CM Mamata Banerjee announced on 24th May, 2021 that her government will provide Student Credit Card for Higher Education. Now students of West Bengal can take credit cards for their higher education in India and abroad.
Many students can’t full fill their dream of higher education due to financial condition. So, CM Mamata Banerjee thought of them. She decided to provide easy loan at low interest for the students so that they can continue their study.
Latest Update:
24th May, 21: Chief Minister Mamata Banerjee approved the scheme ‘Student Credit Card West Bengal’ and loan up to 10 lakhs at 4% interest.
Overview of Student Credit Card
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Objective of the Scheme
Every scheme has some objective. This scheme has been launched with some objective. These are as following –
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To provide Credit Card for student and loan up to 10 lakhs.
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To continue their higher studies.
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To provide loan at low interest rate of 4%.
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To provide easy repayment option.
Purpose of the Scheme Student Credit Card
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1. Under this scheme the Credit Card may be used to avail loan to meet up the following expenses: –
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(a) Course fees payable to the School/ Madrasah/ College/ University / Professional Institutes like IITs,IIMs, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, IISCs, BITS, SPA, NID, IIFTs, ICFAI Business School etc. various competitive coaching institutes meant for different competitive examinations like Engineering/Medical/Law, IAS, IPS, WBCS, SSC etc.
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(b) Fees required for accommodation in School/ Madrasah/ College/ University/ Institution hostel or rent/license fees payable for living outside the hostel or fees required for living as a Paying Guest.
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(c) Fees payable for caution deposit/ building fund / refundable deposit/ examination/ library/ laboratory fees to be supported by Institution’s bills/ receipts.
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(d) Cost of purchasing of books/ Computer/ Lap-top/ Tablet/ equipments etc.
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(e) Any other expense required to complete the course such as study tours, project works, thesis, etc.
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(f) The student can incur expenditure up to 30% of the total loan sanctioned for non-institutional expenses for the whole course of study.
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(g) Up to 20% of the total loan sanctioned can be used as living expenses for the duration of the course.
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2. Expenses incurred in any of the above purposes shall have to be reported to the bank and the Department via online Portal with proper receipts/ bills/ documents by the concerned student.
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Benefits of Student Credit Card
The eligible students of the scheme will get the following benefits.
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The students can get a loan amount of up to Rs.10 lakh.
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Interest rate is as low as 4% for all eligible students.
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The government, in extreme cases, may entirely waive off the outstanding balance.
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Credit card repayment will begin once the course is complete and you secure a job.
Eligibility Criteria for Student Credit Card in West Bengal
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(a) The student seeking loan under the scheme should be an Indian national and resident of West Bengal for the last 10 years. Self-declaration by the student as appended in the application form will be accepted.
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(b) Student must have got himself enrolled for higher studies including courses as stated in para 3 of this scheme, either within or outside the country, in the School, Madrasahs, colleges, Universities and other institutes like IITs, IIMs, IISc, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, BITS, SPA, NID, IIFTs, ICFAI Business School etc. or studying in various coaching institutes for appearing in different competitive examinations like Engineering/ Medical/ Law, , IAS, IPS, WBCS, SSC etc.
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(c) Aspiring Student will apply online as per the format given at Annexure-I, through a web-based portal to be maintained by the Higher Education Department through the respective School/ Madrasah/ College/ University/ Institute in which he has got enrolled. The portal will have dashboard for each such student which shall be accessible to the Institutes concerned, the Department and the Bank.
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(d) The interested students should not be aged more than 40 (forty) years at the time of applying for loan.
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Purpose of the Scheme Student Credit Card
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1. Under this scheme the Credit Card may be used to avail loan to meet up the following expenses: –
-
(a) Course fees payable to the School/ Madrasah/ College/ University / Professional Institutes like IITs,IIMs, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, IISCs, BITS, SPA, NID, IIFTs, ICFAI Business
School etc. various competitive coaching institutes meant for different competitive examinations like
Engineering/Medical/Law, IAS, IPS, WBCS, SSC etc.
