West Bengal Student Credit Card Scheme: Affordable Loans for Higher Education - Kotak Bank
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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:

  • Students can avail loans of up to Rs 10 lakh through this scheme.
  • The student credit card loan interest rate is provided at 4.00% per annum.
  • Borrowers who pay the interest in full during their study period will receive a 1% concession.
  • The loan repayment period is 15 years, including a one-year moratorium or repayment holiday of one year.
  • A life insurance policy covering the loan amount will be issued in the student's name. The student is responsible for paying the insurance premium, which can be deducted from their loan account.

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:

  • You should be an Indian national and have resided in West Bengal for ten years.
  • You must be 40 years of age or below.
  • You should have enrolled in higher education programs at schools, colleges, universities, madrasahs, and other academic institutions such as IIMs, IIESTs, IITs, NLUs, and NITs in India and overseas.
  • You can apply if you are enrolled in coaching institutes to prepare for competitive examinations like IAS, medicine, engineering, SSC, IPS, etc.

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:

  • Visit the official West Bengal government website or the specific student credit card portal.
  • Click the 'STUDENT CREDIT CARD' tab or the 'STUDENT REGISTRATION' option.
  • Fill in the registration form with basic details like name, date of birth, gender, and Aadhaar number.
  • Provide information about the institution's name, state, district, program, and type.
  • Enter your contact details, such as mobile number and email ID.
  • Create a strong password and confirm it.
  • Click on 'Register' to complete the registration.
  • Verify your request by entering the OTP sent to your registered mobile number.
  • Once registered, you will receive a unique ID for future communication regarding the student credit card.

Applying for the Student Credit Card:

  • Visit the West Bengal student credit card portal.
  • Log in using your registration number, password, and Captcha provided.
  • Check your details on the dashboard, including your registration number, name, and contact information.
  • Click on 'Apply Now' to begin the loan application process.
  • Fill in personal details such as the student's name, father's name, mother's name, co-borrower or legal guardian's name, mobile number, date of birth, caste, and highest qualification.
  • If you don't have an Aadhaar or PAN card, select 'No' and download, fill, and submit an Undertaking Document.
  • Provide the co-borrower's details, including occupation, caste, and address.
  • Enter your present and permanent address details, including house number, PIN code, state, and assembly.
  • Fill in your course details, such as the course fee, year of study commencement, and the loan amount required.
  • Provide bank details for yourself and the co-borrower, including IFSC, branch name, and the bank where the loan is applied.
  • If needed, click 'Edit Loan Application' to make changes. Otherwise, click 'Save & Continue.'
  • Upload scanned supporting documents, such as photographs, applicant's and co-borrowers signatures, Aadhaar card (10th standard pass certificate if Aadhaar is not available), co-borrower address proof, and admission receipt.
  • Authorise the application and click on 'Save & Continue.'
  • Review the application details and click on 'Submit Application.'
  • Confirm your submission request.
  • The Higher Education Department of West Bengal will verify and forward the application to the bank for credit card issuance and loan approval. The bank will issue a physical card by RBI guidelines.

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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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.