Know Everything about the conditions, Loan Limit, Application Process & Eligibility Criteria
Dear Students, you will be happy to know that “West Bengal Student Credit Card Project” was officially launched by Mamata Banerjee, Chief minister of West Bengal on June 30, 2021, as she had promised sometimes back that Government will provide Credit Card Scheme to the students of West Bengal which will help them pursuing higher education more easily.
West Bengal government has introduced this scheme to provide financial support or assistance to the students of West Bengal who cannot do higher studies due to several financial constraints. This scheme will help them to continue their study and fulfill their dreams of building a successful career by appearing in several competitive exams.
The main aim of this project is to facilitate the students with necessary fund at a nominal interest rate (with suitable guarantees to the bank) for at least 10 years and pursuing the education from class 10 onwards and this historically significant step will accelerate the progress and development of West Bengal.
What is West Bengal Student Credit Card Scheme
Under the visionary leadership of Mamata Banerjee, Honorable Chief minister of West Bengal the Students Credit Card Scheme was introduced by the Higher Education Department, Govt of West Bengal on 30th June, 2021. This scheme has been designed to help the students of West Bengal so that they can pursue their studies without any financial constraints. With the help of this scheme, they can complete Secondary, Higher Secondary, graduate, Post Graduate, Madrasah, any professional degree from school, colleges, madrasah, institute either in India or outside India. Students of Engineering, Law, Medical, IAS, IPS, WBCS are also eligible to get this loan.
This project will henceforth cover all the expenses of education like Course fees, Tution Charges, Hostel Fees, costs of books, computer, laptops etc. and help them to achieve their future goals. So, the main emphasis is that an opportunity is being provided to the students to complete their higher education with the support of the banking system with reasonable and affordable terms and conditions.
A monitoring committee will also set up by the higher education department and the school education department to oversee the smooth and proper functional implementation of the scheme in both Govt and Private school, college and universities and other institutions at both state and district levels.
Loan Limit of West Bengal Student Credit Card
- Maximum amount of rupees 10.00 lakh at 4% simple rate of interest per annum after interest subvention can be obtained through this scheme.
- For the entire amount of loan sanctioned up to 10.00 lakh, rate of interest to be charged at prevalent 3-year MCLR of State Bank of India plus 1%.
- The rate of interest will remain fix as it fixed at the date of sanction and for the entire duration it will be calculated at a simple rate.
- During the whole course of study students can incur expenditure up to 30% of the total loan sanctioned for non-institutional expenses.
- Up to 20% of the loan can be used for living expenses.
- Margin Money up to rupees 4.00 lakh – Nil & above rupees 4.00 lakh will be 5%.
- Scholarship and assistance ship will be included in margin and it will be brought in year-to-year basis as and when disturbances are made on a pro data basis in applicable cases.
Conditions of West Bengal Student Credit Card Scheme
- For availing the loan students must be a citizen of India and resident of west Bengal for the last 10 years.
- Students must be enrolled for higher studies in any school, colleges, universities, madrasah, or any institutions either inside or outside the country for appearing in different competitive exams like IAS, IPS, WBCS, SSC, Engineering, Medical, Law etc.
- At the time of applying the loan the age of the student should not be more than 40 years.
- A student can avail the loan at any time during the course of their study.
- The bank should not put any unnecessary restrictions or conditions at the time of sanctioning the loan regarding collateral security.
Documents required for West Bengal Student Credit Card Application
- Adhar card should be linked with the 10th registration number with the concerned portal while applying to the Higher Education Department through their respective institution.
- Progress report card or statement on completion of each semester/ year examination.
After completion of this course or one year after getting an employment there will be a moratorium or repayment holiday of one year.
- Including the moratorium or repayment holiday the repayment period shall be 15 years for any loan availed under this credit card.
- The student and his parent or legal guardian can repay the loan amount at anytime before the stipulated period of repayment and in case of early payment the bank will not charge any penalty or processing cost.
- In case of the interest fully serviced during the study period, 1% interest concession will be provided to the borrower.
- The student or the co borrower shall be liable to repay the loan on time as 1st
- The students will have the loan at the rate of 4% p.a.
- During the entire period of the loan state government will provide appropriate subvention of interest rate for all the borrowers to restrict the actual rate of simple interest to 4% p.a. at borrower level.
Application Process of West Bengal Student Credit Card
- Aspirants have to apply online in the prescribed format through a web-based portal maintained by the higher education department through the respective school, college, universities, madrasah in which they are enrolled.
- At the time of applying to the higher education department through respective institution the students have to link their Adhar card with class 10th registration number with the concerned portal.
- Then the application will be forwarded by the Higher Education Department after due examination to the bank for sanction and issuance of credit card.
- After due examination the concerned bank will sanction the application and issue the credit card in physical form
- The students need to upload progress report card after completion of each year or semester.
For any additional information about the eligibility criteria, selection process, application procedure candidates are requested to visit the official website of Government of West Bengal.
Abbreviation used in West Bengal Student Credit Card Scheme:
- AICTE– All India Council for Technical Education.
- AIIMS– All India Institute of Medical Sciences.
- AISHE– All India Survey on Higher Education.
- BCI- Bar Council of India
- BITS- Birla Institute of Technology and Science.
- CBSE- Central Board of Secondary Education.
- CISC- Council for the Indian School Certificate
- COA- Council of Architecture.
- DISE- District Information System for Education
- EMI- Equated Monthly Installment.
- FD- Fixed Deposit.
- HED- Higher Education Department, Govt. Of West Bengal.
- HEI- Higher Educational Institutions.
- HOI- Head of the Institute.
- IFSC- Indian Financial System Code.
- IIFT- Indian Institute of Foreign Trade.
- IIT- Indian Institute of Technology.
- IIEST- Indian Institute of Engineering, Science and Research.
- IIM- Indian Institute of Management.
- INC- Indian Nursing Council
- IISc- Indian Institute of Science.
- IISER- Indian Institute of Science, Education and Research.
- ISC- Indian School Certificate.
- ISI- Indian Statistical Institute.
- JPEG- Joint Photograph Expert Group.
- KB- Kilo Bytes.
- KVP- KishanVikash Patra.
- LIP- Life Insurance Policies.
- MAKAUT- Maulana Abul Kalam Azad University of Technology, West Bengal.
- MCI- Medical Council of India.
- MCLR- Marginal cost of Fund based lending rate.
- NAAC- National Assessment and Accreditation Council.
- NABL- National Accreditation Board for Testing and Calibration Laboratories.
- NBA- National Board of Accreditation
- NCTE- National Council for Teacher Education
- NIRF- National Institutional Ranking Framework.
- NIT- National Institute of Technology
- NLU- National Law University
- NMC- National Medical Commission.
- NSC- National Savings Certificate.
- PAN- Permanent Account Number.
- PCI- Pharmacy Council of India.
- PDF- Portable Document Format.
- PG- Post Graduation.
- RBI- Reserve Bank of India.
- RCI- Rehabilitation Council of India.
- SCC- Student Credit Card.
- SED– School Education Department, Government of West Bengal
- SMS- Short Message Service.
- SVMCM- Swami Vivekanada Merit cum Means Scholarship.
- TAN- Tax Deduction and Collection Account Number.
- UG- Under Graduation.
- UGC- University Grants Commission.
- UIDAI- Unique Identification Authority of India.
- WBSCC- West Bengal Student Credit Card.
- XLRI- Xavier’s Labour Relations Institute.