According to the Credit card scheme, West Bengal Student Credit Card will have a maximum limit of Rs 10 lakh with only a 4% simple interest rate per annum. Students can pay these loan amounts after 15 years of taking a loan. This credit card will help students pursue higher studies and facilitate them with the necessary funds to pursue the same. Here is everything you should know about this credit card.
Table of Contents
- What is the need for West Bengal Student Credit Card?
- Key features Of WB Student Credit Card
- Student Eligibility Criteria
- What expenses will be covered in the Student Credit card Loan?
- Documents required for registration process of West Bengal Student Credit Card.
- How to Apply for student credit card west Bengal
What is the need for West Bengal Student Credit Card?
The gross enrolment ratio in higher education in West Bengal was 18.71% in 2017-18 as against the national average of 25.8%, with the ratio among women in the state even lower, at 17.6%. The main reason for not pursuing higher in West Bengal not having financial resources along with other restrictions.
Whereas in order to enhance the quality of higher education and to facilitate meritorious poor students, the State Government has already started the Swami Vivekananda Merit-cum-means scholarship Scheme and Kanyashree Prakalpa (K3) for college/ University going students, and every year about 1, 40,000 students avail the benefits under these Schemes.
On 25th May 2021, West Bengal Cabinet has approved the West Bengal Student Credit Card and have directed concerned ministries to formulate the Rules and implementation guidelines for the same. On 30th June 2021, a Scheme is launched for deserving students.
Key features Of WB Student Credit Card
|Name Of The Scheme||West Bengal Student Credit Card|
|Announced and Launched||Government Of West Bengal|
|Notified on||24th June 2021|
|Beneficiary of Scheme||A resident of West Bengal (All those students who are living in West Bengal for the last 10 years are eligible for this scheme)|
|Age criteria||18 to 40 years.|
|Objective||To Provide Loans For Higher Education|
|Education Types||Undergraduate, postgraduate, doctoral, and postdoctoral studies in India or abroad.|
|launch Data||30th June 2021|
|Amount Of Loan||Up to Rs 10 Lakh|
|Margin Money:–||(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 a year-to-year basis as and when disbursements are made on a pro-rata basis in applicable cases.
|Security:||There are no security requirements, and The State Government will agree with the banks separately in this regard.|
|Interest rate||4% simple rate of interest per|
annum, after interest subvention.
|Mode of Disbursement||(a). The amount of loan will be credited directly to the designated account of the Institution concerned in case of payment of course fees and other fees related to the Institution.|
(b). The amount of loan will be credited to the student’s Bank account for purchasing of Computer/ Laptop/ books/ stationeries/ living expenses etc.
|Moratorium||There will be a moratorium or repayment holiday of one year under this|
scheme after completion of the course or one year after getting employment, whichever is earlier.
|Repayment||(a). The repayment period shall be fifteen (15) years for any loan availed under this Credit Card including the Moratorium/ repayment holiday|
(b). You can pay the loan amount before the completion of time, there will be penality for that amount.
(c).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.
Student Eligibility Criteria
- You should be an Indian national and resident of West Bengal for the last 10 years.
- Self-declaration by the student shall be accepted as Residential Proof.
- You need to attach a copy of the application format as annexed at Annexure-I.
- It would be best if you had got himself enrolled for higher studies, including courses as stated in para 3 of this scheme, either within or outside the country, in the School, Madrasahs, colleges, universities, and other institutes like IITs, IIMs, IISc, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, BITS, SPA, NID, IIFTs, ICFAI Business School, etc. or studying in various coaching institutes for appearing in different competitive examinations like Engineering/ Medical/ Law, IAS, IPS, WBCS, SSC, etc.
- Your age at the time of applying student’s credit card should not be more than 40 (forty). Years.
What expenses will be covered in the Student Credit card Loan?
Under this scheme the Credit Card may be used to avail loan to meet up the following expenses: –
- Course fees payable to the School/ Madrasah/ College/ University / Professional Institutes like IITs, IIMs, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, IISCs, BITS, SPA, NID, IIFTs, ICFAI Business School, etc. various competitive coaching institutes meant for different competitive examinations like engineering/Medical/Law, IAS, IPS, WBCS, SSC.
- Fees required for accommodation in School/ Madrasah/ College/ University/ Institution hostel or rent/license fees payable for living outside the hostel or fees required for living as a Paying Guest.
- Fees payable for caution deposit/ building fund / refundable deposit/ examination/ library/ laboratory fees to be supported by Institution’s bills/ receipt.
- Cost of purchasing of books/ Computer/ Lap-top/ Tablet/ equipments etc.
- Any other expense required to complete the course such as study tours, project works, thesis, etc.
- The student can incur expenditure up to 30% of the total loan sanctioned for non-institutional expenses for the whole course of study.
- Up to 20% of the total loan sanctioned can be used as living expenses for the duration of the course.
Expenses incurred in any of the above purposes shall have to be reported to the bank and the Department via an online Portal with proper receipts/ bills/ documents by the concerned student
Documents required for registration process of West Bengal Student Credit Card.
You need to keep below document in hand so that you can file application easily.
- Your color Photograph (should be in .jpeg / .jpg between 50 KB and 20 KB).
- Color Photograph of the co-applicant / co-borrower (should be in .jpeg / .jpg format, between 50 KB and 20 KB).
- Signature of the student (should be in .jpeg / .jpg format, between 50 KB and 10 KB).
