Apply Bihar Student Credit Card Loan Scheme Yojana (SSC)

 

Apply Bihar Student Credit Card Loan Scheme Yojana (SSC)

Before two months of the new budgetary year, the government of Bihar has attempted an extraordinary step to settle parameters of the SSC (Students’ Credit Card). The loan scheme means to grant a loan of Rupees four lakh to a student at subsidized loan costs to continue studies after Class twelve.

Banks as of now offer credits to understudies under the union government’s scheme of student loan. The most ideal path for fruitful execution of Bihar’s scheme of SCC will be to boost the quantity of recipients under the current scheme of student loan.

Bihar Student credit card Loan Scheme

How to Apply Bihar Student Credit card

The application process has started from the 2nd of October. The students who wish to apply for the scheme can do so online. Here are the details on how you can apply for the scheme.

  • Visit the official website of the scheme to apply for the scheme and go through the notification of Bihar Students Credit Card Yojana 2016 and then click on the link that reads ‘apply online’.
  • An application from will appear on the screen, fill that. After filling the form attached all the scanned copies of the required documents to the form. Then click on the ‘submit’ and print the acknowledgement form that will appear on the screen, for further reference.

Eligibility Criteria Bihar Student Credit card

  • The applicant has to be a metric pass in order to apply for the scheme. Also the scheme is available for students who are residents of Bihar.
  • The student applying for the scheme should not be more than 25 years of age. Also students already having educational loan will not be applicable for his scheme.
  • The credit card that will be given under this scheme has to be used for pursuing an academic course from a recognized institution or college. The credit card will be issued for students pursuing course like BSc, BCom, BA, B.Tech, MBBS, etc.

Documents Required Bihar Student Credit card

The documents required for application are- certificate or document to show your admission in a college or institute for higher education, fee details of the course, class 10 or 12 mark sheet or pass certificate, address proof, Pan card copy, family income certificate copy, bank account statement of parents of the last six months, and Aadhaar card number of the student.

Fear of the Banks and The Solution

Banks abstain from dispensing advance to numerous recipients as their trepidation is that the loans might not be remunerated back. Thus, government of Bihar is hoping to alleviate the apprehensions of banks about increasing the quantity of non-gainful resources when the scheme of SCC starts. Aside from bank guarantees for dispensing loans to understudies, the government of Bihar might go for further discount, the source included.

Steps to Take SCC will be Made Easy

The government of Bihar wishes banks to give advances to understudies who look for a credit for all kinds of courses. The Bihar government has wanted to set centers of registration at different districts to collect loan applications from understudies who need to be secured under the scheme of SCC. Every application should be granted by the government authority. Understudies might need to cite their Aadhar numbers in their applications. The administration is planning to make digital copies of the applications to guarantee transparency.

Reason

 

To give monetary backing to the meriting/worthy understudies who are seeking higher, technical and professional education.
Courses Eligible Professional Courses, Computers Certificate Courses from reputed Institutes, courses like CA, CFA,ICWA and so on., courses by IIM, IISC, IIT and so on.
Eligibility of the Student

 

Indian, got admission through entrance test or some other admission process and should be living in the branch office district.
Margin of Loan and Interest Up to 4 lakh – Nil

Over 4 lakh – 10%

Maximum 7.5 lakhs

Nature of the Loan Need money for fees, purchasing books, to buy computers, equipments and so forth., subject to reimbursing capacity of the Students/Parents.
Late Refund Charge 2% fine will be charged for due loan of over 2 lakhs

 

Security Co-commitment of both guardian(s) & students, third party guarantee and collateral security

 

Reimbursement

 

Reimbursement Holiday period –1 year/6 months + Course period subsequent to getting job after initiation of reimbursement within 5 to 7 years

 

Upfront Charge

 

0.5 percent of the credit Amount

 

Documentation Fees Rs.200

 

Rebate on Interest

 

1% of discount on the interest might be given by the officeholders, if the interest is paid amid the period of the study. Interest rebate will be given to the borrowers at the time of conclusive installment of the credit.

 

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