Supporting Higher Education: The West Bengal Student Credit Card Scheme
The West Bengal government’s higher education department has introduced an innovative initiative to empower students in their pursuit of higher studies, whether in India or abroad. The Student Credit Card Scheme opens doors for students from Class X onwards, up to the age of 40, by providing them with a soft loan of up to Rs 10 lakh. Let’s delve deeper into the details of this scheme.
Who is Eligible for the Student Credit Card Scheme?
The Student Credit Card Scheme aims to assist students at various educational levels, including secondary, higher secondary, undergraduate, and postgraduate studies. This encompasses professional degrees, equivalent courses, and competitive examinations such as engineering, medical, law, and civil services.
To be eligible for the scheme, applicants must be Indian nationals and residents of West Bengal for the past decade. Students ranging from Class X to those up to 40 years of age can apply for this program.
Loan Amount and Interest Rate
Under the Student Credit Card Scheme, students can avail themselves of a soft loan of up to Rs 10 lakh at a simple interest rate of 4% per annum. The loan can be obtained from the State Cooperative Bank, affiliated Central Cooperative Banks, District Central Cooperative Banks, as well as public and private sector banks.
Repayment Process
The repayment period for the loan obtained through the student credit card extends up to 15 years, including the moratorium or repayment holiday. Borrowers have the flexibility to repay the loan amount at any time before the stipulated repayment period, without incurring any penalties or processing fees. Additionally, students who utilize the interest during their study period will receive a 1% concession on their interest.
How to Apply for the Student Credit Card Scheme?
Applying for the Student Credit Card Scheme is a simple and convenient process. Visit the official website of the scheme, https://wbscc.wb.gov.in, and follow the user manual provided here.
Required Documents
To complete the application process, make sure to gather the following documents: Colour photograph (applicant) Colour photograph (co-applicant/co-borrower) Aadhar card (applicant) Class X board registration certificate (if Aadhaar is unavailable) Address proof of the guardian Admission receipt PAN Card or PAN Card undertaking (applicant) PAN Card or PAN Card undertaking (guardian) Relevant page of the institute’s brochure/document with fee details
Expenses Covered by the Student Credit Card
The Student Credit Card provides financial support for various expenses related to education. These include:
- School, madrasa, college, university, and professional institute fees
- Coaching institute fees for competitive examinations
- Accommodation fees for hostels or as a paying guest
- Deposits for institutions, libraries, and laboratories
- Cost of purchasing books, digital devices, and equipment
- Other course-related expenses such as study tours, project work, and thesis submission
Promoting Awareness and Facilitating Application Process
To raise awareness about the credit card scheme, the West Bengal government has urged schools, colleges, and universities to organize camps every Monday. These camps aim to provide information about the scheme and encourage students to apply. Furthermore, the education department has been directed to submit reports on the number of students availing these facilities.
As of December 14, the program has received over 120,000 applications, with 50,000 already sent to banks for approval. Approximately 6,000 applications have been accepted by the banks, while some were returned due to rejection. To address loan denial issues, Chief Secretary H.K. Dwivedi has instructed officials to establish committees in each district.
Important Points to Consider
Before proceeding with your online application for a student credit card from the West Bengal government, keep the following points in mind:
- You can utilize up to 20% of the loan for living expenses during your course of study.
- For government institutions, the maximum claimable amount for living expenses is capped at ₹2 Lakhs for the entire course.
- You can only spend up to 30% of the loan amount on non-institutional expenses during your course of study.
- For government institutions, the maximum claimable amount for non-institutional expenses is capped at ₹3 Lakhs for the entire course.
- Tuition fees and other course-related expenses will be directly remitted to the institution’s bank account.
- The student credit card is valid for both domestic and international education.
- Academic performance is not a criterion for eligibility in the West Bengal student credit card scheme.
- The student credit card is non-transferable.
- In case of a damaged card, contact the issuing bank for a replacement.
- There is no income ceiling to apply for the WB student credit card.
- Joint application with a registered co-borrower is mandatory for the student credit card loan.
Tracking Application Status
To track the status of your student credit card application in West Bengal, simply visit the official website https://wbscc.wb.gov.in and log in using your registration number, password, and the provided Captcha. The dashboard will display your loan status.
If any discrepancies arise in the loan application, the institution will return it to you. You can edit and resubmit your application by clicking on the “Edit Loan Application” option.
Interest Rate and Repayment Period
Through the West Bengal student credit card, you can obtain a loan of up to ₹10 lakhs at a simple interest rate of 4% per annum. Female students enjoy an additional concession of 0.5% per annum, resulting in an interest rate of 3.5% per annum. Furthermore, starting loan repayment during the study period grants a 1% interest concession.
All students enrolled in the scheme are eligible for a one-year moratorium or repayment holiday, beginning from the completion of the course or from the start of employment, whichever comes first. The repayment period for the West Bengal student credit card is 15 years, inclusive of the one-year moratorium period.
Customer Care and Support
For any queries or issues related to your West Bengal student credit card application or loan, contact the state helpline number at 1800 102 8014 (toll-free). Alternatively, you can send an email to [email protected] or [email protected]. When contacting customer support, ensure to provide your student credit card registration number and provide a detailed description of your concern.
The West Bengal government’s Student Credit Card Scheme stands as a beacon of hope, empowering students to pursue their academic dreams without financial constraints. With its flexible terms, low interest rates, and extensive coverage of educational expenses, this scheme truly supports the educational aspirations of the youth, enabling them to build a brighter future.