Everything About West Bengal Student Credit Card (WBSCC) Scheme

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In June 2021, the Higher Education Department of the West Bengal government introduced the student credit card scheme to assist students in pursuing higher education without facing financial obstacles. This scheme, similar to other educational initiatives by the state government, aims to empower deserving, underprivileged students by granting them access to quality education.
Under the West Bengal student credit card scheme, students in the state can obtain loans up to 10 Lakh without the need for collateral. One of the major benefits of the scheme is low student credit card loan interest rates. The student credit card loans carry a nominal simple annual interest rate, which does not exceed 4% per annum.
Key Features of WBSCC Student Credit Card
The West Bengal Student Credit Card Scheme offers the following features:
Eligibility Requirements for West Bengal Student Credit Card
To be eligible to apply for the West Bengal student credit card loan, you need to meet the following criteria:
Student credit card loan Loan Repayment
The repayment period for any loan taken through the student credit card is 15 years, which includes a moratorium or repayment holiday. Students or their parents/legal guardians can repay the loan before the designated repayment period without incurring any penalty or processing fee for early repayment.
Additionally, borrowers who have paid the full interest amount during their study period will be eligible for a 1% interest concession.
Steps to Apply for a West Bengal Student Credit Card
The application process for the West Bengal student credit card involves two stages- registration as a student and apply for credit card. Here is a step-by-step guide to help you with the process:
Registration as a Student:
Applying for the Student Credit Card:
It's important to note that the education department and the Nodal Officers of the respective banking institutions maintain the student credit card portal to ensure accuracy and consistency.
Also Read: What is a Charge Card?
Conclusion
The West Bengal student credit card scheme aims to make higher education financially accessible by providing loans of up to 10 lakh rupees to eligible students at a nominal interest rate of 4%. Applicants of 40 years or below studying in the state are eligible and must apply through a 2-step process of registration and credit card application by uploading documents. The scheme is intended to empower underprivileged students through quality education.
FAQs
Q1. Are there any income-related eligibility criteria for the BSCC scheme?
Yes, an income certificate is required for the BSCC (Bengal student credit card) scheme.
Q2. How much credit can a student avail of under the WBSCC Scheme?
The WBSCC program offers students a loan without collateral, allowing them to borrow up to INR 10 lakh. The interest rate is only 4%, making it very affordable.
Q3. What is the interest rate for credit availed under the WBSCC Scheme?
At an attractive interest rate of just 4%, the WBSCC scheme provides students with a highly affordable loan.
Q4. Is there any collateral required for availing credit under the WBSCC Scheme?
The WBSCC scheme offers students a loan of up to INR 10 lakh without requiring collateral.
Q5. Can I track the status of my WBSCC Scheme application online?
To check the progress of your West Bengal Student Credit Card application, you can log in to your account on the official website https://wbscc.wb.gov.in/. There, you will be able to track the status of your application.
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