Student Credit Card Scheme
Introduced on 2 October 2016, Bihar Student Credit Card Yojana is loan scheme that helps students who have passed the 12th standard to realise their higher education dreams. This government initiative aims to bridge the gap between the Gross Enrolment Ratio (GER) in Bihar and that in other parts of the country by ensuring that students do not stop studying due to lack of finances. As a student in Bihar, you can fund your higher education course by applying for a Bihar Student Credit Card online. To help you make the most of this unique financial initiative.
Bihar Student Credit Card Yojana is a scheme that provides funding to students who require financial assistance for their higher education. In August 2018, the state’s Gross Enrolment Ratio (GER) was pegged at 14.3% while the average across the country was 24%.
The scheme intends to boost this ratio to 30% in 5 years. Beneficiaries of the Student Credit Card Yojana in Bihar get financing of up to Rs.4 lakh at nominal interest rates. The money can be used to finance a B.A., B.Sc., M.B.B.S., or B.Tech course.
Availing SCC Scheme Benefits
The Bihar Student Credit Card is a financial initiative aimed at providing easy access to credit facilities for students in Bihar. The following are the features and benefits of the card:
- Maximum loan amount of Rs.4 lakhs
- No collateral or margin money requirement for loans up to Rs. 4 lakhs
- Up to 4 years of moratorium period after the completion of the course
- Low-interest rate of 4% per annum
- Easy online application and approval process
- Easy access to credit for students who want to pursue higher education
- No financial burden on the parents/guardians of students
- Reduced dropout rates due to lack of funding
- Encourages students to pursue higher education for state's economic growth.
Eligibility Criteria For SCC
The Bihar Student Credit Card is a scheme created to provide higher education and skill development opportunities for Bihar’s youth. The eligibility criteria for this scheme includes:
- The applicant must be a Bihar resident and hold a valid domicile certificate.
- The student must have passed Class 10th/ 12th/ Graduation or equivalent examination from a recognized board.
- The maximum age limit for the student is 25 years for undergraduate course and 30 for post graduate course.
- The student must have secured admission to a government-approved course in a recognized institution in India.
- The total amount of loan cannot exceed Rs. 4 lakh for students pursuing general courses.
- The student must maintain at least 75% attendance throughout the duration of the course.
