Bihar Student Credit Card Scheme| Benefits, Eligibility, Application Process, Status Check |Interest Free Loan

Student Credit Card Bihar: Bihar is renowned for its bright young minds, but it also grapples with economic challenges and infrastructure gaps. To bridge this gap and empower its students, the government of Bihar has introduced a groundbreaking initiative known as the Bihar Student Credit Card Scheme.

Bihar Student Credit Card Scheme Overview:

This scheme aims to provide financial support to students in Bihar who wish to pursue higher education. To apply for higher education under the Student Credit Card Yojana, interested beneficiaries can visit the official website of the scheme. The Education Finance Corporation, established by the government, is the issuing authority for the credit card.

The primary objective of this scheme is to encourage students in Bihar to pursue higher education, with the goal of increasing the Gross Enrollment Ratio (GER) from the current 14.3% to the national average of 24%.

Loan Waiver for Education Loan Beneficiaries:

Under the Bihar Student Credit Card Scheme, students who have obtained education loans are eligible for loan waivers by the government. In cases where a student does not secure employment after completing their professional course, the student loan will be waived. However, if the student gains employment, they will need to repay the loan amount in 82 easy installments.

Interest-Free Loans:

Students can avail of interest-free loans of up to ₹4,00,000 through the Bihar Education Finance Corporation. These loans are available for pursuing technical or general education after passing the 12th standard.

Impressive Uptake and Government Investment:

As of now, around 86,544 students have benefited from this scheme, receiving education loans. The government has allocated ₹1,086 crore towards this initiative as of August.

Key Benefits of the Scheme:

The Bihar Student Credit Card Scheme offers several key benefits:

  • Financial Assistance: Students who have passed their 12th class from government-recognized institutions in Bihar and wish to pursue higher education, including graduation (e.g., BA, BSC), can receive financial assistance.
  • Interest-Free Loans: Students are not required to pay any interest on the loans they take under this scheme.
  • Support for Economically Disadvantaged Students: The scheme particularly benefits students from economically disadvantaged backgrounds, helping them complete their higher education.
  • Inclusive Coverage: The loan covers educational institution fees, as well as expenses related to food and study materials.
  • Improved Standard of Living: The scheme helps students overcome financial challenges, leading to an improved standard of living.
  • Online Application: Students can easily apply online to take advantage of the Bihar Student Credit Card Scheme.
  • Interest Rates: The government has set a 1% interest rate for girl students and a 4% interest rate for boys. Disabled students receive additional interest rate relaxation.

This scheme is a game-changer for the youth of Bihar, offering access to interest-free loans for higher education and ultimately elevating their prospects and quality of life. It’s a testament to the government’s commitment to nurturing talent and supporting educational aspirations in the state.

Eligibility Criteria and Application Process for the Bihar Student Credit Card Scheme:

The eligibility criteria for the Bihar Student Credit Card Scheme are straightforward, and applicants need to meet the following conditions:

  • Residency: The applicant must be a permanent resident of the state of Bihar.
  • Educational Institution: The educational institution in which the student is enrolled must be recognized by the concerned regulatory agency of either the state or central government.
  • Types of Education: The scheme covers loans for higher education in general courses, technical, or vocational programs.
  • Academic Qualification: Applicants must have passed the 12th standard.

Documents Required for Application:

To apply for the Bihar Student Credit Card Scheme, eligible candidates need to provide the following documents:

  • Aadhaar Card of the Applicant
  • PAN Card
  • 10th and 12th Certificate and Mark Sheet
  • Certificate of Admission in a Higher Educational Institution
  • Two Photographs Each of the Student, Parent, and Guarantor
  • Address Proof
  • Family Income Certificate
  • Bank Account Passbook
  • Six Months Statement of Parent’s Bank Account
  • Mobile Number
  • Identity Proof of the Applicant (Aadhaar Card, Passport, Voter’s ID Card, Driving License, etc.)

Application Process Bihar Student Credit Card Scheme:

To apply for the Bihar Student Credit Card Scheme, follow these steps:

  • Visit the official websites of the Education Department, Planning and Development Department, and Labor Resources Department.
  • On the homepage, find the “New Applicant Registration” option and click on it.
  • Fill in the registration form with required information, including the applicant’s name, email ID, Aadhaar card number, mobile number, and other details.
  • After submitting the form, three options will appear. Select the “Student Credit Card” option, and a new application form will open.
  • Complete the application form by providing the necessary information and details. Then, submit it.
  • After submission, you will receive a unique identification number on your mobile and email.
  • You will also receive a PDF copy of the submitted application form and details of required documents on your email. These will be needed during the application process.
  • You will be informed via your mobile and email about when to visit the counter for further processing.

