The West Bengal Student Credit Card Scheme is a program by the Higher Education Department of the West Bengal Government under the visionary leadership of Mamata Banerjee, aimed at providing financial assistance to students in pursuing their education. This scheme ensures students don’t face money problems while studying in India or abroad.
The WB Student Credit Card Scheme supports students at all levels of education, including secondary, higher secondary, madrasah (an educational institution in the Islamic tradition), undergraduate, postgraduate, and professional degrees. It also extends financial aid to students enrolling in coaching programs for competitive examinations like IAS, IPS, engineering, and medicine.
This webpage will help you understand more about the West Bengal Student Credit Card (WBSCC), its scheme details, eligibility, loan details, and so on.
Students in West Bengal with WB Student Credit Card can borrow up to ₹10 lakh at 4% simple interest from cooperatives or other banks. This particular credit card has Zero Annual fees making it easy for the students to afford.
Table of Contents:
Below are the key details of the initiatives and benefits the West Bengal Government provides to support students through improved education infrastructure, scholarships, and the Student Credit Card Scheme for financial assistance.
Highlights | Details |
---|---|
Loan Amount | Up to ₹10 lakhs |
Interest Rate | 4% per year (1% concession if paid during the study period) |
Purpose | Covers education from secondary to post-doctoral levels, including professional and vocational courses. |
Tenure | Up to 15 years, including a moratorium/repayment holiday. |
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Understanding the eligibility criteria for the West Bengal Student Credit Card can empower students to access financial support for their educational pursuits. Let's explore the key requirements that pave the way for this opportunity.
This scheme offers affordable education loans with concessional interest rates and additional benefits, ensuring minimal financial stress for students and their families.
WBSCC Interest Rate Details
Category | Details |
---|---|
Base Interest Rate | Based on SBI’s 3-year MCLR + 1%. |
Final Interest Rate | Fixed at sanction and remains unchanged for loans up to ₹10,00,000. |
Girl Student Concession | Additional 0.5% concession on the interest rate. |
State Government Subsidy | Effective interest rate capped at 4% per year for all borrowers. |
Interest Concession | 1% additional concession for paying interest during the moratorium period. |
WBSCC Loan Agreement & Charges
Category | Details |
---|---|
Interest Calculation | Simple annual interest rate. |
Loan Agreement | Formalized between the student, parent/guardian, and the bank. |
Application Submission | Joint submission by the student and the parent/guardian. |
The West Bengal Student Credit Card Scheme provides up to ₹10 lakh to support students in covering a wide range of educational expenses, ensuring that financial constraints do not hinder their academic aspirations.
West Bengal Student Credit Card Loan Amount
Expense Category | Details |
---|---|
Maximum Loan Amount | ₹10 lakh |
This comprehensive loan coverage ensures that students can focus entirely on their education without financial barriers.
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The below-mentioned points ensure applicants prepare all necessary documents in the correct format and size for smooth submission.
The West Bengal Student Credit Card application process has two stages: Registration and Application. Below is a step-by-step guide to help you apply easily.
Step 1: WB Student Credit Card Registration
Step 2: WBSCC Application Process
Once submitted, the Higher Education Department will review your application and forward it to the bank, which will then approve the loan and issue a physical credit card following RBI guidelines. This straightforward process ensures that students can apply for the loan with ease and convenience.
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The West Bengal Student Credit Card Scheme offers students in West Bengal the opportunity to secure loans up to ₹10 lakh without the need for collateral security. This means students and their families are not required to pledge any assets to obtain the loan.
Key Points:
The application form for the West Bengal Student Credit Card helps student seasily apply for financial support. Below is a sample of the Form from the official website.
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The West Bengal Student Credit Card, a moratorium allows students to postpone their loan repayments for a specific period after completing their studies. This gives them time to find employment and manage their finances before starting to pay back the loan. The West Bengal Student Credit Card Scheme offers educational loans with specific age and repayment terms:
By offering a flexible repayment structure, concessions for timely interest payments, and a government-subsidized interest rate, this scheme supports students in pursuing their education without undue financial stress.
The Public Grievance Redressal System for West Bengal Student Credit Card Scheme has been set up to help students resolve any issues related to the services under the West Bengal Student Credit Card Scheme.
This system is part of the government’s effort to make the West Bengal Student Credit Card Scheme more accessible and student-friendly. Students can reach out through the helpline or email for any queries or problems related to the scheme.
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Yes, students meeting eligibility criteria can apply for the West Bengal Student Credit Card scheme.
Yes, the West Bengal Student Credit Card can be used to purchase laptops and other educational tools.
The West Bengal Student Credit Card offers a credit limit of up to ₹10 lakh.
Students aged up to 40 years pursuing education in India or abroad are eligible.
The scheme was launched on June 30, 2021.
Multiple banks offer student credit cards, but State Bank of India and West Bengal Co-operative Banks are prominent for this scheme.
The credit limit under the West Bengal scheme is ₹10 lakh with a 15-year repayment period.
Apply online through the official West Bengal Student Credit Card portal with necessary documents like ID proof and income certificate.
The interest rate is 4%, with a 1% concession for timely repayment.
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