Frequently Asked Questions (FAQs)
These criteria are important for students to understand and meet in order to be eligible for the scheme’s financial support. Here’s a summary of the qualifications and conditions:
Educational Institution Recognition: Applicants should be enrolled or selected for enrollment in a higher education program offered by an educational institution recognized by the concerned regulatory agency of Bihar State, other states, or the Central Government.
Residency Requirement: Applicants must be residents of Bihar and should have passed the 12th-grade examination or its equivalent from a government-recognized institute located within the state of Bihar.
No Other Financial Assistance: Applicants should not be receiving any form of allowance, scholarship, student credit card, education loan, or financial assistance from any other source. This ensures that the scheme’s benefits are directed to those in need.
Age Limit: The age of the applicant should not exceed 25 years on the date of application for undergraduate courses. For postgraduate courses, the age limit is often extended to 30 years.
Eligible Courses: The scheme supports general courses of higher education as well as various professional and technical courses. These may include programs like BA, B.Sc, Engineering, MBBS, Management, Law, and more.
Meeting these qualifications and conditions is essential for students in Bihar to access the financial assistance provided by the Bihar Student Credit Card scheme for their higher education endeavors.
The Bihar Student Credit Card scheme provides eligible applicants with a maximum loan amount of INR 4 Lakhs. This loan is offered at a competitive and affordable simple interest rate of 4%. The scheme aims to support students in pursuing their higher education aspirations by making substantial financial assistance available while ensuring manageable repayment terms.
The Bihar Student Credit Card scheme outlines a repayment policy for the education loans it provides to students. Here are the key points of the repayment policy:
Moratorium Period: After the completion of the course or within 5 years from the loan disbursement date (whichever is earlier), there is a moratorium period during which students are not required to make repayments.
Repayment Period: After the moratorium period, students have specific repayment periods based on the loan amount:
For loans up to Rs. 2 lakhs, students have 5 years to repay the loan, with a total of 60 installments.
For loans exceeding Rs. 2 lakhs, students have 7 years to repay the loan, with a total of 84 installments.
Interest Rate: The interest rate on the Bihar Student Credit Card scheme is low at 4%. For certain categories of students, such as females, transgender individuals, and disabled students, the interest rate is further reduced to 1%.
Simple Interest: The interest on the loan is calculated on a simple interest basis.
Immediate Repayment upon Employment: If a student secures a job after completing their course, they are required to start repaying the loan immediately.
Repayment Methods: Students can make repayments through various methods, including by check, demand draft (DD), Electronic Clearing Service (ECS), National Automated Clearing House (NACH), or any other approved method.
Unemployment Period: In cases where students do not secure employment during the repayment period, repayment is temporarily stopped. However, students are required to submit an affidavit to the District Resident Cum Counselling Office (DRCC) acknowledging their unemployment and lack of a source of income every last fortnight of June and December.
Recovery Procedures: If a student is unable to repay the loan, suitable recovery procedures may be initiated as per the scheme’s norms.
It’s important for students to understand and adhere to the repayment policy of the Bihar Student Credit Card scheme to ensure timely and efficient repayment of their education loans.
Yes, you can use the Bihar Student Credit Card (BSCC) loan for various education-related expenses, and this includes purchasing a laptop to facilitate your education. The BSCC scheme offers eligible students a loan amount of up to Rs. 4 Lakhs, which can be utilized for a range of education-related expenses, including the purchase of study materials like books, stationery, and electronic devices such as laptops. However, it’s important to note that the total disbursed loan amount remains capped at Rs. 4 lakhs.
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The full form of DRCC is “District Registration and Counseling Center.” DRCCs are instrumental in facilitating the application and verification processes for various government schemes and programs, including the Bihar Student Credit Card scheme. Students can visit their respective DRCCs for assistance and support related to the scheme.
The Bihar Student Credit Card scheme covers a wide range of courses for which students can avail study loans. These courses include, but are not limited to:
Engineering
Medical
MBA (Master of Business Administration)
MCA (Master of Computer Applications)
B.A. (Bachelor of Arts)
B.Sc. (Bachelor of Science)
M.A. (Master of Arts)
M.Sc. (Master of Science)
Paramedical courses
And many more
The complete list of eligible courses can be found in the official documentation, typically provided on page no-4 or within the scheme’s guidelines. This flexibility ensures that students can access financial support for a wide range of educational programs and fields of study.
No, students applying for the Bihar Student Credit Card scheme do not need to provide any form of security or collateral for the loan. This scheme is a government initiative aimed at supporting students in pursuing higher education without the burden of providing financial security or guarantees. It is designed to make education loans accessible to eligible students without the need for additional collateral.
Yes, the Bihar Student Credit Card scheme provides flexibility in covering hostel and living expenses for eligible students. Here’s how it works:
If you choose to stay in a hostel provided by the educational institution, the amount for hostel expenses will be transferred directly to the college or institution.
If you decide to stay in a hostel outside the campus or opt for rented accommodation, the living expenses will be transferred to your bank account.
It’s important to note that while the scheme offers support for hostel and living expenses, the total loan amount remains capped at Rs. 4 lakhs. The loan can be used to cover various aspects of your education, including tuition fees, hostel fees, and living expenses, as needed. This flexibility allows students to manage their expenses effectively while pursuing higher education.
No, the Bihar Student Credit Card scheme is specifically intended for students who are residents of Bihar. It is a state-funded initiative designed to provide financial support for higher education to Bihar residents. Therefore, students from other states are not eligible to apply for this scheme
The loan approval process for the Bihar Student Credit Card scheme typically involves several stages:
The verification process, which takes a maximum of 15 days after receiving the required documents from the student.
After verification, the details are shared with the banks that participate in the scheme.
The banks then review the information and approve or disapprove the loan.
The specific time it takes for the entire approval process may vary depending on various factors, including the efficiency of the verification and banking processes. However, it’s a relatively streamlined process designed to provide timely financial support to eligible students pursuing higher education in Bihar.