State Government of Bihar has announced the launch of the ambitious scheme for students cited as interest-free ‘Student Credit Card Scheme’. The objective of the scheme is to provide education loan to students for pursuing higher studies and build their careers. The state government interest-free loan of upto Rs. 4 Lakh to students for pursuing higher education.
OBJECTIVE OF STUDENT CREDIT CARD SCHEME
The main objective of the ‘Student Credit Card Scheme’ is to encourage economically challenged and underprivileged students to pursue higher education. The education loan of upto Rs. 4 Lakh under the scheme will be provided without any interest. The loan can be availed by the eligible students to pay the institutional fee, buy books, purchase computers, equipment and so forth.
ELIGIBILITY CRITERIA FOR BIHAR STUDENT CREDIT CARD SCHEME
The Bihar government has set specific eligibility criteria for availing advantage of the ‘Student Credit Card Scheme’ to pursue higher studies in professional courses (Technical or Non-technical in or outside Bihar) from reputed institutions will be eligible for a loan.
- Should be an Indian national.
- Should be resident of Bihar with Maximum age of 25 Years.
- Intermediate exam passed student from Institutions recognized from Bihar School Exam Committee, 12th passed student from institution located /situated in Bihar and recognized by Central Board of Secondary Education or Equivalent boards.
- Student should have been enrolled or selected for enrolment for pursuing higher education in the educational institutions recognized by concerned regulatory boards/ agencies of Bihar Govt. or other states Govts. or Central Govt.
- The loan application will be received only if the student has UID or AADHAAR card number.
- The loan will be disbursed only for students having valid Permanent Account Number (PAN Card)
STEPS TO APPLY ONLINE FOR STUDENT CREDIT CARD SCHEME
The 12th pass students who are eligible for the scheme can apply either going to the Online portal or the mobile app. Below are the steps to apply online for the scheme:
- Students will have to fill the basic details on the mobile app or online portal.
- Students will receive a One Time Password on their mobile number and e-mail ID.
- After entering the received OTP in the mobile app or the portal, a new form will open where the students will have to submit their personal details. After submitting this, three options will open.
- Select Student Credit Card from the three options and a new application form will open.
- Fill the required details in the application form and submit it using the submit button.
- After submitting the application form, the students will be given a unique identification number. This unique ID number will be sent to their mobile number and e-mail ID.
- Students will also receive the PDF copy of the submitted application form and the details of documents required on their e-mail ID. The application form and the documents will be required at the counter.
Portal for Online Application of Student Credit Card Scheme:
DOCUMENTS REQUIRED FOR STUDENT CREDIT CARD SCHEME
Following documents are required to apply for the Student Credit Card Scheme.
- Mark sheets of the applicant’s 10th and 12th standard
- Admission related certificate or selection certificate from the higher education institution.
- A detailed document of the fee for the education, to be issued by the institution.
- Resident certificate.
- Applicant and co-applicant’s AADHAAR card.
- Applicant’s ID card (AADHAR card, Passport, voter ID card or Driving License, etc.)
- Applicant and co-applicant’s PAN card
- Pass certificate and/or Mark sheets of the applicant’s 10th and 12th standard.
- Self-attested copy of the online filled application form with passport size latest photo pasted on it.
- Two photographs each of student, parents and the guarantor.
- Family income certificate of last year and Form-16.
- Bank account statement of the applicant’s parents
- The income return on the last two years.
- Last 6-month statement of bank accounts of parents.
- Income tax deposit receipt, if any in case of an advance tax, property tax or municipal committee tax.
- After collecting all the documents, students will have to visit the counters on the appointed date. There will be a single application form format for student credit card scheme which will be applicable to all banks.
LOAN APPROVAL PROCESS
The government officials will examine and verify all the details and documents submitted by the students including the admission related details from the respective educational institutions. This will be done within 15 days after receiving the documents from the students.
After verification, details/documents will be shared with the banks which will then approve or disapprove the loan within 15 days. The loan approval/disapproval with reason information will be shared by the banks to the applicants by SMS.
In the case of approval, the applicants will be required to visit the bank branch to complete the documentation formalities. After which the banks will issue credit cards to the students which can be used to pay the fee and expenses of higher education.
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