Achieving higher education just got easier: Your human guide to the Bihar Student Credit Card (BSCC) Scheme. Thousands of hopeful young men and women across Bihar receive acceptance letters from colleges and universities nationwide each year. This is a moment of pride for any family until the reality of tuition fees, hostel deposits, stationery and text book costs, and daily expenses set in.
For many working parents, availing a high-interest commercial bank loan at a higher rate of interest with obligatory collateral such as land deeds, is beyond their reach. To eliminate these financial barriers, the Bihar State Government, in its 7 Nischay initiative (Seven Resolves), has come up with the Bihar Student Credit Card Scheme. Here, we try to help you with a clear explanation about how this entire scheme works, what it entails and how it can support you fund your college education.
Key features of the Bihar Student Credit Card:
- While traditionally education loans require guarantors, collateral or land deeds, and double-digit interest rates, BSCC brings out some prominent differences in its approach. Up to 4 Lakh
- Financial Aid: Access an amount up to 4,00,000 for higher education for programs like B. Tech, B. Sc, B.A, MBBS, BBA, Polytechnic, and Diploma courses.
- Subsidized Interest Rates: Whereas a general commercial bank loan would have an interest rate of 9%-12%, the BSCC scheme has a 4% simple interest for general male applicants and an even lower rate of 1% for female, transgender and Divyang individuals.
- No Collateral or Third-Party Guarantor: The BSCC scheme does not require any collateral such as property deeds or land documents. Instead, the Bihar State Government will act as your official guarantor.
- Extensive Coverage: The BSCC doesn't just pay for university fee but it also covers the expense for the hostel room rent, mess charges, textbooks, stationery, and even essential learning resources like a laptop.
- Moratorium Period: A prominent concern when availing a loan is when will the EMIs begin. To curb this, BSCC offers a moratorium period of 1 year for female, transgender, and Divyang students, and an additional year for general male students post the completion of the course, or 6 months post securing a job. Following which you will have to repay the loan within a maximum period of up to 7-10 years.
Eligibility Criteria:
To apply for the BSCC scheme, here is a list of the required criteria:
- Domicile: You must be a domicile of Bihar.
- Academic Background: You should have completed Class 12th (Intermediate) from a board recognized by the state or centre for undergraduate courses and Class 10th for Diploma/Polytechnic courses.
- Age Limit: Students must be below 25 years of age for undergraduate courses and below 30 for postgraduate courses.
- Admission: You should be a graduate/under-graduate course.
The college or university of choice should be UGC, AICTE, NMC, and other relevant body approved and recognized.
Applying for BSCC Step-by-Step Guide: To avoid hassle and complications, the government of Bihar has established District Registration and Counseling Centers (DRCCs) across every district.
Step 1: Online Application Head to the official portal (7 nishchay-yuvaupmission.bihar.gov.in) and create a user ID by feeding in your name, Aadhaar number, email, and contact number.
Step 2: Fill in the application form A Login with your user ID and fill in the details of your application form. You need to provide information of your personal details, family details, and a breakdown of the fees required for your college.
Step 3: Visit DRCC During the appointment scheduled by the system at your DRCC, along with you parents (co-applicants), head to your designated district center and take along the following original documents with their attested photocopies: Class 10 and 12 marks sheets & certificates Aadhaar Card (of the applicant and parent/co-applicant) Residence Certificate Domicile Certificate Fee structure of college along with the letter of admission Passport sized photographs Bank Passbook.
Step 4: Granting of Loan and Credit card The loans will be processed and sanctioned, following which the students will be provided with a BSCC Card and a loan sanction letter after which the funds will be directly transferred to the respective educational institutions on a timely basis.
Final Note: Financial constraint should never be the criterion to choose a less ambitious college, let the BSCC scheme carry out the payment formalities for you, so you can focus your energy on developing your intellect and skillset at a better learning institution.