- Co-borrower / Guardian’s signature (should be in .jpeg / .jpg, format, between 50 KB and 10 KB).
- Student’s AADHAR Card (should be in .pdf format, between 400 KB and 50 KB).
- Student’s Class 10th Board registration certificate (if no AADHAR card) (should be in .pdf format between 400 KB and 50 KB).
- Guardian’s Address Proof (should be in .pdf format between 400 KB and 50 KB).
- Admission Receipt (should be in .pdf between 400 KB and 50 KB).
- Student’s PAN Card / undertaking if there is no PAN Card (should be in .pdf format between 400 KB and 50 KB).
- Guardian’s PAN Card / undertaking if there is no PAN Card (should be in .pdf format between 400 KB and 50 KB).
- Relevant page of the brochure / document detaining course fee / tuition fee (should be in .pdf format between 400 KB and 50 KB).
How to Apply for student credit card west Bengal
WEST BENGAL STUDENT CREDIT CARD SCHEME is the flagship scheme of CM Mamata Banerjee. Here are all steps required for a credit card application.
Total Time: 10 minutes
Go to the official Website of WB Credit Card
Please visit the official website www.wb.gov.in or banglaruchchashiksha.wb.gov.in or wbscc.wb.gov.in. Click on the Student credit card Tab in the right corner of the website. Click on the Register button to generate the user ID and Password.
Click on the Register button to generate the user ID and Password.
Please fill the application form carefully You need to provide applicant name, Date of Birth, Gender, State of Institution, Name of Institution, Name of Course, Contact Details like Mobile No. and Email ID. After this , you need to create Password for the same. Password should be strong. It should contain minimum eight characters consisting of at least one upper case Alphabet (i.e., A-Z), one lower case alphabet (i.e., a-z), One numeric
character (i.e. 0-9) & one special character (i.e., @#$^).
Provide Education details & the Name of the Institution.
Again fill up the form details like District of Institution, Name of Institution, Program Duration ( in years). Mobile No and Email ID.
After the submission of the above form, your Unique ID will be sent to your Email.
After the completion of above registration process and Unique ID will be generated and will be sent on your Email. Please save the UNIQUE ID for your futures reference. This ID will be used for submission of Application.
Again Visit the Official website and Login with USER ID and Passwords sent to your E-Email.
Click on the Login Button and fill the required User ID generated at previous steps and password created by you. The validation of USER ID Application form will be open.
Fill the Detailed form for WB Student Credit card Application.
Fill the all required details. You need to provide the Co-borrower Details, Present address Details, Co-borrower Mobile number, E-mail ID, Permanent address. Course and Income Details. Bank Details of Student, Bank Details of Co-Borrower, Program Name Etc.
Upload the All Scanned document.
Upload all the scanned document as information provided above. Bank Details, Photo of Applicant, Photo of Co-borrower. 10th Standard Document and Admission receipt ete…
Submits the application form after Dual verification.
After the dual verification of above form , click on submit button. The above form will ask form for final verification, Since submission of application, there is no option for modification of application.
Applicant Summited to HOI
After the submissions of above form, Data is transferred to HOI.
The application is forwarded to HED
After the dual verification of Above form HOI will forwarded, applicant data to the HED.
Application is forwarded to Bank by HED
Your Application dashboard will show that Application is forwarded to Bank by HED. If HED approve the application.
Any student with a complaint with the services may contact toll-free number 1800 102 8014 or mail at firstname.lastname@example.org
You can download the West Bengal Credit card Scheme details in PDF form here. Almost all credit card application process and Image has been taken from the above PDF.
What is official website for e West
Bengal Student’s Credit Card Scheme?
You can visit the Visit official website for the Higher Education Department https://banglaruchchashiksha.wb.gov.in or https://wb.gov.in
What is the Toll-free Number under this scheme.
State Help Desk no. of the SCC scheme is18001028014 (Toll free)
Support mail ID: email@example.com
Who will be considered as a resident
of West Bengal for the purpose of Student Credit card scheme?
If the student or his family is residing in the State of West Bengal at least for a period of 10 (Ten) years preceding the date of application, she/he shall be considered as a resident of the State under this scheme
Am I eligible to apply for SCC Scheme if I am a resident of West Bengal but
studying outside India?
Yes, students studying outside India are also eligible to apply for the SCC
Are the students pursuing UG/PG/
Diploma courses in distance learning
mode eligible to apply for SCC scheme?
No, a student receiving academic instruction in distance learning mode is not eligible to apply.
Can the student apply anytime during
the tenure of the course?
Yes, students can apply anytime during the tenure of the course
Which bank will issue the credit card
and sanction loans under the West Bengal Student Credit scheme?
The State Co-operative Banks or Central Co-operative Banks or District Central Co-operative Banks or any other Public and Private sector Banks shall be authorized to issue the credit card and sanction loans under SCC scheme.
Is there any margin money against the
Up to Rs. 4.00 Lakhs of loan sanctioned, there shall be no margin money. If the amount of loan is above Rs. 4.00 Lakhs, there shall be 5% margin money. Scholarship/Assistance ship will be included in the Margin
What is the interest rate for availing
loan under SCC scheme?
There shall be a 4% simple rate of interest per annum. There shall be an interest concession @ 1% to the borrower if the interest is fully serviced during the study period
Is there any processing fee/penalty for
pre-payment of loan?
No, there will be no processing charges/penalty for pre-payment
For FAQ visit the official website here.
Source: All the image and information has been taken from the official website.
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