Bihar Student Credit Card Scheme

What is Bihar Student Credit Card Scheme?

The Bihar Student Credit Card Scheme is designed to offer loans to students who wish to pursue higher education in various fields. The scheme primarily targets students from low-income families, allowing them to borrow money at low interest rates in Bihar. This financial assistance can be used for tuition fees, purchasing books, and other educational expenses.

Objectives of the Bihar Student Credit Card Scheme

• Financial Support: To assist students in covering the costs of higher education.

• Encouragement for Education: To motivate students to pursue various educational courses without financial worries.

• Empowerment: To provide opportunities for students from economically weaker sections.

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Key Features of the Bihar Student Credit Card Scheme

• Loan Amount: Students can borrow up to ₹4 lakh.

• Interest Rates: The scheme offers loans at nominal interest rates to students in the low-income category. The minimal interest rate for Divyang (disabled), transgender, and female students is 1%.

• Flexible Repayment: Loan repayment begins after the student completes their course and secures a job.

• Use of Funds: Loans can be used for tuition fees, purchasing books, laptops, and other educational expenses.

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Eligibility Criteria to Apply for the Bihar Student Credit Card Scheme

To qualify for the Bihar Student Credit Card Scheme, applicants must meet the following requirements:

• Residency: Must be a resident of Bihar.

• Age Limit: Applicants should not be older than 25 years when applying.

• Educational Qualification: Must have passed the 12th grade (or equivalent).

• Admission Requirement: Must be enrolled in a recognized educational institution.

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Benefits of the Bihar Student Credit Card Scheme

Eligible students can enjoy several benefits under this scheme:

• Provide a maximum loan amount of ₹4 lakh.

• Loans available for various courses, including polytechnic, technical, and general studies.

• Financial assistance for purchasing necessary educational materials.

• Flexible recovery procedures since the loan is government-backed.

Application Process for Bihar Student Credit Card Scheme

Applying for the Bihar Student Credit Card Scheme involves several steps:

1. Online Registration:

• Visit the official website Bihar Yuva Upmission.

• Click on ‘New Applicant Registration’ and fill in your details (name, email, mobile number, Aadhaar number).

• Submit the form to receive a username and password via email and SMS.

2. Filling the Application:

• Log in with your credentials on the website.

• Complete the ‘Personal Information Page’ and select ‘BSCC’ from the options.

• Fill out the BSCC application form and submit it.

3. Document Submission:

• After submitting your application, visit your District Registration and Counseling Center (DRCC) with self-attested documents for verification.

4. Loan Approval:

• Once verified, you will receive a notification about collecting your Student Credit Card and loan sanction letter from the DRCC.

• Complete documentation at the bank to finalize your loan disbursement.

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Required Documents for Bihar Student Credit Card Scheme

Following is a list of documents needed to apply for the Bihar Student Credit Card Scheme:

Conclusion

The Bihar Student Credit Card Scheme is a vital initiative that provides essential financial support to students aspiring to further their education. By alleviating financial burdens, it empowers young individuals to achieve their academic dreams and build successful futures.