Mamata Banerjee, the chief minister, introduced the West Bengal Student Credit Card initiative on Wednesday, calling it the world’s largest of its kind. A student in Class X or above can apply for a WB Student Credit Card of up to Rs 10 lakh under the plan to pursue further education in schools, universities, and institutes in Bengal, other states, or overseas. “There is no requirement for a guarantor for this loan. The state will guarantee,” Mamata Banerjee said. Any candidate can use the service until they reach the age of 40. The loan would have to be repaid over 15 years.
When we look up to the West Bengal Student Credit Card scheme, it has a maximum limit of Rs 10 lakh with only a 4% simple interest rate per annum. The students can return these Student Credit Card loan amounts after 15 years of taking a loan. This West Bengal Student Credit Card will help students pursue higher studies and expedite them with the necessary funds. So keep in tune and know everything about this WB Student credit card scheme.
Why is a West Bengal Student Credit Card required?
In 2017-18, West Bengal’s gross enrolment ratio in higher education was 18.71 percent, compared to the national average of 25.8 percent. The ratio among women in the state was even lower, at 17.6 percent. The primary reason for not pursuing higher education in West Bengal is a lack of financial resources and other constraints.
The State Government has already started the Swami Vivekananda Merit-cum-means scholarship Scheme and Kanyashree Prakalpa (K3) for college/university-going students to improve the quality of higher education and to assist deserving needy students. Approximately 1 40,000 students benefit from these Schemes each year.
The West Bengal Cabinet authorized the West Bengal Student Credit Card on May 25, 2021, and instructed involved ministries to delineate rules and implementation instructions. WB student credit card scheme for worthy students will get started on June 30, 2021.
WB Student Credit Card Key features
The Name Of The Scheme is the ‘West Bengal Student Credit Card Scheme’. You can also search it online as a WB student credit card scheme. It was Announced and Launched by the Government Of West Bengal, notified on June 24, 2021. This initiative is open to all students who have lived in West Bengal for the past ten years (A resident of West Bengal). The age criteria are 18 to 40 years. Talking about the scheme’s objective, providing Loans For Higher Education includes Education Types: Undergraduate, postgraduate, doctoral, and postdoctoral studies in India or abroad. There are no security requirements, and the State Government will reach a separate agreement with the banks on this.
After interest subvention, the simple rate of interest is 4% per year. Looking forward upon the Mode of Disbursement then (a). If course fees and other costs associated with the Institution are paid, the loan amount will be deposited immediately to the specified account of the Institution. (b) The loan amount will be credited to the student’s bank account for computer/laptop purchases, books/stationery purchases, living expenditures, and so on.
After completing the course or obtaining work, whichever comes first, there will be a one-year moratorium or repayment vacation under this plan.
- Application Type: Online
- Official Website: https://wbscc.wb.gov.in/
- Launch Date: June 30, 2021
- Amount Of WB credit card Loan: Up to Rs 10 Lakh
Details about repayment
(a). Any loan taken out with this Credit Card will have a payback duration of fifteen (15) years, including the moratorium/repayment holiday.
(b). You have the option of paying off the loan early, but there will be a penalty for doing so.
(c). If the interest is fully serviced during the study period, the borrower will get a 1% interest discount.
(d). As the first charge, the student or co-borrower is responsible for repaying the loan on time.
WB Student Credit Card Eligibility Criteria
You must be an Indian citizen who has lived in West Bengal for the past ten years. The student’s self-declaration will be recognized as proof of residence. In addition, a copy of the application format, as annexed at Annexure-I, must be attached.
It would be best if you had enrolled him in higher education, including the courses listed in Paragraph 3 of this scheme, either within or outside the country, in schools, madrasahs, colleges, universities. Other institutes such as
- ICFAI Business School, etc.
And other institutes, or if you had enrolled him in various coaching institutes for appearing in various competitive examinations such as Engineering/ Law/ Medical, IAS, IPS, SSC, WBCS, etc.
Expenses covered in the Student Credit card Loan
The WB Student Credit Card can be used to get a loan for the following costs under this scheme:
Course fees are payable to the School/ Madrasah/ College/ University/ Professional Institutes like IITs, IIMs, IIESTs, ISIs, NLUs, AIIMS, NITs, XLRI, IISCs, BITS, SPA, NID, IIFTs, ICFAI Business School, etc. In addition, there are several competitive coaching institutes for various competitive examinations such as engineering/medical/law, IAS, IPS, WBCS, and SSC.
Costs for residing in a School/Madrasah/College/University/Institution hostel, rent/license expenses due for living outside the hostel, or fees for living as a Paying Guest.
Fees payable for caution deposit/building fund/refundable deposit/examination/library/laboratory fees must be substantiated by bills/receipts from the institution—the cost of purchasing books, computers, laptops, tablets, and other equipment, etc.
The student may spend up to 30% of the total loan amount on non-institutional costs for the whole term of study.
For the course duration, up to 20% of the total loan amount can be utilized for living expenses.
- NOTE: Expenses spent for any of the objectives mentioned above must be reported to the bank and the Department via an online Portal, together with valid receipts/bills/documents, by the concerned student.
The Registration Process of West Bengal Student Credit Card
You should keep the following documents on hand so that you may file your application.
- Your color photograph (between 50 KB and 20 KB in.jpeg /.jpg format).
- Color photograph of the co-applicant / co-borrower (in.jpeg /.jpg format, between 50 and 20 KB).
- The student’s signature (in.jpeg /.jpg format, between 50 KB and 10 KB).
- Signature of co-borrower / Guardian (should be in.jpeg /.jpg format, between 50 KB and 10 KB).
