West Bengal Student Credit Card Scheme

West Bengal Student Credit Card Scheme is an education loan scheme launched by the Government of West Bengal to provide financial assistance to students for their higher education. Under this scheme, students can avail of a maximum collateral-free and third-party guarantee-free education loan of up to INR 10 lakh at a nominal interest rate of 4% per annum. It is available for students pursuing secondary, higher secondary, madrasah, undergraduate, and postgraduate studies, including professional degrees and equivalent courses in any School, Madrasah, College, University and other affiliated institutes within and outside India.

In this article, readers will get detailed information about the student credit card scheme, eligibility criteria, mode of loan disbursement, and other important details about the scheme.

Note – Collateral comprises of valuable assets like homes, properties, cars, and other possessions that borrowers provide as security when applying for loans.

About WB Student Credit Card Scheme

The West Bengal Student Credit Card Scheme was introduced by the Higher Education Department, Government of West Bengal under the leadership of the Chief Minister, Mamata Banerjee on June 30th, 2021. Students studying in class 10 or above can apply for this credit card scheme. Furthermore, students enrolled in coaching institutions for appearing in various competitive examinations such as Engineering, Medicine, Law, Indian Administrative Service (IAS), Indian Police Service (IPS), West Bengal Civil Service (WBCS), and others are also eligible to avail loans under this program.

The loan is provided by State Cooperative Banks and its affiliated Central Cooperative Banks, District Central Cooperative Banks, as well as Public Sector and Private Sector Banks operating in West Bengal.

Under this scheme, the interest is calculated on a simple interest basis, which means it is applied only to the initial loan amount without compounding. This reduced interest rate remains constant throughout the entire duration of their educational loan.

West Bengal Student Credit Card Scheme – An Overview

Name of the Scheme	West Bengal Student Credit Card Scheme
Provider	Government of West Bengal
Official Websites	wbscc.wb.gov.in banglaruchchashiksha.wb.gov.in/
Beneficiaries	Students of West Bengal pursuing secondary, higher secondary, madrasah, undergraduate, and postgraduate studies, including professional degrees
Loan Amount	Up to INR 10 Lakh
Interest on Loan Amount	Simple Interest Rate of 4% Per Annum
Application Mode	Offline/Online
Loan Repayment Period	15 Years
Maximum Age Limit	40 Years
Availability of Scheme	Throughout the Year

West Bengal Student Credit Card Scheme – Objective

The student credit card scheme aims to support students studying in various coaching institutes for competitive exams such as Engineering, Medical, Law, Indian Administrative Service (IAS), Indian Police Service (IPS), West Bengal Civil Service (WBCS), Staff Selection Commission (SSC), Union Public Service Commission (UPSC), and Public Service Commission (PSC), among others.
The scheme also extends its support to students pursuing undergraduate, postgraduate, professional degrees, diploma, doctoral, post-doctoral, and similar courses in schools, colleges, and universities.
Students can pursue higher education at renowned institutes including IITs, IIMs, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, BITS, SPA, NID, IISc, IIFTs, ICFAI Business School, both within and outside the country.

West Bengal Student Credit Card Scheme – Important Features

Eligible students can secure a maximum loan amount of INR 10,00,000.
This loan is offered at a simple interest rate of 4% per year and can be obtained from various financial institutions operating within West Bengal.
Students are permitted to utilise up to 30% of the total sanctioned loan amount for non-institutional expenses throughout the entire course of study.
Students studying in government institutions with low institutional costs can spend a maximum of INR 3 lakh on non-institutional expenses throughout their entire academic career.
Students can allocate up to 20% of the total sanctioned loan amount as living expenses for the duration of their course.
Eligible students must be pursuing undergraduate, postgraduate, professional degree, diploma, doctoral, post-doctoral, or similar courses in schools, madrasahs, colleges, universities, and prestigious institutes both within and outside the country.

