WBSCCS

The Higher Education Department, Government of West Bengal has introduced the Student Credit Card Scheme for the students of West Bengal to enable them to pursue higher education without having any financial constraints.

This scheme is designed to support the students to pursue secondary, higher secondary, madrasah, undergraduate and post graduate studies including professional degree 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 the loan under this scheme.

• Indian citizen & resident of West Bengal for 10 years (self-declaration).
• Applicant should not be aged more than 40 years at application time.
• Applicant should enrolled in higher education programs within or outside the country in schools, madrasahs, colleges, universities, IITs, IIMs, IISc, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, BITS, SPA, NID, IIFTs, ICFAI Business School, etc. or studying in coaching institutes for various competitive exams such as Engineering, Medical, Law, IAS, IPS, WBCS, SSC, etc.

Note: Students upload progress reports after each semester/year.

Points

• The Scheme provides a maximum loan of ₹10,00,000/- at a 4% simple annual interest rate after interest subvention.
• The interest rate for loans up to ₹10,00,000/- is set at the prevailing 3-year MCLR of State Bank of India plus 1%, fixed at the time of sanction.
• Students can access the loan at any point during their course of study.
• Both the student and the parent/legal guardian must co-submit the loan application.
• An agreement between the student, parents/legal guardians, and the bank will formalize the loan terms.

Margin money:

• Up to ₹4,00,000/-: Nil
• Above ₹4,00,000/-: 5%
• Scholarships/assistance ships included
• Paid pro-rata as disbursements are made

Security:

• No unnecessary restrictions or collateral security
• No security/collateral other than co-obligation of parents/legal guardians
• State government to enter separate agreement with banks

Insurance:

• Life cover for student up to loan amount
• Premium paid by student and debited from loan account

Time limits:

• The Higher Education Department and the School Education Department will communicate on loan sanctioning and disbursement process timeline after receiving approval from the competent authority.