Bihar Student Credit Card Yojana (MNSSBY) aims at providing financial support from the banking system to those students with reasonable and affordable terms and conditions. Students who have cleared their Intermediate/ 12th class from institutions that fall under the Government of Bihar, and are unable to pursue higher education due to financial constraints. The government introduced the Bihar Student Credit Yojna in Bihar. This Bihar government student credit card scheme provides financial assistance to students for their higher education. In August 2018, the state’s Gross Enrolment Ratio (GER) fell off at 14.3% while the average across the country was 24%. The Bihar credit card scheme is a government initiative that intends to boost this ratio to 30% in 5 years.
To apply, visit the website at http://www.7nishchay-yuvaupmission.bihar.gov.in/.
Select the ‘New Applicant Registration’ option
Fill in the required details and press on ‘Send OTP.’
Now enter the OTP received on your mobile number/email ID and click on ‘Submit.’
Once you have successfully registered yourself. The next step is to click ‘Go to Home Page’
Login to the website using the credentials you received via SMS/email.
Now set a new password and login once again with the unique password.
Enter your details in the fields and click on ‘Submit.’
Select the ‘Bihar Student Credit Card’ option from the ‘Select Scheme’ drop-down menu.
Enter your personal information and the co-applicant if any
After filling all the required information, click on ‘Submit.’
Make a note of the acknowledgement that you will receive via email.
To fulfill the Bihar Student Credit Card Eligibility criteria, you must follow the following Bihar student credit card guidelines.
Must be an Indian national to be eligible for the scheme
Should be resident of Bihar and the Bihar student credit card age limit must be maximum age of 25 Years.
An intermediate exam that has been cleared by students from Institutions recognized from Bihar School Exam Committee, students that completed 12th from Institution recognized by Central Board of Secondary Education or Equivalent boards, Sub-Shastri students from Institutions recognized by Bihar State Sanskrit Education Board and Moulvi passed student from recognized Institute by Bihar State Madarsa Board will also be facilitated under this scheme. These kinds of Educational Institutes need to be located /situated in Bihar.
If the applicant is a degree holder of one level, he will not be covered for a degree of the same group under this scheme. This eligibility will not apply to technical and management courses. For instance, under this scheme, the loan shall not be provided to science graduate degree holders for pursuing graduate-level courses for studying again in any other Faculty of Arts, Science or Commerce. But will be eligible for pursuing higher education under courses like MBA or MCA.
CIBIL score of the student shall be more than or equal to 700. In case the CIBIL score is lower than 700, the next higher authority will sanction it.
The student should have been enrolled or selected for enrolment for pursuing higher education in the educational institutions recognized by concerned regulatory boards/ agencies of Bihar Govt. or another state Govts. Or the Central Govt.
The loan application will be received if the student has UID or Aadhar Card Number.
The loan will be disbursed only for students having valid Permanent Account Number (PAN Card)
Educational institutions recognized by concerned regulatory boards/ agencies of Bihar Govt. or other State Govts. Or the Central Govt.
General Courses (non-technical), Financial Courses and Technical Courses, e.g. B.A., B.Sc., B.Com, Engineering, Management, Medical, Law etc.
Here’s a list of documents required for a Bihar Student credit card that will prove your eligibility for the scheme. The required Bihar Student Credit Card documents are as follows:
Mark sheets of the applicants of 10th and 12th standard
Documents for proof of admission to a higher education institute
If the credit card is being applied with an applicant and co-applicants
Documents for proof of Address
Identity proof such as Aadhaar card and PAN card.
Submit your bank account statements
Other documents like family income certificate along with Form 16.
Here are some of the Bihar student credit card features and Bihar student credit card benefits of applying for the Bihar sarkar student credit card Scheme.
The applicant can avail a loan amount of up to Rs.4 lakh
The loan is eligible for students pursuing general and polytechnic courses, and not just technical courses
Financing is available at a lower rate of interest of 1% for girls, transgender and students with disabilities
Financial assistance can be used to pay fees, buy books, purchase laptops, etc.
The government owns the loan and hence in extreme cases; the government may entirely waive off the outstanding balance.
Credit card repayment begins once the course is complete and you secure a job
In the initial phase of the scheme, a student credit card was issued to the applicant, to avail a loan. 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 according to the latest information, Bihar Student Credit Card offers educational loans. Under the Bihar Student Credit Card charges 4% simple interest (1% simple interest for women, disabled and transgender) through “Bihar Student Education Finance Corporation (BSEF)”.
With the Bihar Student Credit Card rewards no interest shall be charged for the duration, of course, say four years of Btech 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, Btech here, in instalments. However, you can extend this deadline if you still can't afford to pay back by informing DRCC through a written application twice a year
For any query related to the scheme, candidates can call on Bihar student credit card helpline number – 1800 3456 444.
You can contact the above Bihar credit card customer care number and furthermore, candidates can see the details of the Bihar govt. scheme and Bihar student credit card deals on official website at http://www.7nishchay-yuvaupmission.bihar.gov.in/
Fee payable to college/ school/ hostel
Examination/ Library/ Laboratory fee
Insurance premium for the student borrower
Caution deposit, Building fund / refundable deposit supported by Institution bills/receipts.
Purchase of books/ equipment / instruments / uniforms
Purchase of computer at a reasonable cost, if required for completion of the course
Any other expense required to complete the course - like study tours, project work, thesis, etc.
While computing the loan required, scholarships, fee waiver, etc., if any available to the student borrower may be taken into account. If the scholarship component is included in the loan assessment, it may be ensured that the scholarship amount gets credited to the loan account when received from the Government.
These expenses could be considered subject to the condition that the amount does not exceed 20% of the total tuition fees for the entire course.
The Bihar state student credit card does not work like a conventional credit card you get from a financial institution. This dues to the primary purpose of the bscc scheme are to finance education, and hence it doesn’t give you the other benefits that a credit card offers.
This Bihar Student Credit Card Process is very simple. The scheme is a government initiative that aims to bridge the gap between the Gross Enrolment Ratio (GER) in Bihar as well as other parts of the country. Doing this will ensure that the students do not discontinue their studies due to lack of finances. As a student in Bihar, you can finance your higher education course by applying for a Student Credit Card Bihar online
You can check with your Bihar student credit card status online by visiting the site at http://www.7nishchay-yuvaupmission.bihar.gov.in
To view the bscc status of the application, the applicants need to see the following link and enter their registration number or Aadhar number and date of birth. On submission, you will be provided with your credit card status information.
For smooth application the Student Credit Card Bihar detail you need is to be a resident of Bihar. Moreover, you are not eligible if you were not able to pass your 12th standard examination. This education scheme offers a substantial loan amount of up to Rs.4 lakh. Students can use the funds to mitigate their education expenses towards B.Tech courses as well as polytechnic and general courses.