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(b) Fees required for accommodation in School/ Madrasah/ College/ University/ Institution hostel or rent/
license fees payable for living outside the hostel or fees required for living as a Paying Guest.
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(c) Fees payable for caution deposit/ building fund / refundable deposit/ examination/ library/ laboratory
fees to be supported by Institution’s bills/ receipts.
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(d) Cost of purchasing of books/ Computer/ Lap-top/ Tablet/ equipments etc.
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(e) Any other expense required to complete the course such as study tours, project works, thesis, etc.
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(f) The student can incur expenditure up to 30% of the total loan sanctioned for non-institutional expenses
for the whole course of study.
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(g) Up to 20% of the total loan sanctioned can be used as living expenses for the duration of the course.
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2. Expenses incurred in any of the above purposes shall have to be reported to the bank and the Department via online Portal with proper receipts/ bills/ documents by the concerned student.
Student Credit Card Approval Process
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(a) The student applied for the credit card will link preferably their AADHAR Card or the Class X registration number with the concerned portal while applying to the Higher Education Department through their respective Institution.
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(b) The Higher Education Department will forward the applications after due examination to the Bank for sanction and issuance of Credit Card.
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(c) The concerned Bank will sanction the applications after due examination and issue the credit card in physical form based on the recommendation given by the Department and upon complying necessary formalities by the student/ guardian/ parent as required under RBI guidelines.
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(d) There shall be a Nodal officer for maintaining the web-based portal at the Department, Institution and the Bank level who shall have permission to access the student’s dashboard availing loan under this scheme.
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(e) The student concerned needs to upload his progress report card/ statement on completion of each semester/year examinations.
How will the Student Credit Card Loan credited ?
1.The amount of loan will be credited directly to the designated account of the Institution concerned in case of
payment of course fees and other fees related to the Institution.
2. The amount of loan will be credited to the student’s Bank account for purchasing of Computer/ Laptop/
books/ stationeries/ living expenses etc.
Student Credit Card Loan Repayment Method | How will I repayment Student Credit Card Loan
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(a) Repayment period shall be fifteen (15) years for any loan availed under this Credit Card including the Moratorium/ repayment holiday.
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(b) The student or his parent/ legal guardian can repay the loan amount at any time before the stipulated period of repayment and in case of early repayment there shall be no penalty or processing cost charged by the Bank.
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(c) 1% interest concession will be provided to the borrower if the interest is fully serviced during the study period.
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(d) The student or the co-borrower, as the case may be, shall be liable to repay the loan on time as 1st charge.
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(e) The loan will be made available at the rate of 4% p.a. simple interest rate per annum to the students. Appropriate subvention of interest rate will be provided by the State Government for all the borrowers during the entire period of the Loan to restrict the actual rate of simple interest to 4% per annum, at borrower level.
Required Documents for West Bengal Student Credit Card
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Filed Application from.
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Approved Course Structures
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Fees Schedules
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2 passport Size Photo
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Mark sheets of 10th and 12th standard.
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The Document for enrolled or selected for enrolment for pursuing higher education
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Documents for proof of Address
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Aadhaar card
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PAN card,
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A copy of a Passport ( if you pursue any course in abroad)
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Bank account statements for Six months.
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Other documents like family income certificate.
Student Credit Card West Bengal Apply Online
If you want to pursue higher education and you can’t bear the fees of studies, you can get student credit card loan. But you have to apply for that.
1. First you have to visit official portal of Banglar Uchchashiksha at
https://banglaruchchashiksha.wb.gov.in
2. After that you will see the link ‘Student Credit Card’.
3. Then you will have to click on the link.
4. Then you will be redirected to a new portal WBSCC.
5. Next you have to click on ‘ Student Registration’.
6. Then you will see online form. You have to fill all the required information.
7. After that you have to submit the application form.
If you want to know step by step application process please download the PDF file of Official User Manual.