How to Apply for a Bihar Student Card with Instant Approval

How to Apply for a Bihar Student Card with Instant Approval

214 Views

The Bihar Student Credit Card Scheme was introduced in the state of Bihar on 2 October, 2016. This was executed with the goal of ensuring education for the state’s youth. The qualification a student must have to avail this credit card is that of having passed their 12th grade exam. Under the scheme, a loan of up to INR 4 lakh is provided to students to pursue higher education. The student credit card is applicable to that portion of the state’s youth who prove to be economically deprived. The loan is meant to cover the cost of a student’s living expenses, as well as expenses arising from course fees (inclusive of hostel accommodation, if any). In case of lack of hostel accommodation, the loan amount would cover rental costs. The card also takes care of course books, laptops, and any other material needed that pertains to the course of study.

Beneficiaries and Benefits

Loans prescribed under the Bihar Student Credit Card Scheme would be given to meet the expenditure of higher education in graduate courses, like those leading to the Bachelor of Arts and the Bachelor of Science degrees. Engineering, medical, law, and management courses are also covered under the scheme. Many deserving students in the state are typically deprived of higher education due to severe financial constraints. This scheme aims to alleviate their burden and give them an opportunity towards building a career for the future. In 2020, in a Bihar election rally, Chief Minister Nitish Kumar made an announcement that spurred major relief to the state government’s Student Credit Card Scheme beneficiaries. In the case of beneficiaries not being able to pay back loans, he said the government would waive off the entire loan amount under the scheme.

Eligibility and Approval

The unique student credit card scheme created by the Bihar government is meant to help needy students to fulfill their educational dreams, and pursue higher education. A large majority of parents in the state find it difficult, if not impossible, to fund their ward’s education, especially higher education that warrants higher fees to be paid. Eligibility criteria has to be met before the credit card can be approved and granted to the needy student in question.

Students have to be Bihar residents, and be a maximum of 25 years of age, having passed their 12th grade exams. Only courses at authorized educational institutions must be chosen, and study programs must be completed in their entirety. Student interest rates on repayment of the loan are kept low, and for women, interest is as low as 1%. By meeting approval criteria, and submitting the following documents, the loan is granted by the state government in a matter of a few weeks.

  • Identity proof of the student applicant (Aadhaar card)
  • Form 16/certificate of family income
  • Report/grade cards of the student’s 10th and 12th grades
  • The student’s residence certificate
  • Admission proof given by the institute of higher education in which the student has chosen his/her field of study

Students can pay back loans after their course of study, when they have found gainful employment. The loan repayment schedules under the Bihar Student Credit Card Scheme are not stringent, as the government wishes to encourage higher education, so more students enrol.

Easy Online Application

You can visit the official website pertaining to the credit card scheme. As soon as you log on, you will see an option for registration of applicants. By clicking on this, you will see a format in which you have to enter your personal details including your name, email address etc. After this, you need to click an instruction to get a password. You will receive it on your mobile as well as by email. By entering that in the required field and submitting the details, you will instantly receive the details (via SMS) to log in to the official website for your loan application.

The process after this is menu-driven, and you can click on the ‘Bihar Student Credit Card’ option to proceed. Thereafter, you will need to enter other details pertaining to the financial status of your family etc. After you have submitted the necessary information, you will receive an acknowledgement on your email. This is a credit card that can be used solely for the purpose of education, and no other use.

Great Credit Options

You may avail the credit card scheme offered by the state government of Bihar, but this may not be sufficient to cover all costs of an educational course. Getting an alternative card or an additional card may help. This is where the Bajaj Finserv RBL Bank Super Card comes in. The credit card can be used to make a number of financial payments. This card has the distinctive power of multiple functions in a single instrument. It is an ATM card, letting you make interest-free withdrawals for fifty days, and a credit card that lets you take loans of up to 90 days. As an EMI card, it splits your purchases over 3,000 INR into convenient EMIs.

Finance