West Bengal Student Credit Card Scheme – Eligibility Criteria

To be eligible for the student credit card scheme, students must meet certain criteria:

The student should be an Indian national and a resident of West Bengal for the past 10 years.
Applicant must be studying in Class 10 or above.
A self-declaration by the student, provided in the application form, will be accepted as residential proof.
Students must have enrolled in higher studies, either within or outside the country, in various educational institutions such as schools, madrasahs, colleges, universities, and prestigious institutes like IITs, IIMs, IISc, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, BITS, SPA, NID, IIFTs, ICFAI Business School, etc.
The maximum age limit of the applicants must be 40 at the time of submitting their application.

Important Note: For detailed eligibility criteria of the scheme, please visit the official notification by the Government of West Bengal, Higher Education Department.

West Bengal Student Credit Card Scheme – Interest Rate

The scheme offers education loan at an interest rate of 4% per annum.
- An additional interest rate of 1.5% on the existing interest rate will be charged at prevalent EBLR** (External Benchmark based Lending Rate) of the State Bank of India for the entire loan amount of up to INR 10 lakh.
Girl students will receive an additional concession of 0.5% per year in the interest rate.
The interest is calculated at a *simple interest rate.
The state government will pay a portion of the interest throughout the loan period so that borrowers are only required to pay a simple interest of 4% per annum.

Important Note :

*Simple Interest Rate – It is calculated as a percentage of the principal amount for the entire duration of the loan without considering any additional factors. The interest is calculated based on the original loan amount and remains constant throughout the loan tenure.

**External Benchmark-based Lending Rate (EBLR) is a new lending rate introduced by the Reserve Bank of India (RBI). It is used to determine the interest rates on loans that banks offer to their customers. The lower the EBLR, the lower the interest rates on loans. This means that borrowers will have to pay less interest on their loans.

West Bengal Student Credit Card Scheme – Loan Disbursement Mode

The disbursement of the loan under the scheme follows the following modes:

Course and Institution-Related Fees – The loan amount for payment of course fees and other fees related to the institution will be directly credited to the designated account of the respective educational institution. This ensures that the fee is paid directly to the institution on behalf of the student.
Personal Expenses and Purchases – For expenses related to purchasing a computer, laptop, books, stationery, and meeting living expenses, the loan amount will be credited to the student’s bank account. This allows students to have direct access to the funds for managing their personal expenses and making necessary purchases.

West Bengal Student Credit Card Scheme – Loan Repayment

The repayment period for any loan availed under the student credit card scheme, including the moratorium period is set at 15 years. This allows borrowers a substantial time frame to repay the loan.
As per the scheme, students can repay their loans in Equated Monthly Installments (EMI)/ monthly installments.
If the students fully service the interest during the study period, an interest concession of 1% will be provided.
The student or co-borrower assumes primary responsibility for repaying the loan on time. They hold the first charge in terms of repayment liability.

West Bengal Student Credit Card Scheme – Documents Required

The following documents are required to be uploaded during the online application process:

Coloured Photograph – The applicant needs to upload a coloured photograph in .jpg/.jpeg format. The file size should be between 20 kb to 50 KB.
Coloured Photograph of the Co-Applicant– A coloured photograph of the co-applicant should be uploaded in .jpeg/.jpg format. The file size should be between 20 kb and 50 kb.
Signature of Student – Students are required to upload their signature in jpg format. The file size should be between 10 kb and 50 kb. The background of the signature colour should be white.
Co-Applicant/Guardian’s Signature – The signature of the co-Applicant/guardian should be uploaded in .jpeg/.jpg format. The file size should be between 10 kb and 50 kb. The background of the signature colour should be white.
Student’s Aadhaar Card* – Students need to upload their Aadhaar Card in pdf format. The file size should be between 50 kb and 400 kb.
Age Proof of the Applicant – The applicant must provide age proof, which should be uploaded in pdf format. The file size should be between 50 kb and 400 kb.
Address Proof of Co-Applicant – The co-applicant needs to provide address proof, which should be uploaded in pdf format. The file size should be between 50 kb and 400 kb.
Admission Receipt – An admission receipt should be uploaded in pdf format. The file size should be between 50 kb and 400 kb.
Student’s and Guardian’s PAN Card – Students and guardians must upload their PAN Card or submit an undertaking if they do not have a PAN Card. The document should be uploaded in pdf format with a file size between 50 kb and 400 kb.
Marksheet of Last Qualifying Exam – The applicant needs to upload the marksheet or certificate of their last qualifying exam in pdf format. The file size should be between 50 kb and 400 kb.

