Overview
Bihar Student Credit Card Scheme (BSCCS) was launched by the Chief Minister of the state, Respected Mr. Nitish Kumar on October 2, 2016, to provide loans for higher education to the students of the state. The Bihar government introduced the Student Credit Card Scheme for the higher education of all students in which up to 4,0000 (four lakhs) of students from poor families for polytechnic, diplomas courses or higher education from the bank Loan is available without interest.
This scheme is implemented under the Mukhyamantri Nishchay Swayam Sahayata Bhata Yojana (MNSSBY).
The main objective of this scheme is to improve the literacy figures in Bihar as most of the students in Bihar drop out after 10th or 12th.
Interested students of the state who want to apply for higher education under this scheme can apply online by visiting the official website https://www.7nishchay-yuvaupmission.bihar.gov.in/
Eligibility Criteria for Bihar Student Credit Card Scheme
1. Applicant must be a permanent resident of the state of Bihar.
2. Applicant should have passed the 12th standard (High school) from Bihar.
3. Applicant should have scored at least 50% marks in the Class 12th examination.
4. Age should be between 18 and 25 years at the time of application.
5. The annual family income should not exceed ₹6 lakhs. Some sources indicate the family income should be less than ₹50,000.
6. Applicant must be enrolled or selected for enrollment in a higher education course at an institution recognized by the state or central government.
7. Applicant must be willing to complete the entire course enrolled in.
8. Applicant must not be receiving any allowance, scholarship, student credit card, education loan, or any kind of government assistance.
9. Loans can be availed for general higher education courses and various professional/technical courses (like BA, B.Sc, Engineering, MBBS, Management, Law).
10.If the applicant already has a degree of one level, the same level of degree will not be covered under this scheme (this provision does not apply to technical or managerial courses).
Benefits of Bihar Student Credit Card Scheme
The Bihar Student Credit Card (BSCC) Scheme, implemented under the Mukhyamantri Nishchay Swayam Sahayata Bhatta Yojana (MNSSBY), aims to provide financial assistance to students in Bihar pursuing higher education, particularly those from economically disadvantaged backgrounds.
Here are the key benefits offered by the scheme:
1. Financial Assistance for Higher Education: The scheme provides an education loan of up to ₹4 lakhs to eligible students for pursuing various courses, including general studies (like BA, BSc), polytechnic, and technical/professional programs (like engineering, medical, management, and law).
2. Covers Various Educational Expenses: The loan can be utilized to cover tuition fees, hostel fees, expenses for books, laptops, and other necessary educational materials.
3. Low Interest Rates: Students can avail of the loan at a significantly lower interest rate of 4% per annum (simple interest) compared to typical education loans from banks.
4. Concessional Interest Rates for Specific Categories: Girls, transgender individuals, and differently-abled students (Divyang) are eligible for an even lower interest rate of 1% per annum.
5. No Collateral Required: A major advantage is that students are not required to provide any collateral or security to secure the loan. This makes it more accessible to students from financially weaker backgrounds who may not have assets to pledge.
6. Flexible Repayment Terms: The repayment process is designed with the student's financial stability in mind.
7. Moratorium Period: Repayment starts only after a moratorium period, which is one year after completing the course or five years from the date of loan disbursement, whichever is earlier.
8. Longer Repayment Tenure: Students are given 5 to 7 years to repay the loan amount after the moratorium period, depending on the sanctioned loan amount. Loans up to ₹2 lakh are repaid in 60 installments (5 years), while loans exceeding ₹2 lakh are repaid in 84 installments (7 years).
9. Government-Backed with Flexible Recovery Procedures: Since the loan is government-owned, the recovery procedures are flexible. In cases of unemployment after course completion, repayment can be temporarily paused until the student secures a job, with the student needing to submit an affidavit to the District Registration and Counseling Center (DRCC) every six months. The government may even, in certain instances, waive the remaining balance.
10. Promotes Higher Education and Reduces Dropout Rates: The scheme aims to encourage students to pursue higher education, including skill-oriented and professional courses, and reduces the dropout rate caused by financial constraints.
11. Direct Disbursement to Institutions: The loan amount is disbursed directly to the educational institution to ensure funds are used for academic purposes, preventing misuse and maximizing the scheme's benefits.
