West Bengal Student Credit Card Scheme

Educational Loan up to Rs. 10,00,000/- at 4% simple interest annually and Life Insurance Cover equal to the loan amount will be provided to eligible students of West Bengal under the Student Credit Card Scheme.
Read the complete article to get full details about the scheme.

Introduction of West Bengal Student Credit Card Scheme: A Brief Insight

• West Bengal Government started a kind of educational welfare scheme for students of the State named “Student Credit Card Scheme”.
• This scheme was officially launched on 30-06-2021.
• The government’s main aim in launching this scheme is to financially facilitate meritorious poor students, enabling them to complete their studies without financial constraints.
• Student Credit Card Scheme will be implemented by the Higher Education Department of the West Bengal Government in collaboration with banks and financial institutions.
• West Bengal Government will now provide educational loans to eligible students at a nominal interest rate under its Student Credit Card Scheme.
• The loan provided under the Student Credit Card Prakalpa is completely collateral-free. There is no need to mortgage any property or any security to avail a loan.
• Beneficiary Students can avail a maximum loan of Rs. 10 lakh for educational purposes, including fees for schools, universities, coaching institutes, and professional courses, under this scheme.
• Loans provided under this scheme are collateral-free but not interest-free. A nominal rate of 4% simple interest annually will be charged by the bank on the disbursed loan amount.The
• Beneficiary Student will have to repay the loan amount within 15 years.
• The government has also provided the facility to students so that they can avail the benefit of a loan at any point of time of their study.
• Educational Loan under the Student Credit Card Scheme can also be obtained if the student secures admission in a foreign university.
• West Bengal also provides life insurance cover to the beneficiary student, which is equal to the sanctioned loan amount.
• But, the premium of the insurance will have to be paid by the student, which will be deducted from the loan amount.
• Online Application is available on the Official Portal of the Student Credit Card Scheme of the Government of West Bengal.
• Beneficiary Students can call on “18001028014” or drop an email at “support-wbscc@bangla.gov.in” in case any help or assistance is required regarding the scheme.
• Students can also explore the other major welfare scheme of the West Bengal Government, which is “Taruner Swapno Scheme”.

Benefits Provided to Eligible Beneficiaries

• Government of West Bengal will provide the following benefits to all eligible students under its Student Credit Card Scheme :-
  • A maximum of Rs. 10 lakh educational loan will be provided to Students.
  • Disbursed Loans are completely collateral-free. Nothing is required to mortgage.
  • Simple Interest of 4% yearly is applicable on loan.
  • The moratorium period is 1 year and 15 years is the repayment period of the loan.
  • A loan will also be provided in case of admission in a foreign university.
  • The student will also receive life insurance cover equal to the sanctioned loan amount.
  • Benefit of 1% concession to students if the loan would be repaid during the time of study.
  • The loan covers the Educational Course Fee, Hostel Fees and other Educational Expenses.

List of Items for Which a Loan Can Be Sought

• Beneficiary Students can use the loan amount which is provided by the West Bengal Government under the Student Credit Card Scheme on the following items :-
  

  To Pay Course Fees of :- School College University Course Fees of Professional Institutes :- IIMs IIESTs ISIs NLUs AIIMSs NITs XLRI IISCs BITS SPA NID IIFTs ICFAI Business School etc. Coaching Fees of Competitive Coaching Institutes :- Engineering Medical Law UPSC (IAS, IPS) WBSC SSC etc Tuition Fees Caution Deposit Building Fund Refundable Deposit Examination Fees Library Fees Laboratory Fees Hostel Fees Book Purchase Computer, Laptop, Tablet Purchase Study Tours Expenses Expenses on Project Works Thesis

Eligibility Conditions Required to be Fulfilled

• Educational Loan up to Rs. 10 lakh will be provided to only those students who meet the following eligibility criteria of the Student Credit Card Scheme of the West Bengal Government :-The
  

  Beneficiary Student should be :- Indian Citizen and West Bengal Permanent Resident. OR Indian Citizen and West Bengal Resident for 10 Years. Beneficiary Student should have passed the minimum Class 9th. Beneficiary Student’s Age should be below 40 years. Beneficiary Student should have enrolled himself/ herself in any :- School Madrasahs Colleges Universities Top Educational Institutions Coaching Institutes to prepare for Competitive Examination The loan should be applied by the Student and the Parent or Guardian should be a Co-Borrower.

