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Bihar Student Credit Card Scheme

Mukhyamantri Nischay Swayam Sahayata Bhatta Yojana (MNSSBY) is offering students financial support through the Bihar Student Credit Card Scheme (BSCCS). You need to meet certain requirements if you want to apply for this scheme. If you are a student who has cleared his/her Intermediate/12th grade from state government-run institutions but are unable to continue with higher education due to financial problems or other issues, you can easily apply for the Bihar student credit card.

What is Bihar Student Credit Card Yojana? 

The Bihar Student Credit Card Yojana was introduced by the state government of Bihar to provide financial aid to students who need it for the purpose of higher education. The scheme aims to boost the Gross Enrolment Ratio of 14.3% (in August 2018) to 30% within 5 years. As a beneficiary of this scheme, you would be getting financial aid of up to ₹4 Lakhs, and at minimal interest rates. The funding can be utilised to finance a B.Sc., B.A., B.Tech., or M.B.B.S courses. 

Key Highlights of the Bihar Student Credit Card

The key highlights of MNSSBY are mentioned below: 

  • Students can get higher education loans of up to ₹4 Lakhs.

  • The loan will be offered at low-interest rates.

  • If you are a student, you can use this loan to fund purchases like books, stationery or pay your fees.

  • MNSSBY is applicable for a range of higher education courses.

  • You need not worry too much about repaying the loan as you can easily pay off your loans after you get a job

How to Apply for a Bihar Student Credit Card

Here’s how you can apply for a Bihar student credit card online:

  • Step 1: Visit the official website of MNSSBY

  • Step 2: Select the ‘New Applicant Registration’ option.

  • Step 3: Fill in the required details and press on ‘Send OTP’.

  • Step 4: Next, enter the OTP received on your registered mobile number or email ID and press ‘Submit’.

  • Step 5: Once you are successfully registered for a student credit card in Bihar, click on ‘Go to Home Page’.

  • Step 6: Navigate to the Bihar student credit card yojana website using the credentials you received via SMS or email.

  • Step 7: Now, set a new password of your choice and log in once again with the newly set password.

  • Step 8: Enter your details in the fields and click on ‘Submit’.

  • Step 9: From the Select Scheme’ drop-down menu, select the ‘Bihar Student Credit Card’ option

  • Step 10: Enter the requested personal information of the co-applicants, if any. 

  • Step 11: After filling in all the required information for the student credit card Bihar, click on ‘Submit’.

  • Step 12: It is advisable to make a note of the acknowledgment that you receive via email.

Eligibility Criteria and Documents Required for a Bihar Student Credit Card

You will be eligible to apply for a Bihar student credit card if you fulfil the following criteria:

  • You must be a resident of Bihar.

  • The age limit for Bihar student credit cards is 25 years and above.

  • You must have completed and passed 12th class.

  • You must have completely finished your studies/course from an authorised institution.

  • You must have passed Moulvi students from recognised institutes located in Bihar

  • You must be a Sub-Shastri student from institutions recognised by Bihar State Sanskrit Education Board

  • The loan shall not be provided to graduate degree holders for pursuing graduate-level courses in any other faculty. However, you will be eligible for pursuing technical and management courses

  • Your CIBIL score must be more than or equal to 700

  • You must have enrolled or been selected for pursuing higher education at educational institutions recognised by concerned regulatory boards/agencies of the Government of Bihar or other state or central governments.

The list of documents that must be submitted to get the Bihar Student Credit Card is mentioned below:

  • A valid Aadhaar Card and PAN card

  • Income certificate or form 16 of the family

  • Your 10th and 12th standard mark sheets

  • Your residence certificate

  • Admission proof provided by the higher education institute

Features and Benefits of Bihar Student Credit Card

Here are some of the best features and benefits of the Bihar Student Credit Card:

  • You can get a maximum loan amount of ₹4 Lakhs.

  • The loan is eligible for students pursuing technical, polytechnic, as well as general courses.

  • Monetary assistance is available if you want to pay fees, buy books, purchase laptops, etc.

