The Chief Minister of the State of Bihar, Nitish Kumar, announced that loans under the Bihar Student Credit Card scheme would be waived off in case candidates couldn’t repay loans. This came as a boon to students under the plan in 2020, who couldn’t perhaps meet the loan payback as their parents were unemployed during the Coronavirus pandemic, and they themselves couldn’t attain employment. With a view to strengthening the power of the youth of the state by means of higher education, the state government of Bihar has gone a long way to ensure the future development of the state by empowering its deserving youth.
Seeing the youth of the state as primary drivers of innovation and technological growth, the government seeks to embolden them, so that no student is without the education he/she has a right to. There are many students in Bihar who do not pursue education beyond the school level, either due to traditional thought processes, or because they don’t have the financial resources to do so. This scheme acts as an impetus for the majority of Bihar’s youth to consider higher education, which is necessary for the overall development of the country as well. The scheme was launched on 2 October 2016.
Eligibility Criteria and Application
In a bid to encourage higher education in the students of Bihar, and increase the enrolment percentage from 14.3% to the national average of 25%, the Bihar State Government has made the application process streamlined. To apply for a Bihar Student Credit Card, the following requirements must be met.
- You must be a resident of Bihar.
- You must be under 25 years of age.
- You should have passed the 12th grade.
- You have to do a course at an authorized educational institute.
- You must complete the whole course of study.
- You need to have a co-applicant (a parent).
You will need to submit certain documents for identity and address proof (PAN Card and Aadhaar Card), mark sheets of the 10th and 12th grades, domicile documents of the applicant, Form 16/family income documents, photographs of the applicant, and an admission certificate from the higher educational institution. You can apply online through an easy menu-driven process.
You will need to visit the website of the Bihar State Government and register yourself as a new user. You will need to fill in your contact details and your email address, on which you will receive a one-time password. You can use this to gain access to the portal and fill in an application form. After this is done, you will still have to visit the bank with your physical documents.
Seven Best Things
Here are 7 great things about the student credit card to note.
- The card covers a loan amount of INR 4 lakhs.
- The card covers not only course fees but books, equipment (like laptops) as well as other course material.
- This card only caters specifically to students’ needs and requirements related to academics. It cannot be misused for other purposes.
- It covers courses in technical education, professional courses, and graduate courses.
- The student may pay the loan back when he/she receives gainful employment after the duration of the study.
- The interest charged on the loan is nil. There is no processing fee or starting fee either.
- Students have to complete entire courses under the loan, so this lessens the drop-out rate, as well as requires students to mandatorily possess an Aadhaar Card and PAN Card.
Expenses Met
The Student Credit Card scheme is a definite boost for a student’s career, especially if the student is deserving, and cannot afford the high fees that professional courses demand. Nonetheless, a student may still be in need of additional finances for a number of reasons during his/her course of education. A solution for this is to avail the Bajaj Finserv RBL SuperCard, a single credit card with many uses. It is a credit card as well as an ATM card, offering you cash withdrawals free of cost for up to 90 days. It’s a loan card and an EMI card, which lets the user avail facilities at low-interest rates of just 1.16%.
