Apply Bihar Student Credit Card Loan Scheme Yojana (SSC)

Apply Bihar Student Credit Card Loan Yojana (SSC) 2019-20 [Loan Waiver] 
[Application Form, Eligibility, Documents, Interest Rate, Helpline Number]

Before two months of the new budgetary year, the government of Bihar has attempted an extraordinary step to settle parameters of the SSC (Students’ Credit Card). The loan scheme means to grant a loan of Rupees four lakh to a student at subsidized loan costs to continue studies after Class twelve.

Banks as of now offer credits to understudies under the union government’s scheme of student loan. The most ideal path for fruitful execution of Bihar’s scheme of SCC will be to boost the quantity of recipients under the current scheme of student loan.

How to Apply Bihar Student Credit card

The application process has started from the 2^nd of October. The students who wish to apply for the scheme can do so online. Here are the details on how you can apply for the scheme.

• Visit the official website of the scheme to apply for the scheme and go through the notification of Bihar Students Credit Card Yojana 2016 and then click on the link that reads ‘apply online’.
• An application from will appear on the screen, fill that. After filling the form attached all the scanned copies of the required documents to the form. Then click on the ‘submit’ and print the acknowledgement form that will appear on the screen, for further reference.

Eligibility Criteria Bihar Student Credit card

• The applicant has to be a metric pass in order to apply for the scheme. Also the scheme is available for students who are residents of Bihar.
• The student applying for the scheme should not be more than 25 years of age. Also students already having educational loan will not be applicable for his scheme.
• The credit card that will be given under this scheme has to be used for pursuing an academic course from a recognized institution or college. The credit card will be issued for students pursuing course like BSc, BCom, BA, B.Tech, MBBS, etc.

Documents Required Bihar Student Credit card

The documents required for application are- certificate or document to show your admission in a college or institute for higher education, fee details of the course, class 10 or 12 mark sheet or pass certificate, address proof, Pan card copy, family income certificate copy, bank account statement of parents of the last six months, and Aadhaar card number of the student.

Fear of the Banks and The Solution

Banks abstain from dispensing advance to numerous recipients as their trepidation is that the loans might not be remunerated back. Thus, government of Bihar is hoping to alleviate the apprehensions of banks about increasing the quantity of non-gainful resources when the scheme of SCC starts. Aside from bank guarantees for dispensing loans to understudies, the government of Bihar might go for further discount, the source included.

Steps to Take SCC will be Made Easy

The government of Bihar wishes banks to give advances to understudies who look for a credit for all kinds of courses. The Bihar government has wanted to set centers of registration at different districts to collect loan applications from understudies who need to be secured under the scheme of SCC. Every application should be granted by the government authority. Understudies might need to cite their Aadhar numbers in their applications. The administration is planning to make digital copies of the applications to guarantee transparency.

Reason	To give monetary backing to the meriting/worthy understudies who are seeking higher, technical and professional education.
Courses Eligible	Professional Courses, Computers Certificate Courses from reputed Institutes, courses like CA, CFA,ICWA and so on., courses by IIM, IISC, IIT and so on.
Eligibility of the Student	Indian, got admission through entrance test or some other admission process and should be living in the branch office district.
Margin of Loan and Interest	Up to 4 lakh – Nil Over 4 lakh – 10% Maximum 7.5 lakhs
Nature of the Loan	Need money for fees, purchasing books, to buy computers, equipments and so forth., subject to reimbursing capacity of the Students/Parents.
Late Refund Charge	2% fine will be charged for due loan of over 2 lakhs
Security	Co-commitment of both guardian(s) & students, third party guarantee and collateral security
Reimbursement	Reimbursement Holiday period –1 year/6 months + Course period subsequent to getting job after initiation of reimbursement within 5 to 7 years
Upfront Charge	0.5 percent of the credit Amount
Documentation Fees	Rs.200
Rebate on Interest	1% of discount on the interest might be given by the officeholders, if the interest is paid amid the period of the study. Interest rebate will be given to the borrowers at the time of conclusive installment of the credit.

Update 

21/08/2018

How to apply for the scheme online?

1. There are two separate procedures that can be followed by applicants to register their names in this project. Firstly, applicants can direct log on to the official site and fill in the online application form. To get to the site, one has to click on the link 7nishchay-yuvaupmission.bihar.gov.in.
2. If the student has a smartphone, then he/she can download the mobile application as well. Applicants can be submitted via this mobile app as well.
3. Once the interested applicant logs on to the site or opens the app, he/she will have to type in necessary information. Apart from personal details, applicants must register the mobile number
4. After entering these primary details, the site or app will send a one-time password to the registered mobile number via SMS. The same OTP will reach the applicants’ email IDs as well.
5. Applicants have to type in this OTP and then click on the link that is marked as Student Credit Card.
6. It will trigger the site to produce a new registration form.
7. Once all details, highlighted in the digitized enrollment form are filled in, candidates can click on the button marked as “Submit” to save the application.
8. It will trigger the site to send in an ID for each applicant. These credentials will be necessary for logging in later on.
9. The site will automatically send the application form in a PDF format in the candidates e-mail ID. Applicants must get a print out as this, along with other documents, must be produced at the office later on.
10. Once the credit applicant has been approved, selected applicants will get a message on their mobile phones or in their mail.

What is the process of loan approval?

1. Thorough investigation and scrutiny of submitted applications will be done by respective authorities.
2. This task will be completed within 15 working days, starting from the day a student submits the application.
3. These applicants will then be forwarded to the banks. The bank authorities will conduct a second round of scrutiny before sanctioning the loan. The loan approval will also come within 15 days.
4. Whether the application is approved or rejected, all details will be shared with the candidate via mail.
5. If the application of a certain candidates is selected for approval, then he/she will have to come to the respective branch with registration form PDF and other documents.
6. The bank will then transfer the sanctioned credit in the account of the respective applicant.

Education Loan Waiver Under Student Credit Card (SCC) Scheme

1. For the benefit of the financially weaker students, the Bihar state authority has come up with a new scheme. It is all set to roll out the Education Loan Waiver Scheme. This has been implemented under the Student Credit Card (SCC) Scheme. In case the students have opted and received financial aid, form any bank, they will be able to apply for this benefit. The state authority will make arrangements to transfer the credit sum directly into the student’s bank account.
2. The scheme draft also highlights that each creditor will have to repay the entire credit amount, in no more than 82 installments. This step will come into play once the applicant finishes the course, and bags a job.
3. Both male and female applicants will be equally eligible to get the benefits of the scheme. The Bihar government is hopeful that this project will bring up the rate of female higher education in the state. To ensure better participation in colleges, the state government has opened this scheme for students who are sitting for the 12^th class final examination.
4. Nation reports suggest that the Gross Enrollment Ratio of India is 24%. However, the same comes down to 13% when working with the official data of Bihar. With schemes like this, the state government will not only be able to boost female higher education, but will also increase the overall GRE percentage. It will have a direct impact on the overall development of the financial condition of the Bihar residents.

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