West Bengal Government Student Credit Card Scheme

As per the promise, the Hon’ble Chief Minister of West Bengal has launched a Student Credit Card scheme in the state.

She said that this scheme will help students to pursue their higher education. This is one of the most comprehensive and inclusive schemes in the country.

Read: What Is a Credit Card?

What is the West Bengal Student Credit Card Scheme?

West Bengal Student Credit card scheme is a support for students, a student of Class X or higher can avail of a soft loan of up to Rs 10 lakh to pursue higher studies in schools, colleges, and institutes in Bengal, other states or abroad.

A student from West Bengal can obtain a maximum loan of Rs. 10 lakhs @ 4% per annum simple interest from the State Cooperative Bank and its affiliated Central Cooperative Banks and District Central Cooperative Banks and Public/ Private Sector Banks

This scheme is designed to support the students to pursue secondary, higher secondary, madrasah, undergraduate and postgraduate studies including professional degrees and other equivalent courses in any School, Madrasah, College, University and other affiliated institutes within and outside India.

Students studying in various coaching institutions for appearing in different competitive examinations like Engineering, Medical, Law, IAS, IPS, WBCS etc, can also avail of the loan under this scheme.

How Can A Student Use Credit Card Amount?

Under this scheme, the Student Credit Card may be used to avail loan to fill the following expenses: –

(a) 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
Schools etc.  various competitive coaching institutes meant for different competitive examinations like
Engineering/Medical/Law, IAS, IPS, WBCS, SSC etc.

(b) 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.

(c) Fees payable for caution deposit/ building fund / refundable deposit/ examination/ library/ laboratory
fees to be supported by the Institution’s bills/ receipts.

(d) Cost of purchasing of books/ Computer/ Laptop/ Tablet/types of equipment etc.

(e) Any other expense required to complete the course such as study tours, project works, thesis, etc.

(f) The student can incur expenditures up to 30% of the total loan sanctioned for non-institutional expenses for the whole course of study.

(g) Up to 20% of the total loan sanctioned can be used as living expenses for the duration of the course.

Any expenses incurred for any of the above purposes shall have to be reported to the bank and the Department via
online Portal with proper receipts/ bills/ documents by the concerned student.

Student Eligibility For West Bengal Student Credit Card Scheme

The scheme has some eligibility criteria to take advantage of a Student Credit Card. So every applicant has to fulfil the requirements while applying for the WB student credit card.

As the scheme has been launched by the WB State Government and is for students residing in the state only.

The Applicant should be an Indian National and a resident of West Bengal for the last 10 years.

Applicant must have himself enrolled for higher studies including courses either within or outside the country, in the Schools, Madrasahs, colleges, universities and other institutes.

The student age should not be more than 40 years while applying for a loan / Student Credit card.

The student who applied for the credit card will link preferably their AADHAR Card or the Class X registration number with the concerned portal while applying to the Higher Education Department through their respective Institution.

Applicants have to pay a nominal interest of 4% for the loan amount.

The student needs to upload his progress report card/ statement on completion of each semester/
year examinations

The time limit to repay the loan amount is 15 years after getting the job.

Documents Requirement For West Bengal Student Credit Card:

For the processing of your Student Credit Card, you need some documents like:

• Aadhar Card
• 10th Certificate Copy
• Passport Size Photo
• Photo & Documents Of Co-Applicant ( Parents)
• DOB Certificate / Age Proof
• Income Documents
• Bank Statement
• State Residence Proof ex Ration Card

How To Apply For WB Student Credit Card Online?

To give the Student Credit Card benefit to every eligible student in state government has given an option to apply it online.

After launching the scheme almost 10K plus students have already registered themselves for credit card/loan benefits.

Processing of the application will start soon as per the Government guidelines.  If you also want to take advantage of the West Bengal Students Credit Card scheme then can register yourself via the given link.

Apply for a WB Student credit card.

Some More Benefits Of WB Students Credit Cards Scheme:

You can use the loan amount to complete your study in IITs, IIMs, IISc, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, BITS, SPA, NID, IIFTs, ICFAI Business School etc. 

Also studying in various coaching institutes to appear in different competitive examinations like Engineering/ Medical/ Law, IAS, IPS, WBCS, SSC etc

1% interest concession will be provided to the borrower if the interest is fully serviced during the study period.

The upper age limit for interested students has been kept at 40(forty) years at the time of applying for the loan.

The repayment period shall be fifteen (15) years for any loan availed under this Credit Card including the Moratorium/ repayment holiday. For details kindly go through the Scheme given in this portal.

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