Who is eligible to apply for this scheme?

Students who are residents of West Bengal, aged between 18 and 40, and have secured admission to recognized educational institutions can apply for the scheme.

How much loan can a student get under this scheme?

Students can avail of a loan up to â¹10 lakh under the West Bengal Student Credit Card Scheme.

What is the interest rate for the loans?

The interest rate for loans under this scheme is set at a nominal rate of 4% per annum after interest subvention.

Is collateral required to secure the loan?

No, students do not need to provide any collateral to secure the loan; it is backed by the co-obligation of parents or guardians.

When does repayment of the loan start?

Repayment of the loan begins after the student completes their education, with a repayment period of up to 15 years.

Can students use this loan for studying abroad?

Yes, students can use the loan to pursue higher education in recognized institutions both in India and abroad.

West Bengal Student Credit Card Scheme

The West Bengal Student Credit Card Scheme is a government initiative designed to help students in West Bengal finance their education. This scheme provides loans to students for various educational expenses, making it easier for them to pursue higher studies without financial stress.

Investing in your child's future:A wise decision & a loving choice

Benefits of Investing In Child Plan

Waiver of Premium Benefit

Future Premiums are paid by the insurer upon death of policyholder

Flexible Payout Options

Your premiums help your child achieve their dreams through lump sum or regular payouts

Wealth Boosters

Get rewarded with Wealth Booster and Loyalty Bonus for staying invested with us

Zero Commission

We charge no commission when you buy from us. Also buy online & get extra

Tax Benefits^

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

Investment Flexibility

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

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Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr^# Tax-Free* on Maturity

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We are rated^~

7.7 Crore

Registered Consumer

Insurance Partners

4.2 Crore

Policies Sold

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 the West Bengal Student Credit Card Scheme?

The West Bengal Student Credit Card Scheme is a financial initiative launched by the Government of West Bengal to support students in their pursuit of higher education. The scheme aims to provide easy access to credit for educational expenses, helping students from various backgrounds achieve their academic goals without the burden of financial constraints.

Objectives of the West Bengal Student Credit Card Scheme

Financial Support: To provide students with necessary funds for their education.
Encouragement for Higher Education: To motivate students from all backgrounds to continue their studies.
Accessibility: To make education accessible to students who might otherwise face financial barriers.

Key Features of the West Bengal Student Credit Card Scheme

Loan Amount: Students can borrow a maximum of ₹10,00,000 at a 4% simple annual interest rate after interest subvention.
Interest Rate: The interest rate for loans up to ₹10,00,000 is set at the prevailing 3-year MCLR of State Bank of India plus 1%, fixed at the time of sanction.
Flexible Access: Loans can be accessed at any time during the course of study.
No Collateral Required: There are no collateral requirements; the loan is secured by the co-obligation of parents or guardians.
Margin Money:
- Up to ₹4,00,000: Nil
- Above ₹4,00,000: 5% margin money is required.

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Invest ₹10K/Month YOU GET ₹1 Crores^* For Your Child View Plans

Invest ₹8K/Month YOU GET ₹80 Lakhs^* For Your Child View Plans

Invest ₹5K/Month YOU GET ₹50 Lakhs^* For Your Child View Plans

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Eligibility Criteria to Apply for the West Bengal Student Credit Card Scheme

To apply for the West Bengal Student Credit Card, students must meet the following criteria:

Must be an Indian citizen and a resident of West Bengal for at least 10 years.
Age should not exceed 40 years at the time of application.
Must be enrolled in recognized educational institutions within or outside India, including schools, colleges, and universities.
Students attending coaching institutes for competitive exams (like Engineering, Medical, Law) are also eligible.

People also read: Sukanya Samriddhi Yojana

Application Process for West Bengal Student Credit Card Scheme

Online Registration:
- Visit the official MyScheme website and click on "STUDENT CREDIT CARD."
- Select “STUDENT REGISTRATION” and fill in the required details.
- A unique user ID and password will be generated upon submission.
Login and Application:
- Use your credentials to log in and access your applicant dashboard.
- Fill in personal details, co-borrower information, and bank details.
- Upload necessary documents and submit your application.
Loan Agreement:
- An agreement between the student, parents/legal guardians, and the bank will formalize the loan terms.

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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Required Documents to Apply for West Bengal Student Credit Card Scheme

Document Type	Format & Size
Applicant’s Photograph	Recent colored photo
Co-applicants Photograph	Photo of parent/guardian
Signature of the student	Signature image
Signature of co-borrower/guardian	Signature image
AADHAR Card	Proof of identity
Age Proof	Birth certificate or school leaving certificate
Address Proof of Co-borrower	Utility bill or any government document
Admission Receipt	Proof of admission to an educational institution
PAN Card/Undertaking	PAN card or declaration letter
Prospectus/Certificate	Document detailing charges
Last Qualifying Exam Marksheet	Last qualifying exam mark sheet

People also read: Government Schemes for Girl Child

Benefits of the West Bengal Student Credit Card Scheme

No Collateral Needed: Students do not need to provide any assets as security.
Insurance Coverage: Life insurance coverage is provided up to the loan amount, with premiums deducted from the loan account.
Direct Payment: Loan amounts for institutional fees are paid directly to the educational institution's bank account.

Conclusion

The West Bengal Student Credit Card Scheme is a valuable resource for students seeking financial assistance for their education. By providing easy access to loans without collateral requirements, this scheme encourages more students to pursue higher education. It aims not only to support individual aspirations but also to contribute positively to society by enhancing educational opportunities across West Bengal.

FAQs

What is the West Bengal Student Credit Card Scheme?

The West Bengal Student Credit Card Scheme is a government initiative that provides financial support to students for their higher education expenses through easy loans.
Who is eligible to apply for this scheme?

Students who are residents of West Bengal, aged between 18 and 40, and have secured admission to recognized educational institutions can apply for the scheme.
How much loan can a student get under this scheme?

Students can avail of a loan up to ₹10 lakh under the West Bengal Student Credit Card Scheme.
What is the interest rate for the loans?

The interest rate for loans under this scheme is set at a nominal rate of 4% per annum after interest subvention.
Is collateral required to secure the loan?

No, students do not need to provide any collateral to secure the loan; it is backed by the co-obligation of parents or guardians.
When does repayment of the loan start?

Repayment of the loan begins after the student completes their education, with a repayment period of up to 15 years.
Can students use this loan for studying abroad?

Yes, students can use the loan to pursue higher education in recognized institutions both in India and abroad.

†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.