Bihar Student Credit Card Scheme :Eligibility and Admission Procedure

The Bihar Student Credit Card Scheme is a significant educational loan initiative launched by the Bihar Government. Here are the key details:

Overview

Launch Date: Gandhi Jayanti, October 2, 2016.

Purpose: To provide financial support to students from economically weaker sections for pursuing higher education like Bachelor courses like B.A.,B.Sc.B.Com including professional courses like medical, engineering and MBA.

Part of: Mukhyamantri Nishchay Swayam Sahayata Bhata Yojana (MNSSBY).

Features

Eligibility: Students who have completed their 12th grade.

Loan Amount: Up to INR 4 lakhs.

Interest Rate:

General Rate: 4% per annum.

Concessional Rates: Available for specific groups such as females, people with disabilities, and other marginalized categories.

Benefits

Accessibility: Aim to make higher education accessible to students who are financially deprived.

Inclusivity: Special lower interest rates for marginalized groups ensure wider inclusivity.

Educational Support: Provides a robust financial backbone to students aspiring for higher education, thereby promoting educational advancement in the state.

Implementation

Application Process: Typically involves applying through designated portals or government offices with necessary documentation.

Repayment Terms: Generally favourable, with options tailored to the financial capabilities of the beneficiaries.

This scheme is a crucial step towards empowering the youth of Bihar through education, providing them with opportunities to enhance their academic qualifications and, consequently, their career prospects.

Objectives of Bihar Student Credit Card Yojana

• To provide financial assistance or student credit card Bihar, to students from financially weaker sections to complete higher studies.
• To increase the admissions in higher education institutes located in Bihar thereby overall increasing in enrolment ratio 
• For barring students from discontinuing education in the absence of adequate funds.
• To circulate educational loan schemes with a minimum rate of interest.

Bihar Student Credit Card Eligibility Criteria

• To apply for the study loan under the Bihar Student Credit Card Scheme, the applicant must fulfill the following criteria:
• He/She must be a resident of Bihar state.
• He/she must have completed the 12th standard from Bihar.
• The age of the applicant should be at least 18 years and a maximum of 25 years.
• Annual family income should not exceed Rs. 6 lakhs.
• Students should have scored at least 50% marks in the Class 12th exam.
• Admission to an educational institution is approved by the regulatory authority.

Features and Benefits

• Simple interest rate – The interest rate is 4% simple interest p.a unlike educational loans by banks which charge 6-14% interest.
• No collateral – Students who avail this loan scheme they don’t have to provide any collateral security.
• Moratorium period – The repayment of loan is generally initiated only after the completion of 1 year of education/course program or after 5 years of loan disbursement whichever is earlier.
• Longer repayment tenure – Students get 5-7 years to repay the loan sanctioned after the moratorium period.
• Eligible students can get a loan up to Rs. 4 lakhs for pursuing higher education.

Bihar Student Credit Card Documents Required     

applicant needs to provide the following documents while applying for the Bihar Student Credit Card Scheme:

• Photograph and signature
• Class 12th mark sheet
• Admission confirmation letter
• Fee structure details
• Domicile certificateID proof (Aadhaar card, voter ID, etc)
• Family income certificate
• Bank account details

Step-by-Step Application Process for Bihar Student Credit Card Apply                

• Visit the Official Portal of bihar student credit card website : https://www.7nishchay-yuvaupmission.bihar.gov.in/?
• Go to the official Mukhyamantri Nishchay Swayam Sahayata Bhata Yojana (MNSSBY) portal: MNSSBY Official Website
• Register as a New User
• Click on the "New Applicant Registration" link.
• Fill in the required details such as your name, email ID, mobile number, and create a password.
• Submit the registration form to receive a registration ID and password on your registered email and mobile number.
• Log In to Your AccountUse your registration ID and password to log in to the MNSSBY portal.
• Fill Out the Application FormSelect the Bihar Student Credit Card Scheme from the available schemes.Complete the online application form with the necessary personal, educational, and financial details.
• Ensure you provide accurate information and double-check all entries before proceeding.Upload Required DocumentsScan and upload the required documents. Typically, these include:Recent passport-sized photograph.12th-grade mark sheet.
• Admission letter or offer letter from the college/university.Residential proof (e.g., Aadhaar card, voter ID).
• Income certificate of parents/guardians.Bank account details.
• PAN card or Aadhaar card of the applicant.
• Submit the Application
• Review the filled application form and uploaded documents.
• Click on the "Submit" button to complete the application process.
• Print the Application FormAfter submitting the form, take a printout of the application form for future reference.
• Application TrackingYou can track the status of your application through the MNSSBY portal using your registration ID and password.
• Post-Application Process
• Verification: The submitted application and documents will be verified by the authorities. You may be contacted for further information or clarification if needed.
• Approval: Once verified, the loan approval process will begin, and you will be notified of the approval status.
• Disbursement: Upon approval, the loan amount will be disbursed to the designated bank account.
• Contact and Support available on bihar student credit card helpline number - 1800 3456 444?  :    
• For any assistance or queries during the application process, you can contact the helpdesk provided on the MNSSBY portal or visit the nearest District Registration and Counselling Centre (DRCC).

This online application process is designed to be user-friendly and accessible, ensuring that eligible students can easily apply for and benefit from the Bihar Student Credit Card Scheme.

Bihar Student credit card course list Offered by Mangalayatan University Aligarh