Apply Student Credit Card (SCC) Scheme in Bihar 2020
[Application Form, Documents, Interest Rate, Helpline Number ]
The state government of Bihar going to implement the Student credit card scheme from the 2nd of October. It’s a specially designed scheme for students to pursue higher studies. The scheme has been approved by the Bihar CM, and the State is all set to launch this scheme on the occasion of Gandhi Jayanti.
|Name of Scheme||Student Credit Card Scheme (SCC)|
|Luanched By||Nitish Kumar|
|Launch date||Oct 2016|
|Eligibility||12th pass Students|
|# of beneficiary||5 Lakhs|
|Loan Amount||4 Lakhs|
Objective of the scheme
The main objective of the scheme is to provide students of Bihar with enough financial support so that they can pursue their higher studies. There are many students in Bihar who do not continue their studies after school, due to the lack of money. This scheme would encourage them to carry on with their studies. Though there are other education loans available students do not avail it due to the interest rate factor, but this scheme provides an interest free loan. The government of Bihar is aiming at proving the students credit cards to around 5 lakh students in Bihar.
About Student Credit Card (SCC) Scheme
Well, the Student Credit Card (SCC) Scheme is implemented in Bihar state with the intension of providing feasible financial support to the students who are about to engaged with their higher educational studies.
Under this SCC scheme, the eligible students will be given credit card, by using that students can avail free educational loan from the banks earlier until the recent notification came from the deputy CM of the Bihar state recently.
Features of the scheme
- Under this scheme the government of Bihar will be providing a loan of up to Rs.4 lakhs to the students who have completed their class 12 exams, without any interest.
- The courses for which the students may take loan under this scheme could include any kind of higher studies including engineering, CA, CFA, Management, Medical, Education, etc. But then the course has to be from an authorized and reputed institution or college.
- As of now no specific eligibility criteria has been mentioned by the government to avail this scheme. It has been said that all the students of Bihar who are interested in continuing their studies in professional courses at a reputed institution, would be given the credit card.
- While giving the loan, the reimbursing capacity of the student and the patterns will be taken into account. Depending on this the loan will be provided.
- The forms for the scheme will be available online and offline. A card will be issued under this scheme that will let to draw the loan money when needed.
- For the collection of the application form of this scheme different counters will be set in the state. Once the forms are submitted by the candidates, it will be checked and verified thoroughly before the card is given to the students.
- It has also been said that the applicants have to provide their Aadhaar card number on the application forms. And in order to make this loan system more transparent, the applicant’s data will be digitized.
- The students will be able to use the loan amount for buying books, paying monthly or semester fees, buying computers, or buying any other educational equipment.
- It has been mentioned that the students who will take the loan will have to start paying back the loan amount after 4 years from the date they have taken the loan.
Eligibility for the Students
- In order to avail the financial aid offered by the Bihar State Government, student must be a Bihar resident.
- Also, the respective student must be completed his or her 10+2 classes and posses the desirable qualification for doing higher studies.
- Students who availed loans under this scheme must not discontinue their studies in the middle, in case if they do, the benefits availed under this scheme too get discontinued.
- In addition to those, the age of the loan applicant under this Student Credit Card Scheme must not be above 25 years.
List of Documents Needed for Bihar SCC Scheme
- Applicant must have the certified mark sheets of their 10th and 12th Along with the college Prospectus and other needed information that cites about the courses which they are about to do.
- Application must have the enough evidence over their admission to the respective educational institution along with the fee structure offered by the particular institute, which needs be duly attested.
- Apart from those, to avail loan amount under this SCC eligible beneficiaries must provide the duplicate copy of their PAN, Aadhaar, recently captured 2 passport Photos of both students and so the guardians/parents.
- In addition to that students must provide their family income proof and in case of employment should submit the last couple of year I.T returns papers of the parents, along with the residential proof like (Driving license, Passport, ID cards, Voter ID’s and so).
The Students Credit Card scheme would be an essential part of the ‘seven resolves’ adopted by the Chief Minister. The ‘seven resolve’ is a strategy that has been taken up by this grand secular alliance government and under this they will be seeking for the development of the state, like never before.
In the cabinet meeting headed by the CM Nitish, the Student Credit Card scheme was approved and along with that 17 other proposals which are beneficial for people of Bihar. Expects of the state, express their view as it will be good opportunity for talented Bihar youths to make use of this scheme to complete their higher studies.
Process to Apply for Student Credit Card Bihar Online
You can apply for this scheme only Online. A portal will be provided where you can fill the form. Each student should have a valid email id and a working phone number. An OTP will be sent on this phone number. Make sure you have your aadhar card ready at the time of applying. After you have filled this form a pdf would be mailed to you. You will have to show this pdf at the bank to get the loan.
Education Loan Waiver scheme in Bihar [bihar student credit card]
- The Bihar government has planned education Loan Waiver for the help of students. This is mainly applicable for the students who have taken loans from banks. The loan amount waived will be credited directly to the linked bank account relating to Student Credit Card (SCC) Scheme.
- In addition, once the student gets employed, the candidate has to repay loan in 82 installments.
- Thus, by the implementation of loan waiver scheme in Bihar, both students and girl students, in particular, will get the scope to pursue higher studies and achieve their goal. Also, the scheme provides facilities for 12th standard students to opt loan for pursuing general or technical education.
- Compared to national GRE or Gross Enrollment Ratio which is 24%, Bihar enrollment is comparatively low which is counted to 13%. By the help of this scheme, the number of girl’s enrollment in high school has improved in recent times.
Bihar state government has established an Education Finance Corporation for giving loans to the eligible students under the SCC scheme. The decision has come to tackle and as a solution for the delayed loan approval process from banks. Banks hesitate to lend loans even though; students have right eligibility and with proper guarantee. With the Edu Fin Corp, students can avail loan amount up to Rs. 4 Lakh at ease without visiting banks from the upcoming financial year.
Bihar CM Nitish Kumar has asked the school pass-outs to make the maximum use of credit card scheme for pursuing higher education. By this, the state would be able to attain its 30% target in gross enrollment ratio or GER. According to this scheme, girls, disabled students, and transgender would be given loan up to Rs.4 lakh for simple interest or at 1% and 4% for general category students. This scheme would ensure scholarship to all classes in the city and this regard, Deputy CM Sushil Kumar Modi has given a provision of 550 crores for the students’ scheme.