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! 

Bihar Student Credit Card Yojna: An Overview

Bihar Student Credit Card Yojna (BSCCY) is a unique initiative of the Bihar government to help financially deprived students who are unable to pursue their higher education due to a lack of funds. When the Gross Enrolment Ratio in Bihar was pinned to 14.3% in 2018, this scheme came to revive students in this alarming situation. It offers the beneficiaries to get a loan of up to Rs.4 Lac at minimal interest rates. Once the loan is financed, students can fund several courses, such as B.Sc., B.Tech., B.A., and several others. 

 

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. 

 

Application Procedure for Bihar Student Credit Card Yojna

 

Students willing to get a loan under this scheme can apply online with a few simple steps stated below: 

 

• To start the procedure, you need to visit the website http://www.7nishchay-yuvaupmission.bihar.gov.in/.
• When the site opens, locate and select the New Application Registration option.
• Fill the boxes with the relevant information and hit the Send OTP button, and it will send the one-time password to the registered mobile number or email ID. 
• Next, enter the OTP and click Submit to complete the registration process. To proceed further, click on the Go to Home Page. 
• Now login to the website using the accurate credentials you have received via SMS/email. 
• When you are on the next page, it will prompt you to set a new password. Set a strong password and make a fresh login with your new password. 
• Enter the details asked in the fields and click Submit.
• From the Select Scheme drop-down list, select Bihar Student Credit Card option. 
• Now provide your personal information and the co-applicant, if any. 
• Once you provide all the required details, hit the Submit button.
• Take note of the acknowledgement that you will receive at the registered email address. 

 

Am I Eligible For The Bihar Student Credit Card Yojna?

 

Before you apply for the Bihar Student Credit Card Yojna, you need to check if you are eligible or not by navigating through the below-given eligibility criteria check: 

 

• A student must have Indian nationality to become eligible for the loan. 
• He/She should be a resident of Bihar. 
• The maximum age limit decided for the loan applicant is 25 years.
• The applicant must have passed the 12th standard examination from an institution: 

• Recognized by Central Board of Secondary Education. 
• That is recognized by Bihar School Exam Committee or equivalent board. 
• Sub Shastri students from Bihar State Sanskrit Education Board recognized Institutions. 
• Moulvi passed student from Bihar State Madarsa Board recognized institutes.

• Furthermore, the above-listed institutes need to be located/situated in Bihar.
• If the applicant holds a degree of one level, he can't be the beneficiary of this scheme for the same level group. Besides, these eligibility criteria will not be applicable to technical and management courses. For instance, if you are holding a graduate-level science degree, you will not be eligible for this loan for any other graduation-level Art, Science, or Commerce degree. However, you can get a loan under this scheme for the master's program, such as MCA, MBA, etc. 
• The applicant should have either been enrolled or selected for enrolment of education institutions recognized by the concerned regulatory boards, authorized agencies of the Bihar government, or another state government or Central government. 
• Also, the CIBIL score of the applicant seeking a loan must be more than or equal to 700. If it is less than 700, you will need to reach out to a higher authority for the loan. 
• The student needs to have UID or Aadhar Card in order to make the loan application. 
• Lastly, the student must have a valid Permanent Account Number (PAN Card) for the loan distribution. 

 

Which Courses And Institutes Are Eligible For Studies Under BSCCY Scheme?

 

• The institutes that come under the eligibility criteria under this scheme can be Agencies of Bihar government/Educational Institutes recognized by concerned regularity boards/ Agencies of other start boards, or the Central government. 
• When it comes to the higher courses, they can be General (non-technical)/ Technical/ and Financial courses. The list may include Management, Engineering, Law, Medical, B.A., B.com, B.Sc., and several others. 

 

Document Requirement for Application

 

Now that you are aware of the eligibility criteria, below is the list of the must-have documents to check before proceeding further with your application: 

 

• 10th and 12th standard mark sheets of the student applying for higher studies. 
• Documents that can prove your admission to a higher education institute
• ID proof of the applicant and Co-applicant.
• The address-proof.
• Identity proof of the applicants, such as PAN Card/ Aadhar Card. 
• Your bank account statements. 
• Family income certificate along and Form 16.