students to provide any collateral or security, as it is backed by the government.

How can eligible students apply for the Bihar Student Credit Card online?
Students who meet the eligibility criteria can apply online via the Nivesh Mitra portal by selecting the MNSSBY – Bihar Student Credit Card option and submitting the necessary details.

The Bihar Student Credit Card Scheme aims to empower academically capable students from low-income families by providing access to higher education through education loans with low-interest rates and straightforward terms. Students who meet the eligibility criteria can apply through the designated portal to avail of the scheme’s benefits.