Documents required for BSCCS
To apply for the Bihar Student Credit Card (BSCC) scheme, you'll need to gather the following documents of Applicant and Co-Applicant:-
Applicant Document needed:
1. Identity proof: Aadhaar Card or Voter ID.
2. Residential Proof: Domicile certificate, Ration Card, or other address proofs like utility bills (electricity, water, gas), rent agreement, bank statements showing your address, or Driving License or Voter ID.
3. Academic Documents:
· 10th and 12th class mark sheets and pass certificates.
· Mark sheets of the last examination attended (12th grade, diploma, etc.).
4. Proof of Admission: Admission letter or offer letter from a recognized educational institution, stating the duration of the course.
5. Fee Structure: Details of the fee structure for your course, typically provided by the college or university along with the bonafide letter.
6. Bank Account Details: Bank passbook or bank statement for verification of financial details, according to ClearTax.
7. Photographs: Recent passport-sized photographs (usually 2-3).
8. PAN Card: PAN Card of the applicant.
9. Common Application Form: Filled common application form.
Co-applicant/ Guarantor documents
1. Identity Proof: Aadhaar Card or Voter ID.
2. Residential Proof: Domicile certificate, Ration Card, or other address proofs like utility bills (electricity, water, gas), Rent agreement, bank statements showing your address, or Driving License or Voter ID.
3. PAN Card: PAN Card of the Co-applicant.
4. Income Proof: Income certificate or Form 16 of the family/Co-applicant.
5. Bank Account Details: Last 6 months bank statement.
6. Income Tax Returns: Last two years Income Tax Returns (if applicable).
7. Photographs: Recent passport-sized photographs (usually 2-3)
How to apply for BSCCS Online Application
1. Official website - For the scheme, it is mandatory for the applicant to fill the online application form, so that the official website https://www.7nishchay-yuvaupmission.bihar.gov.in will have to go where the student will have to create an account.
2. Home Page - After creating an account, a login has to be done, after which the Bihar Student Credit Card Form will open.
3. Basic Information - Then the applicant should fill in all the information asked in this form, such as - the name of the applicant, mobile number, e-mail ID, etc.
4. OTP - After this, the applicant should fill in the OTP generated on the mobile number.
5. Submit Button - After this, the applicant clicks on submit button.
6. Credit card options - Then select the student credit card option from the 3 options presented.
7. Application Form Page - Then the application form will open in front of the applicant, fill all the information asked in the form.
8. Submit Form - After this applicant click on submit button and submit the form.
9. Unique ID - Then the applicant will get a unit ID number which will be sent to their mobile number and email ID.
10. Important Documents - After this, the applicant will get the PDF copy of the form on the email ID and the details of the necessary documents which will be placed on the counter.
11. Hard Copy - Then they will be told on the email ID on which day they will have to go to the counter and complete the rest of the process.
Note: All the necessary information has to be filled and submitted. After successful application, applicants can reach the DRCC from 10 am to 6 pm on any working day and get their documents verified.
All applicants applying online under the scheme are required to get their original documents checked at the District Registration and Counseling Center to avail of the scheme. After scrutiny of documents and acceptance of officers/officials, the applicant will be able to take advantage of the scheme.
List of all the colleges under the Bihar Student Credit Card Scheme: Click here
Bihar Student Credit Card All Course List: Click here
Loan Payback process
After the end of the moratorium period, loans up to Rs 2 lakhs can be repaid in a maximum of 60 monthly installments and loans above 2 lakhs in a maximum of 84 monthly installments. A rebate of 0.25 percent interest rate will be given in the event of a refund before the maximum period fixed above.
In the event of non-employment or income from self-employment and other means in the aforesaid period, debt collection will be postponed, but for this, it will be mandatory to provide the affidavit to DRCC at the end of every June and December that the applicant Employed / not receiving income by self-employment or any other means.
Apart from the conditions mentioned above, if the applicant / co-applicant does not return the loan after the entire stipulated period, then action will be taken against them under the provisions of the PDR Act (or Public Demand Recovery Act).
It is always advisable to check the official Bihar Student Credit Card scheme website or contact the helpline for the most up-to-date information on documentation requirements.
Toll Free Helpline Number: 1800 3456 444