  • Financing is available at a lower rate of interest of 1% for girls, transgender, and students with disabilities.

  • You will have to start repaying the loan only once the course has been completed and you have secured a job.

  • As it is Government owned, the recovery process is not very strict. In some extreme cases, the Government may even waive off the remaining loan completely

Fees and Charges of Bihar Student Credit Card

MNSSBY initially offered loans through student credit cards. Interests used to vary with banks, as there was nothing mentioned about it. For instance, the interest rate of Canara Bank and Madhya Bihar Gramin Bank was 12 and 12.5% per annum a year ago. But lately, the Bihar Student Credit Card offers educational loans. The Bihar Student Credit Card charges 4% simple interest (1% simple interest for women, disabled and transgender) through the Bihar Student Education Finance Corporation (BSEF).

With the Bihar Student Credit Card, no interest shall be charged for the duration of the course, say four years of B.Tech, plus an additional year. So, the fact is you need to start paying back your loan after five years of your admission to the course, in this case, B. Tech, in instalments. If you are still unable to pay back the loan, you can extend the repayment deadline by submitting a written application two times a year to the DRCC.

Bihar Student Credit Card Customer Care

For any query related to the Bihar Student Credit Card Yojana, candidates can call on the helpline number – 1800 3456 444. Alternatively, they can also send an email on spmubscc@bihar.gov.in

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FAQs about Bihar Student Credit Card

✔️How to use the Bihar Student Credit Card?

Bihar Student Credit Card can be used to pay the fees, insurance premium, caution deposit, building fund, purchase books, stationery, uniforms, purchasing computers, etc.

✔️What is a Bihar student credit card?

The Bihar student credit card does not work like the usual credit card you get from a financial institution. This is because the primary purpose of the card is only to finance education and hence it does not provide the benefits like a normal credit card.

✔️How can I get a Bihar student credit card?

Here’s how you can apply for a Bihar student credit card online:

 

Step 1: Visit the official website of MNSSBY

Step 2: Select the ‘New Applicant Registration’ option.

Step 3: Fill in the required details and press on ‘Send OTP’.

Step 4: Next, enter the OTP received on your registered mobile number or email ID and press ‘Submit’.

Step 5: Once you are successfully registered for a student credit card in Bihar, click on ‘Go to Home Page’.

Step 6: Navigate to the Bihar student credit card yojana website using the credentials you received via SMS or email.

Step 7: Now, set a new password of your choice and log in once again with the newly set password.

Step 8: Enter your details in the fields and click on ‘Submit’.

Step 9: From the Select Scheme’ drop-down menu, select the ‘Bihar Student Credit Card’ option

Step 10: Enter the requested personal information of the co-applicants, if any.

Step 11: After filling in all the required information for the student credit card Bihar, click on ‘Submit’.

 

✔️How can I check my student credit card status in Bihar?

You can check your Bihar student credit card status online by visiting the site http://www.7nishchay-yuvaupmission.bihar.gov.in and enter your registration number or Aadhaar number and date of birth. On submission, you will be provided with your Bihar student credit card application status information

✔️Who can apply for a Bihar student credit card?

You need to be a resident of Bihar and should have successfully cleared the 12th grade.

✔️How much loan can I get under the MNSSBY Bihar Student Credit Card Yojana?

You can get a maximum amount of Rs.4 Lakhs as a loan under the MNSSBY Bihar Student Credit Card Yojana.

✔️Are there income proof documents I need to submit while opting for Bihar Student Credit Card?

To opt for the Bihar Student Credit Card, you must submit Form 16 and an income certificate as income proof documents

✔️What is the age criteria for Bihar Student Credit Card?

You need to be younger than 25-years of age to be eligible for the MNSSBY Bihar Student Credit Card Yojana.

✔️How to track your application for a Bihar Student Credit Card?

You can check the status of your loan application by calling the Bihar Student Credit Card toll-free number (1800 3456 444) or going to the Nischay Yuva Mission website.