Bihar Student Credit card Scheme

Bihar Student Credit Card Scheme

Bihar Student Credit Card Yojna is a loan scheme for the students that came into being on 2 October 2016. This scheme is helping students who have passed the 12th standard and want to pursue their higher  education. It has revitalized the Gross Enrolment  Ratio (GER) in Bihar by proving the desired financial dependency to the students. As a student, you can apply for a loan under Bihar Student Credit Card Yojna Scheme with a few easy steps.

However, if you are having any unease in the application process, here is a handy guide for you!

Objectives of the Scheme

This loan scheme from the Bihar government is a noble initiative that rolled out to cater to the following objectives

  • When the figures of 10th and 12th standard drop-out students were showing the  alarming situation of the higher  education in Bihar, this scheme  helped improve this figure.
  • The government wanted to give a boost to the skills and talents of the Bihar students. So, this scheme proved to be a boon for the financially underprivileged students willing to get higher education.
  • The government wanted to prevent students from reaching out to the banks for the loan because of their demanding loan sanction process and higher interest rates. On the other hand, the government loan process can be attained easily, provided all the documents are fine, and eligibility criteria are fulfilled.
  • Above all, it is a hope of light for the students for whom higher education was nearly inaccessible.

Benefits of the Bihar Student Credit Card

The Bihar government student credit card can help students in completing their higher education in several ways. For features and benefits of the credit card, check the list below :

  • The credit card helps students avail themselves of a loan amount of up to 4Lac.
  • If you want to pursue your higher education in general courses (non-technical), polytechnic, and other technical courses, this scheme has got you covered.
  • Financing holds a minimal interest rate of 4% (simple interest). However, if the applicant is a girl, transgender, or has any disability, the loan interest rate will be as low as 1%.
  • Once the financial support is received, students can fund their course, purchase books, laptop, and more.
  • This loan is owned by the government, so, in extreme conditions, you may expect a full-wave off.
  • The repayment will start once your course is finished and you have secured a job for yourself.