Note: All the documents must be uploaded in the prescribed format only.

*Class 10th Board registration certificate can be used as a substitute if the applicant does not have an Aadhaar card.

West Bengal Student Credit Card Scheme – Application Process

Interested and eligible students can apply for the scheme by following the below-mentioned application process:

Step 1) Visit the official website – banglaruchchashiksha.wb.gov.in of the Department of Higher Education, Government of West Bengal.

Step 2) Navigate to the ‘Student Credit Card’ tab and click on the ‘Student Registration’ tab.

Step 3) Choose the preference by clicking on either ‘For Institutions in India’ or ‘For Institutions Outside India’.

Step 4) Click on the ‘Register’ tab and fill out the required details to create an account.

Step 5) After submitting the details, click on the ‘Student Login’ tab and enter the registered email ID, password and captcha code.

Step 6) Navigate to the ‘Login’ tab and fill out the application form which includes name, email ID, phone number, and other important documents.

Step 7) After submitting, download the application form for future reference.

To access detailed information on the application form, please click on the user manual for the student credit card scheme.

West Bengal Student Credit Card Scheme – FAQs

Who will be considered a resident of West Bengal for the Student Credit Card Scheme?

The scheme guidelines state that the student or their family must have been living in West Bengal for at least 10 years before the date of application in order to be considered a resident of the state.

Is it possible to surrender the credit card even after its issuance without utilising the loan?

Candidates have the freedom to surrender their credit cards to the bank if they choose to do so. There is no specific time frame within which they are required to return the card.

What are the benefits of student credit cards in West Bengal?

Under the scheme, students from West Bengal have the opportunity to avail a maximum loan amount of INR 10 lakh at a simple interest rate of 4% per annum.

Which banks can provide student credit card facilities in West Bengal?

This loan facility is provided by the State Cooperative Bank, along with its affiliated Central Cooperative Banks, District Central Cooperative Banks, as well as Public and Private Sector Banks.

Is it possible to use the West Bengal student credit card to buy a laptop?

Yes, students can utilise their credit card to purchase a laptop as long as they have the approved credit limit available.

Who may I contact for any grievance regarding the credit card scheme?

Students have the option to contact the Help Desk of their Institution directly or alternatively, they may also reach out to the State Help Desk (Toll-free number: 18001028014, Support email: supportwbscc@bangla.gov.in).

Do I need to obtain an NOC from my institution?

There is no need to obtain an NOC from the institution.

Who is eligible to apply for the West Bengal Student Credit Card Scheme?

To qualify for a loan under the student credit card scheme, the applicant must be currently enrolled in Class 10, 10+2, or higher education at a recognized higher education institution or a coaching institute for entrance exams in fields such as medical, engineering, law, UPSC, PSC, SSC, etc. Additionally, either the applicant or their family must have resided in West Bengal for a minimum period of 10 years prior to the application date.

Is there any percentage criteria for applying for the student credit card scheme?

There is no marks percentage criteria for applying for the scheme.

Is the student credit card transferrable to my brother or sister?

No, the student credit card offered by the Government of West Bengal is not transferable.

How will I receive the West Bengal student credit card if issued to me?

When sanctioned, you will receive the student credit card from the lending bank.

Is there any processing fee under the scheme?

No, there will be no processing charges/penalty for pre-payment.

Is there any life coverage under the West Bengal student credit card scheme?

The student will have a life cover in their name up to the sanctioned loan amount. However, the student has to bear the insurance premium, which will be debited from his/her loan account.

Do I have to pay the entire loan amount of my student credit card at once or via EMI?

As per the student credit card scheme, students can pay their loans in Equated Monthly Installments (EMI)/ monthly instalments.

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