West Bengal Student Credit Card Scheme

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.

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

VIEW PLANS

*Standard T & C Apply

People also read: Child Education Plan

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.

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

1. 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.

2. 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.

3. Loan Agreement:

   • An agreement between the student, parents/legal guardians, and the bank will formalize the loan terms.

Required Documents to Apply for West Bengal Student Credit Card Scheme

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.