About Student Credit Card
Under the leadership of Hon’ble Chief Minister Mamata Banerjee, The West Bengal Department of Higher Education has launched a Student Credit Card Scheme to enable students of West Bengal to pursue education without any financial constraints. The scheme has been launched to assist students in other equivalent courses including professional degrees and other schools, madrassas, colleges, universities, and other affiliated institutes in India and outside to continue their secondary, higher secondary, madrassa, graduation, and postgraduate level studies. Students studying in various coaching institutions can also avail of loans under this scheme to participate in various competitive examinations like Engineering, Medical, Law, IAS, IPS, WBCS, etc.
The State Cooperative Bank, along with its affiliated Central Cooperative Bank and District Central Cooperative Bank, and Public/Private Sector Bank, are offering a student credit card to interested students from West Bengal. Under this scheme, students can avail a maximum loan of Rs 10 lakh at an interest rate of 4% per annum. The recipient will be given 1% interest discount when interest is fully served during the study. The age limit of interested students has been kept at 40 (forty) years while applying. The repayment period for loans received under this credit card will be fifteen (15) years including suspension/repayment leave.
Objective Of This Scheme
- Students can avail of loans for their higher education through This student credit card. And with this money, studying at various prestigious, they will brighten their professional life in the future and will make their life successful.
- To provide financial assistance to students pursuing higher education in West Bengal.
- To promote higher education among students and encourage them to pursue their dream careers.
- To ensure that students from economically weaker sections of society have access to affordable education credit.
- To offer attractive interest rates to students and provide a 1% interest discount for timely repayment.
Full Overview Of WB Student Credit Card Scheme
| Name of Scheme | WB Students Credit Card |
| Launched by | Govt Of West Bengal |
| State Name | West Bengal |
| Implementation | 30th June 2021 |
| Objectives | providing financial assistance as a loan for higher studies to students WB |
| Incentive | Granted Education Loan Upto 10lakh at 4% annual introduction |
| Beneficiary | West Bengal’s Students (Minimum 10th Pass) |
| Application Starts | Always Open (Now) |
| Process | Online Registration |
| Official Website | https://wbscc.wb.gov.in/ |
Eligibility Of Beneficiary
- The applicant student must be a permanent resident of West Bengal or have been living in West Bengal for the last 10 years.
- The student must have passed class 10
- The applicant must have a good academic record.
- The applicant student has to enroll himself in higher education such as Within or outside the country, schools, madrassas, colleges, universities, and other institutions like IITs, IIMs, IISc, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, BITS, SPA, NID, IIFTs, ICFAI business
- The Student credit can also be used for those students who are preparing for various competitive examinations such as Engineering/Medical/Law, IAS, IPS, WBCS, SSC, etc. in various coaching centers.
- Interested students should not be aged more than 40 (forty) years at the time of applying for loans.
Benefit
- Students will be given a loan of up to Rs 10 lakh at a 4% interest rate for higher education. If the interest is paid at the right time, the student will be given a discount of 1% interest
- Students will be given a student credit card by which they will be able to take loans for their higher education
Margin Money
Margin money is a certain amount of money that a borrower has to pay upfront while taking a loan. It is usually a percentage of the total loan amount and serves as a form of security for the lender. The margin money is used to cover any losses that may arise in case the borrower is unable to repay the loan. In some cases, the margin money may be refunded to the borrower after the loan has been fully repaid.
(a) Up to Rs 4.00 Lakhs: NIL
(b) Above Rs 4.00 Lakhs: 5%
(c) Scholarship/ Assistance ship to be included in Margin.
(d) Margin will be brought in on year to year basis as and when disbursements are made on a pro-rata basis in applicable cases.
Repayment
(a) Repayment period shall be fifteen (15) years for any loan availed under this Credit Card including the Moratorium/ repayment holiday.
(b) The student or his parent/ legal guardian can repay the loan amount at any time before the stipulated period of
repayment and in case of early repayment there shall be no penalty or processing cost charged by the Bank.
(c) A 1% interest concession will be provided to the borrower if the interest is fully serviced during the study
period.
(d) The student or the co-borrower, as the case may be, shall be liable to repay the loan on time as 1st charge.
(e) The loan will be made available at the rate of 4% p.a. simple interest rate per annum to the students. Appropriate subvention of interest rate will be provided by the State Government for all the borrowers during the
the entire period of the Loan to restrict the actual rate of simple interest to 4% per annum, at the borrower level.
Required Documents
- Aadhar card
- Residence certificate
- Age proof
- Ration card
- Income certificate
- Bank account details
- Mobile number
- Passport size photograph
- Signature of the student
- Co-borrower address proof
- Signature of the legal guardian
- Co-borrower PAN card or undertaking as specified
- Admission receipt from the institution
- Class 10th board registration certificate
How To Apply
Online Free Application Procedure
- Visit the official website of the West Bengal Student Credit Card Scheme, the link of which we have given below
- After clicking on the link, the homepage of the official site will open in front of you
- Now click on the Student Registration option, as shown in the image below
- Now there will be a popup indexing to you, where it says you want to register for institution of India/institutions of outside India
- Select your willing option
- The registration form will appear in front of you
- Fill out the registration form carefully
- After that, click on Register
- Now your student ID will be created and it will be sent to your registered mobile number
- Now you are required to click on the student login
- After that, you have to enter the application ID, password, and captcha code
- Now you have to click on the login
- The applicant dashboard will appear before you
- Now you have to click on the application detail
- After that you have to click on the edit loan application
- The application form will appear before you
- You have to fill up the application form with the all required details (For help you can visit the official guidelines by wb govt )
- then click the save & continue button
- After that, you have to upload the all required documents
- Now you have to click on save and continue
- A new page will appear before you
- You have to click on the submit application
- After that, a dialogue box will appear before you asking you if you want to confirm to submit or not
- You have to click on yes
- By following this procedure you can apply under the West Bengal student credit card scheme
Track your application status
by going to your wbscc profile dashboard, there is a option “to track wbscc application status” by clicking which you can track your application status easily
