The Bihar Student Credit Card Scheme 2023, which offers education loans to 12th-pass students, has been introduced by the Bihar State Government. The application form and scheme details can be found on the www.7nishchay-yuvaupmission.bihar.gov.in website. Up to a maximum of Rs 4 lakh, the loans can be used for professional and technical courses as well as general higher education programs including B.Tech, MBA, and B.A./B.Sc.
This programme is designed to help students in Bihar who want to go to college. This program will help you regardless of your interests in technical, polytechnic, or general studies. You can utilize the Bihar Student Credit Card Scheme 2023 to fund your further education.
Features of the Bihar Student Credit Card Scheme include:
- For students who have graduated from intermediate or twelfth-grade schools operated by the Bihar government.
Offering loans of up to Rs 4 lakh, which can be used for general, polytechnic, or technical courses. In addition to paying fees, the loan amount can be utilized to buy study supplies including laptops, books, and stationery. and its best way to use credit card in education
- The loan has a low interest rate of 4%. However, the interest rate is considerably lower—1%—for women, transgender persons, and those with disabilities.
- Flexibility in repayment: Students are required to pay back the loan balance once they have finished their studies and obtained work. You are not required to pay back the loan during the course of a three-year BSC program, for instance.
The combination of these attributes renders the Bihar credit card Scheme a compelling and all-encompassing chance for students to continue higher education without undue financial strain.
Qualifications for the Bihar Student Credit Card
In order to obtain the Bihar Student Credit Card, candidates need to meet the eligibility requirements listed below and submit the required paperwork:
Qualifiability Standards:
Residence: Bihar residents are required to apply.
Age: The maximum credit card age for Bihar students should be 25 years of age or above.
Education: Candidates must be fully qualified for and have passed the 12th grade.
Higher Education: In order to be considered for future study, applicants must have enrolled in or been accepted into a recognized educational institution.
Required Documents:
Identity Proof: Applicants must provide Aadhar and PAN cards.
Income Certificate: Applicants should submit proof of family income, or Form 16, such as an income certificate.
Academic Records: Applicants must submit a certificate verifying their place or residence.
Proof of Admission: Applicants must provide documentation demonstrating their admission to the higher education course for eligibility.
Bihar Student Credit Card Course List
The BSCC can be used to finance a wide range of courses across various disciplines. Here’s a general list of eligible courses:
- Undergraduate courses:
- Bachelor of Arts (B.A.) in various subjects like History, Economics, Political Science, etc.
- Bachelor of Science (B.Sc.) in various subjects like Physics, Chemistry, Biology, Mathematics, etc.
- Bachelor of Commerce (B.Com.)
- Tech (various engineering fields)
- Sc. Agriculture.
- Bachelor of Business Administration (BBA)
- Bachelor of Computer Applications (BCA)
- Bachelor of Pharmacy (B.Pharm.)
- Bachelor of Education (B.Ed.)
- Bachelor of Laws (LL.B.)
- And many more
- Postgraduate courses:
- Master of Arts (M.A.) in various subjects
- Master of Science (M.Sc.) in various subjects
- Master of Business Administration (MBA)
- Master of Technology (M.Tech.) in various engineering fields
- Master of Education (M.Ed.)
- Master of Laws (LL.M.)
- And many more
- Professional courses:
- Medical courses like MBBS, BDS, etc.
- Law courses like LLB
- Engineering courses like BTech, MTech
- Management courses like MBA
- Hotel Management courses
- Fashion Designing courses
- And many more
- Other courses:
- Diploma courses in various fields
- Certificate courses in various fields
It’s important to note that this is not an exhaustive list, and the specific courses covered under the BSCC scheme may change from time to time. For the most up-to-date information on eligible courses, it’s always recommended to refer to the official website of Scheme or contact the relevant authorities.
Pros and Cons of Bihar Student Credit Card
Pros of Bihar Student Credit Card (BSCC):
Financial support for higher education: BSCC offers financial aid of up to Rs. 4 lakhs, easing the burden of educational expenses for students and their families.
