What is Bihar Students Credit Card Scheme?

The Bihar Student Credit Card Scheme is a state government initiative that provides financial assistance to Bihar students seeking higher education. Specifically, it offers education loans of up to Rs. 4 lakhs to students who have passed their 12th class but are unable to pursue higher studies due to financial constraints. The loan aims to cover tuition fees, hostel expenses, and livelihood costs.

Benefits of Bihar Student Credit Card

The Bihar Student Credit Card Scheme offers several benefits to eligible students in Bihar, primarily aiming to make higher education accessible to those facing financial limitations. The key benefits include: a loan of up to ₹4 lakhs, reduced interest rates for specific categories (like Divyang, Transgender, and girl students), and a flexible repayment structure with potential for loan waiver in certain cases. The scheme also provides assistance with purchasing books and laptops and covering tuition fees.

Here’s a more detailed breakdown of the benefits:

Education Loan:
Students can access loans of up to ₹4 lakhs to cover expenses related to their education, including tuition fees, living expenses, and accommodation (hostel or rented accommodation)

Reduced Interest Rates:

The interest rate is 1% for Divyang, transgender, and girl students.

Repayment Flexibility:

Repayment of the loan typically starts after the student completes their course and secures employment.

Potential for Loan Waiver:

In specific circumstances, the government may waive the outstanding loan amount.

Financial Assistance:

Students can use the loan to purchase books, laptops, and pay for other education-related expenses.

Access to Higher Education:

The scheme aims to remove financial barriers, allowing students to pursue higher education in a wider range of courses, including general courses like B.A./B.Sc. and professional/technical courses like engineering, medical, management, and law.

Guaranteed by Government:

The loan is secured by the Government of Bihar, providing confidence to lenders.

Bihar Student Credit Card Eligibility

To be eligible for the Bihar Student Credit Card Scheme, students must be residents of Bihar, have passed their 12th standard from Bihar, and be enrolled in an educational institution recognized by the relevant regulatory body. Additionally, their age should be at least 18 and not more than 25, their family’s annual income should not exceed Rs. 6 lakhs, and they must have scored at least 50% in their 12th standard exams.

AISHE Code – C8746
BSCC College Code – 21386
Students can apply for Loan on Student Portal
Important Link:
https://www.7nischay-yuvaupmission.bihar.gov.in
https://www.bsefcl.bihar.gov.in