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The Bihar Student Credit Card Scheme (BSCC) is an initiative by the Government of Bihar to provide education loans to students pursuing higher studies. The scheme aims to offer financial assistance to eligible students to complete their higher studies including general courses like B.A, B.Sc, B.Com, etc, and professional courses like Engineering, Medical (MBBS), MBA, etc.

Overview of the Bihar Student Credit Card Scheme

• Launched in 2017, the Bihar Student Credit Card Yojana is also known as Mukhyamantri Nishchay Sarthi Yojna.
• Under this scheme, students can avail of a loan of up to Rs. 4 lakhs at an interest rate of 1%.
• The loan under BSCC has to be repaid in 5-7 years after course completion.
• It is a credit card and not a physical card. The loan sanctioned will be disbursed directly to the institution.
• The scheme aims to support students who wish to pursue higher studies but lack financial resources.

Objectives of Bihar Student Credit Card Yojana

• To provide financial aid to students from economically weaker sections to complete higher studies.
• To increase the gross enrolment ratio in higher education institutes located in Bihar.
• To prevent students from discontinuing education due to lack of funds.
• To establish an educational loan scheme with minimal interest rates and simple terms.

Eligibility Criteria

To apply for the study loan under the Bihar Student Credit Card Scheme, the applicant must fulfill the following criteria:

• The student must be a resident of Bihar state.
• He/she must have completed the 12th standard from Bihar.
• The age of the applicant should be at least 18 years and a maximum of 25 years.
• Annual family income must not exceed Rs. 6 lakhs.
• Students should have secured at least 50% marks in the Class 12th exam.
• Admission to an educational institution is approved by the regulatory authority.

Features and Benefits

• Simple interest rate – The interest rate is 1% simple interest p.a unlike educational loans by banks which charge 6-14% interest.
• No collateral – Students don’t need to provide any collateral or security to avail of this loan.
• Moratorium period – Repayment starts 1 year after completion of the course or 5 years after loan disbursement whichever is earlier.
• Longer repayment tenure – Students get 5-7 years to repay the loan sanctioned after the moratorium period.
• Eligible students can get a loan up to Rs. 4 lakhs for pursuing higher education.

Required Documents

applicant needs to provide the following documents while applying for the Bihar Student Credit Card Scheme:

• Photograph and signature
• Class 12th mark sheet
• Admission confirmation letter
• Fee structure details
• Domicile certificate
• ID proof (Aadhaar card, voter ID, etc)
• Family income certificate
• Bank account details

How to apply for a Bihar Student Credit Card scheme?

Students who meet the above guideline criteria can follow the below steps to apply for a Bihar Student Credit Card:

• Go to the official website and click on Apply Online.
  
• Select the MNSSBY Bihar Student Credit Card option and start filling out the application form.
• Provide required details like name, mobile number, email ID, date of birth, address, Aadhaar number, etc.
• Upload scanned copies of documents – ID proof, residence proof, Class 12th marksheet, admission proof, etc.
• Preview the form carefully before submitting it.
• An Application Reference Number will be generated after a successful form submission.
• The application will be scrutinized and approved students will get login credentials via SMS and email.
• Using the login details, students can check their loan application status and enter beneficiary details to avail of the loan.

Repayment

• The moratorium period is 1 year after completion of the course or 5 years from loan disbursement, whichever is earlier.
• After the moratorium period, students get 5-7 years to repay the loan amount depending on the sanctioned loan tenure.
• A simple interest rate is 1% p.a charged on the loan amount for the repayment period.
• If the student gets a job after course completion, EMIs will start immediately.
• Borrowers have to repay the loan in Equated Monthly Instalments (EMIs).
• Repayment can be done by cheque, DD, ECS, NACH, or any other approved method.
• If the student is unable to repay the loan, suitable recovery procedures may be initiated as per norms.

Bihar Student Credit Card Scheme – Contact Details

Frequently Asked Questions

Q1. Who is eligible for the Bihar Student Credit Card Scheme?

Students belonging to Bihar, aged between 18-25 years, and have passed 12th standard from Bihar Board are eligible. Annual family income should be less than Rs. 6 lakhs.

Q2. What is the maximum loan amount offered under this scheme?

Eligible students can avail of a study loan of up to Rs. 4 lakhs under this scheme.

Q3. What is the interest rate and repayment period?

This loan is offered at a nominal interest rate of 1% p.a. The repayment period is 5-7 years after completion of the moratorium period of 1 year.

Q4. Which courses are covered under the BSCC scheme?

The study loan can be availed for various courses like Engineering, Medical, MBA, MCA, B.A, B.Sc., M.A, M.Sc, Paramedical, etc.

Q5. Is any security or guarantee required for the loan?

No. Being a government scheme, students don’t need to provide any security or collateral.

Q6. How to apply for a Bihar student credit card online?

Eligible students can visit the Nivesh Mitra portal and click on the MNSSBY- Bihar Student Credit Card option to apply online by providing the required details.

The Bihar Student Credit Card scheme enables meritorious students from economically weaker sections to access higher education by offering education loans at subsidized interest rates and simple terms. Students meeting the prescribed eligibility criteria can apply on the portal and avail benefits under the scheme.