Who is eligible for a Student Credit Card in Bihar?

Students who are residents of Bihar, aged between 18 and 25 years, and have completed at least the 12th grade are eligible to apply for a Student Credit Card.

What is the interest rate for a Student Credit Card Scheme in Bihar?

The interest rate for the Bihar Student Credit Card Scheme is 1% per annum for certain categories, including Divyang (disabled), transgender, and girl students.

Who is eligible for Berojgari Bhatta Yojana in Bihar?

Individuals aged between 21 and 35 years who are unemployed and have completed at least the 10th grade can apply for the Berojgari Bhatta Yojana in Bihar.

What are the courses under the Bihar Student Credit Card?

The scheme covers various courses, including undergraduate, postgraduate, professional courses like engineering, medical, law, and vocational training programs.

How much loan can a student get under the Bihar Student Credit Card Scheme?

Students can avail themselves of loans up to â¹4 lakh under the Bihar Student Credit Card Scheme.

Is collateral required for the Student Credit Card loan?

No, students do not need to provide any collateral or security to obtain a loan under this scheme.

Bihar Student Credit Card Scheme

The Bihar Student Credit Card Scheme is a government initiative designed to help students in Bihar finance their higher education. By providing loans at low interest rates, this scheme aims to empower students who face financial challenges in pursuing their academic goals.

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Waiver of Premium Benefit

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You get tax benefits under Section 80(C) and no tax on returns under Section 10 (10D)

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It offers the flexibility to invest at regular intervals or as a one-time contribution

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

What is Bihar Student Credit Card Scheme?

The Bihar Student Credit Card Scheme is designed to offer loans to students who wish to pursue higher education in various fields. The scheme primarily targets students from low-income families, allowing them to borrow money at low interest rates in Bihar. This financial assistance can be used for tuition fees, purchasing books, and other educational expenses.

Objectives of the Bihar Student Credit Card Scheme

Financial Support: To assist students in covering the costs of higher education.
Encouragement for Education: To motivate students to pursue various educational courses without financial worries.
Empowerment: To provide opportunities for students from economically weaker sections.

Key Features of the Bihar Student Credit Card Scheme

Loan Amount: Students can borrow up to ₹4 lakh.
Interest Rates: The scheme offers loans at nominal interest rates to students in the low-income category. The minimal interest rate for Divyang (disabled), transgender, and female students is 1%.
Flexible Repayment: Loan repayment begins after the student completes their course and secures a job.
Use of Funds: Loans can be used for tuition fees, purchasing books, laptops, and other educational expenses.

Eligibility Criteria to Apply for the Bihar Student Credit Card Scheme

To qualify for the Bihar Student Credit Card Scheme, applicants must meet the following requirements:

Residency: Must be a resident of Bihar.
Age Limit: Applicants should not be older than 25 years when applying.
Educational Qualification: Must have passed the 12th grade (or equivalent).
Admission Requirement: Must be enrolled in a recognized educational institution.

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Benefits of the Bihar Student Credit Card Scheme

Eligible students can enjoy several benefits under this scheme:

Provide a maximum loan amount of ₹4 lakh.
Loans available for various courses, including polytechnic, technical, and general studies.
Financial assistance for purchasing necessary educational materials.
Flexible recovery procedures since the loan is government-backed.

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Application Process for Bihar Student Credit Card Scheme

Applying for the Bihar Student Credit Card Scheme involves several steps:

Online Registration:

Visit the official website Bihar Yuva Upmission.
Click on ‘New Applicant Registration’ and fill in your details (name, email, mobile number, Aadhaar number).
Submit the form to receive a username and password via email and SMS.

Filling the Application:

Log in with your credentials on the website.
Complete the ‘Personal Information Page’ and select ‘BSCC’ from the options.
Fill out the BSCC application form and submit it.

Document Submission:

After submitting your application, visit your District Registration and Counseling Center (DRCC) with self-attested documents for verification.

Loan Approval:

Once verified, you will receive a notification about collecting your Student Credit Card and loan sanction letter from the DRCC.
Complete documentation at the bank to finalize your loan disbursement.

Unique Triple Benefit

Future premiums paid by insurer on parent's death

Monthly income to fund child's education on parent's death

Lumpsum payout to family on parent's death

Returns

Return as of Apr 2024
12%-15%
8.2%
7.1%

Availability

Availability
Girl Child or Boy Child
Girl child only
Girl Child or Boy Child

Max Entry Age
Upto 18 years
Upto 10 years
No Age Limit

Flexibility

Invested Amount can be Withdrawn after
5 years
21 years
15 years

Conditions for Premature closure
Anytime after 5years
Extreme Compassionate Grounds
Serious Ailments or for education

Penalty on Premature Closure
No Penalty after 5 years
Returns reduced to Post Office Savings rate
1% reduction in interest rate

Max deposit amount in an year
No Limit
1.5 Lacs
1.5 Lacs

Documentation

Documentation Required for Withdrawal
Low
High
Low

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People also read: Sukanya Samriddhi Yojana Calculator

Required Documents for Bihar Student Credit Card Scheme

Following is a list of documents needed to apply for the Bihar Student Credit Card Scheme:

Document Type	Description
Common Application Form	Filled application form
Identity Proof	Aadhar card or PAN card
Educational Certificates	Xth and XIIth mark sheets
Admission Proof	Proof of enrollment in a recognized institution
Income Certificate	Previous year’s income certificate
Bank Statements	Last six months’ bank statement
Proof of Residence	Passport, ID card, or Voter ID

People also read: Post Office Sukanya Samriddhi Yojana

Conclusion

The Bihar Student Credit Card Scheme is a vital initiative that provides essential financial support to students aspiring to further their education. By alleviating financial burdens, it empowers young individuals to achieve their academic dreams and build successful futures.

FAQs

Who is eligible for a Student Credit Card in Bihar?

Students who are residents of Bihar, aged between 18 and 25 years, and have completed at least the 12th grade are eligible to apply for a Student Credit Card.
What is the interest rate for a Student Credit Card Scheme in Bihar?

The interest rate for the Bihar Student Credit Card Scheme is 1% per annum for certain categories, including Divyang (disabled), transgender, and girl students.
Who is eligible for Berojgari Bhatta Yojana in Bihar?

Individuals aged between 21 and 35 years who are unemployed and have completed at least the 10th grade can apply for the Berojgari Bhatta Yojana in Bihar.
What are the courses under the Bihar Student Credit Card?

The scheme covers various courses, including undergraduate, postgraduate, professional courses like engineering, medical, law, and vocational training programs.
How much loan can a student get under the Bihar Student Credit Card Scheme?

Students can avail themselves of loans up to ₹4 lakh under the Bihar Student Credit Card Scheme.
Is collateral required for the Student Credit Card loan?

No, students do not need to provide any collateral or security to obtain a loan under this scheme.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.