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West Bengal Student Credit Card Scheme

The Higher Education Department, Government of West Bengal has introduced the Student Credit Card Scheme for the students of West Bengal to enable them to pursue higher education without having any financial constraints.

Ministry / Department
Higher Education Department
Level
State
Benefit type
cash
Last verified: Recently

What is West Bengal Student Credit Card Scheme?

The Higher Education Department, Government of West Bengal has introduced the Student Credit Card Scheme for the students of West Bengal to enable them to pursue higher education without having any financial constraints.

Benefit
**Points** 1. The Scheme provides a maximum loan of ₹10,00,000/- at a 4% simple annual interest rate after interest subvention. 1. 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. 1. Students can access the loan at any point during their course of study. 1. Both the student and the parent/legal guardian must co-submit the loan application. 1. An agreement between the student, parents/legal guardians, and the bank will formalize the loan terms. **Margin money:** 1. Up to ₹4,00,000/-: Nil 1. Above ₹4,00,000/-: 5% 1. Scholarships/assistance ships included 1. Paid pro-rata as disbursements are made **Security**: 1. No unnecessary restrictions or collateral security 1. No security/collateral other than co-obligation of parents/legal guardians 1. State government to enter separate agreement with banks **Insurance:** 1. Life cover for student up to loan amount 1. Premium paid by student and debited from loan account **Time limits:** 1. The Higher Education Department and the School Education Department will communicate on loan sanctioning and disbursement process timeline after receiving approval from the competent authority.
Level
State — West Bengal
Ministry / Dept.
Higher Education Department
Benefit type
cash
Key eligibility
1. Indian citizen & resident of West Bengal for 10 years (self-declaration). 1. Applicant should not be aged more than 40 years at application time. 1. Applicant should enrolled in higher education programs within or outside the country in schools, madrasahs, colleges, universities, IITs, IIMs, IISc
Last verified
Recently

Benefits

**Points** 1. The Scheme provides a maximum loan of ₹10,00,000/- at a 4% simple annual interest rate after interest subvention. 1. 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. 1. Students can access the loan at any point during their course of study. 1. Both the student and the parent/legal guardian must co-submit the loan application. 1. An agreement between the student, parents/legal guardians, and the bank will formalize the loan terms. **Margin money:** 1. Up to ₹4,00,000/-: Nil 1. Above ₹4,00,000/-: 5% 1. Scholarships/assistance ships included 1. Paid pro-rata as disbursements are made **Security**: 1. No unnecessary restrictions or collateral security 1. No security/collateral other than co-obligation of parents/legal guardians 1. State government to enter separate agreement with banks **Insurance:** 1. Life cover for student up to loan amount 1. Premium paid by student and debited from loan account **Time limits:** 1. The Higher Education Department and the School Education Department will communicate on loan sanctioning and disbursement process timeline after receiving approval from the competent authority.

Eligibility

1. Indian citizen & resident of West Bengal for 10 years (self-declaration). 1. Applicant should not be aged more than 40 years at application time. 1. Applicant should enrolled in higher education programs within or outside the country in schools, madrasahs, colleges, universities, IITs, IIMs, IIScArea: West BengalBenefit: cash

Documents Required

    How to Apply

    1. Step 1: Online application — step 1

      Applicant have to visit the official website and click on "STUDENT CREDIT CARD" Now Click on “STUDENT REGISTRATION” option and select the one option from the following For institutions in India . For institutions outside India . Provide the require details for online registration process and click on “Submit” button to generate user id and password. After completion of the registration process a unique id will be generated. Now with the credentials need to log in through clicking on “Student Login” button from the home page Here the candidate need to furnish their all details which can be accessed through the “Applicant Dashboard.” Personal Details Co-Borrower And Present Address Details Permanent Address And Course & Income Details Bank Details Of Students And Co-Borrower Upload the required documents. Submit.

    Sources & References

    Ready to apply?

    Applications are accepted only on the official government portal.

    Open Official Website