Students planning to apply for the Bihar Student Credit Card Scheme should be aware of an important change.
The Bihar government has reduced the maximum loan amount available under the scheme from ₹4 lakh to ₹2 lakh.
Students can now apply online for education loans of up to ₹2 lakh through the Bihar State Education Finance Corporation.
Loans Above ₹2 Lakh Will Follow a New Process
According to the Higher Education Department, students who need an education loan of more than ₹2 lakh will no longer get it under the Bihar Student Credit Card Scheme.
Instead, they will have to apply through the Pradhan Mantri Vidya Lakshmi Portal and obtain the loan from a bank.
The Bihar government has also extended the Student Credit Card Scheme for another five years. This means the scheme will continue until 2031.
Students can also visit district registration and counselling centres to submit their applications through the portal free of cost.
What Is the Bihar Student Credit Card Scheme?
The Bihar Student Credit Card Scheme helps students continue their higher education without providing any collateral or guarantee.
Students who have passed Class 12 can apply for an education loan under the scheme.
General category students get loans at an interest rate of 4%, while women, differently-abled, and transgender students are charged only 1% interest.
The loan can be used to pay for college fees, tuition fees, hostel charges, books, stationery, and even a laptop.
Loan repayment starts one year after completing the course or after getting a job, whichever is applicable.
Documents Required to Apply
Students will need the following documents while applying for the loan:
Aadhaar Card
PAN Card
Class 10 and Class 12 mark sheets
Admission letter
College fee structure
Domicile certificate
Bank passbook
Cancelled cheque
Passport-size photograph
