All about Bihar Student Credit Cards

 All about Bihar Student Credit Cards

Enrolment has always been a challenge for the Bihar state. While compulsory and affordable education schemes at the school level have helped offer primary education to children, higher education for the youth continues to be a challenge. After completing school, most students find themselves unable to pursue higher education due to lack of funds. As a result, the Gross Enrollment Ratio, which marks the number of enrolled students at a given level, is at a record low at the college level in Bihar, when compared to other states. This posed a hindrance in the overall growth and development of Bihar. The growing concern around this reality led the state government of Bihar to introduce the Bihar Student Credit Card Yojana (MNSSBY).

What is the Bihar Student Credit Card Yojana?

The Bihar Student Credit Card Yojana is a scheme introduced by the Government of Bihar. It is aimed at students of the state who have completed the entirety of their Class 12 and are looking to pursue higher education from an authorised institute but are facing financial constraints. By means of the scheme, the government aims to fund education for all such students, offering them the much-needed impetus to pursue their dream. With more students opting for higher education, the Gross Enrolment Ratio of the state would also grow. If all goes as planned, the government expects growth of GER to 30 per cent in 5 years, from the earlier 14.3 per cent in 2018.

Benefits of Student Credit Card Bihar

The Student Credit Card Bihar Scheme has several advantages. These include-

  •       Students get up to INR 4 lakh as educational loan
  •       The interest charged on loan is low, with only 1 per cent interest charged from girls, transgender and Divyang students
  •       The educational loan can be availed for enrolment in technical as well as general and polytechnic courses
  •       Monetary assistance offered by the scheme allows students to buy books, pay fees, purchase laptops, etc.
  •       The recovery procedure for the education loan is lenient as the government owns it, and has the power to waive off balance entirely if it wishes to
  •       The repayment tenure for the education loan begins only after the course is complete and the student has secured a job

Eligibility Criteria for Student Credit Card Bihar

The eligibility criteria for the Bihar Student Credit Card Yojana is as follows-

  •       The applicant requires to be a resident of Bihar
  •       The age of the applicant must be under 25 years
  •       The applicant should have completed 12th standard education
  •       The applicant must be pursuing higher education at an authorised institute
  •       The applicant must have completed the entirety of the higher education course

You also need to provide some documentation. This would include-

  •       Mark sheet of Class 10
  •       Mark sheet of Class 12
  •       Proof of admission to an institute of higher education
  •       ID proof of applicant and co-applicant
  •       Address proof of applicant and co-applicant
  •       Aadhaar Card
  •       PAN card
  •       Bank account statements of the applicant’s parents
  •       Family income certificate
  •       Form 16

Higher education offers an edge and an opportunity to stand out and apply for job positions that genuinely resonate with your goals. However, the lack of funds can often come as a hindrance in achieving such dreams. Luckily, with the help of a government-backed scheme such as the Bihar Student Credit Card Yojana, students can continue with their studies even beyond school level and progress on the path of fulfilling their goals. Download the Finserv MARKETS App to know more.

 

Paul Petersen