बिहार स्टूडेंट क्रेडिट कार्ड योजना

Scheme’s Genesis:

• Launched in 2016: The Bihar Student Credit Card scheme was introduced in 2016, marking a historic milestone in Bihar’s commitment to providing accessible and affordable education for all. It’s a testament to the government’s dedication to a brighter, more educated future for the state.
• Integral Part of MNSSBY: This initiative operates as a vital component of the Mukhyamantri Nishchay Swayam Sahayata Bhata Yojana (MNSSBY), a comprehensive framework that includes a variety of schemes aimed at promoting self-help and providing financial assistance to uplift the youth of Bihar.

Credit Card For Education:

• Unique Financial Mechanism: What sets the Bihar Student Credit Card scheme apart is the introduction of a ‘credit card’ concept. Eligible students are issued a specialized credit card, a versatile financial tool for managing their educational expenses, including tuition fees, books, stationery, laptops, and other study-related costs.
• Freedom to Pursue Dreams: This flexibility allows students to use the allocated funds to pursue a wide range of educational programs, whether in technical, polytechnic, or general courses. Moreover, the loan can be utilized to purchase study materials and pay necessary fees.
• Low Interest Rates: The Bihar Student Credit Card scheme offers highly competitive interest rates. The standard interest rate is as low as 4%, making education financing more affordable. For females, transgenders, and disabled individuals, the interest rate is further reduced to just 1%.
• Flexible Repayment: One of the key advantages of this scheme is the flexibility it offers in repayment. Students are not required to start repaying the borrowed amount until they complete their course and secure a job. For example, if you enroll in the scheme for a three-year BSc course, you are not obligated to repay the loan during the three years of your course.