The Government of West Bengal has introduced the Student Credit Card Scheme to encourage the students of West Bengal to pursue education without any financial constraints.
What is Student Credit Card In West Bengal?
Under the student credit card(SCC) scheme, students can avail of a loan up to Rs 10 Lakh, under easy terms and conditions, at a nominal 4% yearly simple interest. The repayment period shall be fifteen (15) years for any loan availed under this scheme.
The application process is also simple and wholly online. The students can use the necessary funds as and when needed for their studies.
Eligibility Criteria For Student Credit Card(SCC) scheme
- Any Class IX passed student from any recognized Boards active in West Bengal can apply for the SCC scheme.
- The upper age limit for the students is 40(forty) years at the time of applying for the loan.
- All residents of West Bengal, Class X (Ten) and above pursuing education within the State, outside Bengal, and even in other countries, can enjoy the benefits of this scheme.
The criteria for the resident is that the student or his parent or legal guardian is residing in West Bengal at least for 10 (Ten) years preceding the date of application.
Self-declaration by the student as per the approved format available in the online application form will be accepted as proof of residence.
Educational Courses Allowed Under The SCC Scheme
The scheme covers secondary, higher secondary, madrasah, undergraduate, postgraduate studies, and other equivalent courses in any affiliated institutes within and outside India. Research scholars are also eligible to apply for the SCC scheme.
Students studying in coaching institutions for appearing in different competitive examinations like IAS, IPS, WBCS, SSC, Engineering, Medical, Law, etcetera can also avail of the loan.
Which Expenses are covered under the SCC scheme?
Under this scheme, one can use the loan to meet up the following expenses such as course fees, tuition charges, hostel expenses, PG rent, cost of books, computers, laptops, any other fees required to complete the course such as study tours, project works, thesis, etc.
Up to 20% of the total loan sanctioned can be used as living expenses during the whole course of study.
Amount of loan to meet the expenses for course fee including tuition fee and any other amount payable to the institution will be remitted directly to the bank account of the concerned institution.
Non-institutional expenses including living costs will be remitted to the registered bank account of the student.
Which Banks Will Disburse The Loan?
All-State cooperative bank and its affiliated central cooperative banks and district central cooperative banks and public/ private sector banks operating in the state of West Bengal are eligible to disburse the loan.
Bank branch name within the district of the applicant’s permanent residence has to be selected in the portal while applying for the loan.
WB Student Credit Card Loan Rejection Reasons
- The credit card can not be applied for future courses. For example, if a student is presently studying in Class XII and proposes to study engineering in the future, he cannot apply for a loan of engineering courses. At present, he has to apply for a loan considering his course fee of Class XII only. For future courses, one has to apply for a new credit card after admission to that particular course.
- Students cannot club the course fee of the regular institute and the coaching fees.
- The loan cannot be applied for the course fees that have already been paid to the institution. Only fees to be paid in the future for the running course only can be availed through the credit card. There is no reimbursement system in this scheme.
Important Points About Student Credit Card Scheme
- The student and the parent/ legal guardian as co-borrower will submit the loan application.
- The interest rate will remain fixed and calculated at a simple rate for the entire duration of the loan.
- The Banks will provide the loan without any security /collateral security.
- There will be a life insurance cover in the student’s name, up to the loan amount sanctioned. The premium will be debited from the student’s Loan account.
How To Apply For West Bengal Student Credit Card Scheme
Online Registration
- Visit www.wb.gov.in or https://banglaruchchashiksha.wb.gov.in and click the Student Credit Card tab OR Login at https://wbscc.wb.gov.in
- Click on the Registration Of Student form option, fill up the Registration of Student form and then Click on the Register button to generate user id and password.
- After completing the registration process, a unique id will be sent to the mobile number(as mentioned in the application form) of the applicant. This unique id will be used as the user id for all future purposes.
Loan Application
For applying for the loan, one has to log in at the portal using the user id and password.
Required documents For loan application
- Photographs
- Color photograph of the applicant(student) and co-applicant(Parents/Guardian)
- Photograph should be in .jpg or .jpeg format
- Photo Size must be between 50 KB and 20 KB
- Signature
- Signature of student and co-applicant(Parents/Guardian)
- Signature should be in .jpg or .jpeg format
- Size must be between 50 KB and 10 KB
- Documents Required
- Aadhaar Card of Student
- If the student does not have an Aaadhar card, then the class 10th Board registration certificate
- Parent/Guardian Address Proof
- Admission receipt
- The relevant page of the brochure/document detaining course fee/ tuition fee.
- Student’s PAN card
- Guardian’s PAN card
- In case of no PAN card, one has to submit Undertaking. One can download the format from the application form.
- Bank details of student and guardian
- Bank name
- Branch name
- Bank account number
- IFSC code
On approval of the loan, the applicant will be informed through an SMS. He will receive the student credit card from the lending bank.
