As a means to increase the Gross Enrolment Ratio (GER) for higher studies in Bihar, the state government launched the Bihar Student Credit Card Yojana. Additionally, this ingenious scheme aims to encourage more students to pursue higher education by offering them substantial credit to meet short-term financial requirements related to their studies. Like a student, understand how to benefit from this scheme and be aware of the associated conditions plus required eligibility criteria.
Benefits of Bihar student credit card Yojana
Typically, a scholarship program, this Mukhyamantri Nishchay Swayam Sahayata Bhatta Yojana (MNSSBY) benefit the eligible students of Bihar in these following ways –
- Students are entitled to avail of an education loan up to Rs.4 lakh at affordable interest rates.
- Likewise, girls, transgender, and physically challenged students are entitled to avail of the credit facility at a relatively affordable interest rate.
- The loan amount can be used to meet various requirements like paying tuition fees, purchasing books, enrolling in the soft skills-enhancing program, etc.
- The overall repayment process is quite simple and hassle-free.
- Further, beneficiaries are offered the opportunity to repay the credit availed after securing a stable job.
However, to benefit under this student credit card scheme individuals must ensure if they are eligible for it or not. Successively, they should also learn how to use such a credit card wisely to make the most of it.
Individuals who fulfill these criteria are deemed eligible under the Bihar Student Credit Card Yojana –
- Must be a resident of the state of Bihar.
- The applicant should be below the age of 25 years.
- Likewise, in the case of graduation courses, applicants should not be above 30 years of age.
- Should have completed their 12th standard examination or 10th in case of the polytechnic.
- The institute must be recognized by either the State or Central government.
Conversely, if applicants fail to meet these criteria, they may look for an alternate way to finance their monthly education-oriented expenses. For instance, they may opt for a credit card from financial institutions like Bajaj Finserv to enjoy a range of reward points, discounts, vouchers, on purchases and transactions.
Eligible applicants with a CIBIL score around or above 750 can avail feature-rich credit cards such as the Bajaj Finserv RBL Bank SuperCard to increase their purchasing power.
Applicants are required to furnish these set of documents to complete the application process for the Bihar Student Credit Card Yojana –
- PAN card.
- Aadhaar card.
- Voter ID.
- Passport-sized photographs.
- Class 10th or 12th standard mark sheet whichever is applicable in their case.
- Proof of residence like a resident certificate.
- Selection certificate from a renowned higher educational institute.
- A detailed-document issued by the concerned institute highlighting their fee structure.
- Duly-filed and self-attested photocopies of the application form.
- Proof of family’s income like – parents’ bank statements, income certificate, and income tax returns.
Since documentation forms one of the vital steps of how to apply for a student credit card online, applicants must furnish documents carrying uniform information.
It will help streamline the application process significantly and will help avail the same faster. Similarly, applicants must also learn the application process and also figure out ways to check their credit card application status online.
Therefore, under the Bihar Student Credit Card Yojana, eligible students can avail substantial credit to meet their education-related expenses. Successively, to ensure they are eligible for it, they should check the criteria set against the scheme and also learn about the documentation and application process.