Documents Required to be Attached

• Beneficiary Students will have to upload the following documents on the Student Credit Card Scheme Official Website at the time of filling the educational loan application form :-
  • Recent Color Photograph of Student.
  • Co-Applicant or Co-Borrower Recent Color Photograph.
  • Student’s Signature.
  • Co-Borrower or Guardian Signature.
  • Aadhaar Card of the Beneficiary Student.
  • Class 10th Certificate.
  • Address Proof of Guardian.
  • Receipt of Admission.
  • PAN Card of the Beneficiary Student.
  • PAN Card of the Guardian.
  • Course Fee or Tuition Fee Details.
  • Family Income Certificate.
  • Bank Account Details of Student.
  • Bank Account Details of Co-Borrower.
  • Mobile Number and Email ID.
  • Last Passed Examination Marksheet.

How Beneficiaries Can Apply to Avail the Benefit of this Scheme

• Student Credit Card Scheme Official Website is available through which beneficiary students can apply online for a loan up to Rs. 10 lakh for educational purposes.
• Visit the Official Website and Click on Student Registration.
  
• The portal will ask to choose Educational Institution is within India or Outside India.
  
• Student Credit Card Scheme Registration Form will appear in which the beneficiary student will have to fill in basic details, present course of study details, contact details, and password selection.
• Mobile Number of the student will be verified through OTP authentication.
• An Applicant/ Registration ID will be generated by the portal after successful registration.
• Login with the Applicant ID and chosen Password.
  
• A dashboard will appear after logging in from which the student has to click on Apply Now.
• Fill out the complete Student Credit Card Scheme Online Application Form carefully with Personal Details, Co-Borrower Details, Address Details, Course and Income Details, Student and Co-Borrower Bank Details.
• Upload all the required documents on the portal in PDF form.
• Check the filled details once and finally submit the student credit card scheme application form.
• Submitted Online Application Form of the Student Credit Card Scheme will be verified by the Higher Education Department Officials.
• A list of eligible students will be made and the selected students’ list will be sent to the bank for approval and disbursement of the loan amount and issuing of a credit card.
• Beneficiary Student will have to submit the 5% margin money of the loan amount if the sanctioned amount is more than Rs. 4 lakh.
• Beneficiary Students can check their Student Credit Card Scheme Application Status on their dashboard by logging in on the portal.
• Loans taken under the West Bengal Government’s Student Credit Card Prakalpa will have to be returned within 15 years.
• Beneficiary Student can also go through the step-by-step Student Credit Card Scheme Application Process Here.

Grievance/ Complaint Registration Process

• Student can also file their complaint/ grievance online regarding the Student Credit Card Scheme of the Government of West Bengal.
• There is a dedicated Student Credit Card Grievance Portal available through which students can file a complaint.
• Visit the Grievance Portal and Click on Student Login.
  
• Enter Your Registration Number and Click on Send OTP.
  
• The portal will verify the registration number by sending OTP to the registered mobile number or email.
• Complaint Form of the Student Credit Card Scheme will appear after verification.
• Fill the form and upload any supporting documents if any.
• Submit the grievance form after filling in all the details.
• Submitted complaint forms will be verified by the officials of the West Bengal Government’s Higher Education Department.
• They will take note of the complaint and resolve it as soon as possible.

Specimen of Student Credit Card

• Banks will issue a Credit Card in favour of the beneficiary student through which they can withdraw the loan amount disbursed under Government of West Bengal’s Student Credit Card Scheme. The below-mentioned image is a specimen of a Credit Card issued to students :-
  

Important Links Available

• Registration of Student Credit Card Scheme West Bengal.
• Login of Student Credit Card Scheme West Bengal.
• Official Website of Student Credit Card Scheme West Bengal.
• Grievance/ Complaint Portal of Student Credit Card Scheme West Bengal.
• Guidelines of Student Credit Card Scheme West Bengal.
• FAQs of Student Credit Card Scheme West Bengal.
• Contact Details of Student Credit Card Scheme West Bengal.

Contact Details in Case of Help Needed

• Contact Number of Student Credit Card Scheme West Bengal :- 18001028014.
• Contact Email of Student Credit Card Scheme West Bengal :-
  • “support-wbscc@bangla.gov.in”.
  • “contactwbscc@gmail.com”.
• Contact Email of Higher Education Department West Bengal :- “highereducationwb@gmail.com”.

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