Checking Application Status Bihar Student Credit Card Scheme:

To check the status of your Bihar Student Credit Card Scheme application,

Follow these steps:

  • Visit the official website.
  • On the homepage, look for the “Application Status” option and click on it.
  • On the next page, you will find a form to check the application status. Fill in the information requested, such as your registration ID or Aadhaar number, date of birth, captcha code, etc.
  • After filling in all the information, click the “Submit” button. The application status will then be displayed.

Approval Process Bihar Student Credit Card Scheme:

Once you have submitted your loan application for the Bihar Student Credit Card Scheme, it goes through the following approval process:

  • Verification: Government officials will verify all submitted applications. This verification is typically done through the educational institution where you have enrolled.
  • Timeline: The verification process is expected to be completed within 15 days from the receipt of the application.
  • Beneficiary Information: After verification, the beneficiary’s information is provided to the bank that will disburse the loan.
  • Loan Approval: The bank will approve the loan within 15 days from receiving the beneficiary’s information.
  • Notification: Applicants will be notified of the loan approval or disapproval through SMS.
  • Bank Visit: If the loan is approved, the applicant will need to visit the bank branch to complete the necessary formalities.

Educational Courses Comes Under the Scheme:

Loans are made available for other 32 courses like BA, BSc, B.Com, MA, MSc, M.Com, MBA etc. through Bihar Student Credit Card Scheme.

The list of courses is as follows:

  • Bachelor of Mass Communication
  • BSc in Fashion Technology
  • Bachelor of Architecture
  • BPED
  • Bed
  • MSc, MTech
  • Bachelor of Physiotherapy
  • Bachelor of Occupational Therapy
  • Diploma in Food Processing, Food Production
  • Diploma in Food and Beverage Service
  • BA, B.Sc, B.Ed, Integrated Course
  • BBA
  • BFA
  • Diploma in Food, Nutrition, Dietetics
  • MBBS
  • BL, LLB
  • B.Tech, BE,
  • BA, BSc, B Com
  • BCA, BSc IT, Computer Application, Computer Science
  • B.Sc Agriculture
  • BSc Library Science
  • B.Sc, BHMCT, B.Tech, Hotel Management
  • Diploma in Hotel Management
  • BTech, BE, BSc
  • BSc Nursing
  • Bachelor of Pharmacy
  • BVMS
  • BAMS
  • BUMS

Education is a fundamental driver of personal growth and societal development. Initiatives like the Bihar Student Credit Card Scheme play a crucial role in removing economic barriers to higher education. By providing students with access to interest-free loans, this scheme empowers them to pursue their educational aspirations and contribute to a more informed and educated society. An educated population is better equipped to engage with governance, demand rational policies, and understand government functions, ultimately leading to more informed and productive citizenship.

Bihar Student Credit Card Scheme – FAQs

1.Who can apply for the Bihar Student Credit Card Scheme?

The scheme is open to permanent residents of Bihar who have passed their 12th standard from recognized educational institutions. It covers a wide range of higher education options, including general courses, technical, or vocational programs.

2.What sets the Bihar Student Credit Card Scheme apart from other educational loan schemes?

The standout feature of this scheme is that it offers interest-free loans for higher education. This makes it an attractive option for students from economically disadvantaged backgrounds.

3.What is the process for loan approval and disbursement under this scheme?

Once an application is submitted, it undergoes a verification process by government officials, usually through the educational institution. This process is expected to be completed within 15 days. After verification, beneficiary information is sent to the bank, and the loan is typically approved within 15 days. Applicants are promptly informed of the status through SMS.

4.What happens if a student doesn’t find employment after completing their professional course?

In such cases, the student loan will be waived, offering a safety net for those who face challenges in securing employment after their education. However, if the student does secure employment, they are required to repay the loan in 82 easy installments.

5.How has the Bihar Student Credit Card Scheme positively impacted the state’s education landscape?

The scheme has provided loans for education to thousands of students in Bihar, improving their access to higher education. It’s also aligned with the government’s goal to increase the Gross Enrollment Ratio (GER) in the state from its current rate of 14.3% to the national average of 24%. This scheme is instrumental in making education more accessible and affordable for students in Bihar.