- AADHAR Card for Students (should be in .pdf format, between 400 KB and 50 KB).
- If the student does not have an AADHAR card, they must present a registration certificate from the Class 10th Board (in .pdf format between 400 KB and 50 KB).
- Address Proof for the Guardian (should be in .pdf format between 400 KB and 50 KB).
- Receipt of Admission (should be in .pdf between 400 KB and 50 KB).
- PAN Card of the student/undertaking if there is no PAN Card (should be in .pdf format between 400 KB and 50 KB).
- PAN Card of the Guardian/undertaking if there is no PAN Card (should be in .pdf format between 400 KB and 50 KB).
- Page of the brochure/paper containing the course cost/tuition charge (should be in .pdf format between 400 KB and 50 KB).
How to Apply for WB student credit card west Bengal
West Bengal student credit card Initiative is CM Mamata Banerjee’s hallmark scheme. Here are the procedures for applying for a credit card.
- Visit https://wbscc.wb.gov.in/ for further information.
- Go to the upper right side of the page, click on the Student Credit Card Tab. To generate the user ID and password, click the Register button.
- Fill out the application form completely. You must include the applicant’s name, date of birth, gender, state of the institution, name of institution, name of course, and contact information such as a phone number and an e-mail address. Following that, you must establish a password for the same. Passwords should be difficult to guess.
- It should involve at least one upper case alphabet (i.e., A-Z), one lower case alphabet (i.e., a-z), one numerical character (i.e., 0-9), and one unique character (i.e., @#$).
- Fill out form with information such as the district of the institution, name of institution, and duration of the program ( in years): mobile phone number and e-mail address.
- After completing the above registration process, a unique ID will be produced and delivered to your e-mail address. Please keep the UNIQUE ID on file for future reference. This ID will be used when applying.
- Click the Login Button and enter the needed User ID and password you created in the previous stages. Validation of the USER ID Application form will be available.
- Fill in all of the essential information. You must give Co-borrower Information, Present Address Information, Co-borrower Mobile Number, E-mail ID, and Permanent Address. Details about the course and your income. Bank Information for the Student, Bank Information for the Co-Borrower, Program Name, and so forth.
- Upload all scanned documents following the instructions provided above: bank information, applicant photo, co-borrower photo, etc… 10th Standard Document and Admission Receipt.
- After completing the above form’s dual verification, click the submit button. The above form will request final confirmation. Once you submit the application, there is no way to change it.
- Data is sent to HOI upon the submission of the form mentioned above.
- Following the dual verification of the above form, the HOI will transmit the application data to the HED.
- Your application dashboard will reflect that HED has forwarded your application to the bank if HED approves the application.
West Bengal Student Credit Card Scheme Objective
The West Bengal Student Credit Card’s primary goal is to give loans to students for higher education. Loans of up to Rs. 10 lakh would be made available to students under this plan, allowing them to pursue their higher education without fear of financial hardship. Thus, every student in West Bengal would now be allowed to pursue higher education. This program would also help lower West Bengal’s unemployment rate since more students will be able to acquire an education and find work.
West Bengal Student Credit Card Helpline
Any student who complains about the services should call the toll-free number 1800 102 8014 or send an e-mail to firstname.lastname@example.org.
You may get the West Bengal Credit Card Scheme information in PDF format by clicking here. The above PDF contains almost the whole credit card application procedure and image.
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.
Every student desires to pursue higher education, but many students cannot realize their ambition due to financial constraints. Therefore, the government implements various programs to guarantee that all students have access to higher education. Here we’ve informed you about the West Bengal Student Credit Card Scheme, which the West Bengal government introduced. Students would be given loans for further education under this plan.
Any queries or views on this blog, you can comment down and keep following our blog. Read more about the Online WBProchesta scheme form download
What is the official website for WB Student’s Credit Card Scheme?
Visit the Higher Education Department’s official website at https://banglaruchchashiksha.wb.gov.in or https://wb.gov.in for west Bengal student credit card details.
What is the Toll-free Number for the West Bengal student credit card scheme?
Here are the helpline details of the WB student credit card scheme
1. State Help Desk no. of the SCC scheme is18001028014 (Toll-free)
2. Support mail ID: email@example.com
Who will get considered as a West Bengal resident for the Student Credit Card Scheme?
If the student or his family has lived in West Bengal for 10 (ten) years or more or before the date of application, they will get considered a resident of the state under this program.
Who is eligible to apply for SCC Scheme if they are a resident of West Bengal but studying outside India?
Yes, students studying outside of India can apply for the SCC program.
The students pursuing UG/PG/Diploma courses in distance learning mode eligible to apply for the SCC scheme?
No, a student enrolled in a distance learning program is not qualified to apply.
Can the student apply anytime for the WB students credit card scheme during the tenure of the course?
Yes, students can apply for the WB students credit card scheme anytime during the tenure of the course.
Which bank would provide the credit card and make loans under the West Bengal Student Credit Scheme?
State Co-operative Banks, Central Co-operative Banks, District Central Co-operative Banks, and any other Public and Private Sector Banks shall be permitted to issue credit cards and provide loans under the SCC system.
Is there any margin money against the West Bengal student credit card loan?
There would be no margin money up to Rs. 4.00 Lakhs of loan sanctioned. If the loan amount exceeds Rs. 4.00 Lakhs, there will be a 5% margin money. The margin will include scholarship/assistance ship.
What about the interest rate for availing loan under the SCC scheme?
There will be a simple interest rate of 4% per year. However, if the interest is fully serviced during the study period, the borrower will get a 1% interest discount.
Is there any processing fee/penalty for the Pre-payment of the WB student credit card loan?
No, there will be no processing fees or penalties for paying in advance.