Bihar Credit Card Scheme
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Bihar Credit Card Scheme is an initiative of the Bihar Government that offers education loans up to INR 4 lakh at a maximum simple interest rate of 4% to students who have completed either Class 10 (for polytechnic courses) or Class 12. While female applicants, Persons with Disabilities (PwD), and transgender candidates are eligible for the loan at a reduced interest rate of 1%. This scheme enables students to pursue their academic goals without financial constraints.
Under the scheme, the Bihar State Education Finance Corporation will be involved in providing a guarantee against the education loan offered to students. This education loan will cover both living expenses associated with education and tuition fees of the institution including hostel fees. Additionally, where hostel facilities are unavailable, the loan can also be used to cover the cost of rented accommodation.
The Bihar Student Credit Card Scheme was launched in 2016. It is a part of Aarthik Hal, Yuvaon Ko Bal, one of the programs within the 7 Nishchay Program Scheme under the Bihar Vikas Mission.
Bihar Credit Card Scheme
DeadlineAlways Open Eligibility
The applicants must fulfil the following eligibility criteria:
- Students enrolled in general courses like B.A./B.Sc. and professional/technical courses such as engineering/medical/management/law are eligible.
- Applicants must be residents of Bihar.
- They must have passed Class 12 or equivalent exam or Class 10 (for polytechnic courses) from a recognized institute in Bihar.
- The applicant’s age should not exceed 25 years at the time of application. However, for prescribed postgraduate courses where the minimum qualification is graduation, the maximum age limit is 30 years.
- The applicant must be admitted or selected for admission to a recognized institute of higher education.
- Applicants from neighbouring states such as Jharkhand, Uttar Pradesh, and West Bengal who have either passed Class 10 (for polytechnic courses) or Class 12 are also eligible.
- If an applicant has successfully completed and obtained a degree at a particular level, they are ineligible to apply for a course at the same level, except in the case of technical or managerial courses. For instance, a student who has already completed a B.Com. degree and now wishes to pursue another bachelor’s course such as B.B.A., B.C.A., B.M.S., etc., would not be eligible to apply for this scheme.
- In the case of applicants staying in hostels, the loan amount will be directly provided to the educational institution.
Candidates eligible for the education loan can receive up to INR 4 lakh at a simple interest rate of 4% per annum.
While female applicants, Persons with Disabilities (PwD), and transgender candidates are eligible for the loan at a reduced interest rate of 1%.
The applicants are required to submit the following documents to avail the loan:
- Aadhaar card of the applicant and co-applicant
- Two passport-size photographs of the applicant and co-applicant such as parents/spouse/guardian
- Marksheet and certificate of (10+2), (Class 10 for Polytechnic syllabus), and last qualified examination
- Certificates related to scholarship and free education (if applicable)
- Institute enrollment certificate in which the course and its duration are mentioned
- Course brochure for the institution located outside Bihar
- Photocopy of the applicant’s bank passbook, in which the name of the branch, account number, and IFSC code are mentioned
- Course fee details received from the institution
- Photocopy of a residential certificate or the first page of a bank passbook/electricity bill/telephone bill/ passport/driving license/voter ID card (Note – Applicant address should be clearly mentioned in any one of these documents)
- Bank statement of the last 6 months
- Income tax return certificate of the last two years
- Income certificate of the last year/Form 16
- Tax receipt
How can you apply?
To apply for the scheme, applicants need to follow the below-mentioned steps:
Step 1: Visit the official website.
Step 2: Click on the ‘New Applicant Registration’ tab.
Step 3: Provide all the required information, which includes name, email ID, Aadhaar number, and mobile number, and click on the ‘Send OTP’ button.
Step 4: The one-time password (OTP) will be sent to the registered mobile number and email address.
Step 5: After entering the OTP, a personal description and contact form will appear.
Step 6: Fill in the form with all the required information to access the Bihar Student Credit Card Scheme application form.
Step 7: Enter the desired information in the application form and submit it.
Step 8: After successfully submitting the form, a unique registration number will be sent to the registered mobile number and email address. (Note – No documents will be required to be submitted online)
Step 9: Upon completion, a PDF version of the form will be generated, containing details regarding the necessary documents and the designated time to visit the District Registration and Counseling Centre (DRCC) counter for further processing of the application.
Step 10: On the prescribed date of the visit, arrive at the District Registration and Counseling Centre (DRCC), carrying the application form along with the required documents in the prescribed format.
Step 11: Once all the documents are submitted, take the receipt for the application from the designated counter.
Note – Corrections and amendments to the application form will be made on the spot by the Multi-Purpose Assistant (MPA).
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