Crushing The Hurdles In Education Through The Guruji Student Credit Card Scheme, Jharkhand There are many bright students in Jharkhand who are fortunate enough to get admission to their dream college, which in a way is great but then follows a huge problem ‘Who will fund it’? How will my family pay for this when the Tuition fees, hostel costs, laptop costs, books etc come out to a daunting figure? Most families are forced to put aside their children’s big dreams for further education just because their banks deny lending loans unless they deposit some security or collateral as they may not fulfill the hefty eligibility criteria for traditional loans that are available at double digit rates and are sure to get a good cut of your income once you start earn.
The Guruji Student Credit Card Scheme-Aiding Jharkhand StudentsThe Government of Jharkhand under the leadership of Dishom Guru, Shri Shibu Soren launched the Guruji Student Credit Card Scheme (GSCCS) which aims at bringing an end to the despair of financially weak students who wish to pursue higher education.
The ideology is simple ‘No Student Should Defer Their Dreams Due To Financial Constraints’.
How Is The Scheme Different From Bank Loans?
Unlike other private and public sector banks that charge an education loan at the rate of 9-12% and ask you to pledging property and provide hefty documents, The GSCCS helps you by Providing the amount of Rs 15 Lakh: You can pursue an engineering or a medical college, legal or Post graduate program – the option is open for an amount up to 15,00,000/-. As low as 4% interest on loans: You only need to repay interest at the rate of 4% p.a as simple interest on actual disbursement.
The rest of the interest cost is borne by the State Government which makes it easier for students to finance their education.
An additional discount of 0.5% on the interest rate will be provided to girl students. No collateral required: The State government is the guarantor for the loan, so you don’t need to provide your land, property or F.D. A decent loan tenure of 15 years: Loan tenure for repayment can extend up to 15 years which makes the repayment in EMI quite reasonable.
What About the Resting Period?
Let’s consider a scenario where you have received your admission in a dream university and get loan approved from a private bank. Usually in this scenario banks allow for a Moratorium period (grace period) during which you don’t need to pay back the loan or even the interest that accrues.
Similar provision is there in The Guruji Student Credit Card also- the loan need not be repaid during the entire period of studies plus 1 Year (post graduation) or 6 Month( post job acquisition ) whichever is earlier.
So during the years you were struggling to get decent grades and a job you were relieved from paying a hefty loan EMI! (Further More If You Choose to pay interest payments during moratorium you’ll even get additional 1% discount on loan Interest.)
What Amount Can the Scheme Finance?
Generally the students feel that education loan is just meant for College or University Fees only.
GSCCS considers multiple other costs as well.
Under GSCCS you can utilize up to 30% of the total loan amount towards any expenditure related to a student’s education that includes: College & University fees (including admission, examination, laboratory, library etc.) Hostel & mess charges Laptops, books, and relevant study materials Other miscellaneous expenses like travel, food, medical aid, etc. Elgibility criteria: The criteria laid by the government is simple and is not complicated in anyway.
Students who have cleared their 10th and 12th from any institution in Jharkhand state should and have secured admission in a renowned university or college can avail the scheme. Age Criteria – normally below 40 years. Who the Scheme Covers: All permanent residents(domicile) of Jharkhand State.
Have cleared Class 10th and Class 12th from Jharkhand School Education Board, CBSE or ISCE recognized by this state.
Having securedAdmission in an Institution for- diploma, Bachelor’s degree, Masters Degree, Post Graduate Diploma, M. Phil and Ph.D courses recognized by UGC, All India Council for Technical Education (AICTE) and other approving bodies . Also theInstitution selected must have NIRF Ranking - Top 100 OR National Institute of Technology /IIMs OR top 3 universities.
How to Apply:
(i) Go to Official website (jgcc.jharkhand.gov.in)
(ii) click on the Guruji Student Credit Card application form.
(iii) Enter your Name, Surname, Gender, Father Name, DOB, Mobile, Aadhaar no, domicile, email, password etc.
(iv) Select the name of your college and course from the drop down.
(v) Upload necessary documents to the web link.
(vi) Application will be sent to loan processing.
(vii) The amount will be directly deposited to your college as per fee disbursement schedule.