Low interest rate: Compared to conventional education loans, BSCC boasts a significantly lower interest rate of 4%, making it a more affordable option. Additionally, some groups like female students, transgender individuals, and students with disabilities can benefit from an even lower rate of 1%.
Focus on educational expenses: Unlike regular credit cards, BSCC funds are specifically meant for education-related costs, potentially promoting responsible spending habits.
Repayment after securing a job: Students only begin repaying the loan after securing employment, offering some financial breathing room after completing their education.
Cons of Bihar Student Credit Card (BSCC):
Debt burden: Regardless of the low interest rate, BSCC still involves borrowing money, which creates a debt burden that needs to be repaid with interest. Students should carefully consider their future earning potential before taking on this financial commitment.
Limited awareness and reach: The scheme might not be widely known or easily accessible to all eligible students, potentially hindering its reach and impact.
Potential for misuse: While intended for educational expenses, there’s a possibility of misusing the funds, which could lead to financial difficulties if not managed responsibly.
Reliance on securing a job: Repayment being tied to securing employment might create challenges for students who face difficulties finding jobs after graduation, potentially leading to loan repayment delays or defaults.
How To Apply Student Credit Card in Bihar
Please refer to the detailed guidelines below to apply for a Bihar Student Credit Card online:
- Visit the official MNSSBY website to apply for a Bihar student credit card.
Choose and Click the “New Applicant Registration” option.Enter the necessary information, such as your first name, email address, Aadhar number, mobile number etc.
- Click “Send OTP” to finish the registration process and verify your information, After entering your mobile number and the OTP you received on your email address, click “Submit”.
- Upon submission of the aforementioned details, your login credentials will be sent to you through email or SMS.
Go back to the homepage and fill in the spaces with your username, password, and captcha code. Select “Login” to continue. - A password change and update prompt will appear as part of the security procedure. After finishing, use the new password to log in once more.
- You will be taken to a new page where you must enter and submit your information for the credit card program in Bihar after successfully logging in.
- From the dashboard’s “Select Scheme” menu, pick the “Bihar Student Credit Card” option, as shown.
- When requested, enter the required financial and personal information, and then click “Submit.”
Following your application, an email acknowledgment verifying the submission’s success will be sent to you.
Frequently Asked Questions (FAQ's)
Q. With the Bihar Student Credit Card, how much credit can I get?
A.The maximum loan amount accessible under the MNSSBY Bihar Student Credit Card Yojana is Rs 4 lakhs, which can be obtained by eligible applicants. Starting at a competitive 4% interest rate, the Bihar student credit card ensures that students can afford it and can easily repay it. Through the MNSSBY Bihar Student Credit Card Yojana, students will have access to a significant loan at a reasonable interest rate, enabling them to pursue their educational goals without excessive financial strain.
Q.How can I find out the status of my Bihar student credit card?
A.There are two easy methods to get help if you have questions or concerns about the status of your Bihar student credit card. You can reach a committed team at the helpline (1800 3456 444), who will answer your questions and offer assistance. You can also send an email to spmubscc@bihar.gov.in with any questions or comments you may have. The Bihar Student Credit Card Yojana guarantees that your complaints are swiftly addressed and that you receive the essential information and help, regardless of whether you contact by phone or email.
Q.Who are eligible for Bihar student credit card?
A.Here are the eligibility requirements for the Bihar Student Credit Card:
Residence: You must be a resident of Bihar.
Age: You must be 25 years of age or older.
Education: You must have completed and passed the 12th grade.
Higher Education: You must be enrolled or selected for a higher education program at a recognized educational institution. This can include both institutions in India and abroad.
Q.How much interest does Bihar student credit card charge?
A.The Bihar Student Credit Card charges a simple interest rate of 4% for most applicants. However, there is a concessional rate of 1% applicable to:
Female applicants
Transgender applicants
Students with disabilities (Divyang)
This means that these groups will pay a significantly lower interest rate on their student loan compared to the general rate.
What is the loan limit for BSCC?
The loan limit for the (BSCC) is Rs. 4 lakhs (400,000 rupees). This means that eligible students can borrow up to this amount to finance their education, including fees, books, laptops, and other course-related expenses.