West Bengal Student Credit Card Scheme 2021 LAUNCHED! Here's all you need to know

West Bengal Students’ Credit Card scheme has been launched by the government in order to give students easy access to loans.

WB Students’ Credit Card: West Bengal government on June 30 introduced the student credit card scheme. Reports suggest that the initiative has been launched by the government in order to give students easy access to loans. “The limit for these loans has been set at Rs. 10 lakh and can be used by the students to fund their education,” the government said while launching the scheme.

Not to forget, West Bengal Students’ Credit Card is one of the polls promises made by the current WB Chief Minister, Mamata Banerjee during the assembly elections. While the Department of Higher Education, West Bengal is yet to release an official communication/notification regarding the same, sources have confirmed that the concerned officials have already conducted various online meetings with colleges in order to explain the new scheme. The government has chosen a perfect time to launch WB student credit yojna as WBCHSE Result 2021 are expected to be released by July 31, 2021. Along with this, thousands of students from the state are also all set to appear for various entrance exams such as JEMAT 2021 and  WBJEE 2021 Exam scheduled to be conducted on July 11 and July 17, respectively. 

Eligibility Criteria for West Bengal Student Credit Card Scheme 2021

Students studying in Class 10 and above are eligible to avail this scheme. However, only those students who have been living in the state for 10 years or more will be eligible for this card. Students should be less than 40 years of age at the time of applying for the loan.

Benefits And Features of West Bengal Student Credit Card

While launching the credit card for students, the minister informed that the whole idea behind rolling out this credit card scheme is to “provide hassle-free and collateral-free loans to students belonging to West Bengal, with a nominal simple interest of 4% for a maximum sum of ₹10 lakh.” Under this scheme, no security/collateral security in tangible/intangible form other than co-obligation of parents or legal guardians will be asked by the banks. The scheme has been introduced to help the students of West Bengal to pursue studies within or outside the state and in some cases even abroad. Talking about the benefits that WB students credit card come with, the officials said, "The Student Credit Card Scheme aims at providing financial support/assistance by the State Government at a nominal interest rate (with suitable guarantees to the bank) to the students residing in West Bengal for at least 10 years and pursuing education from class 10 onwards, or studying in various coaching institutes for appearing in different competitive examinations like Engineering/ Medical/ Law, IAS, IPS, WBCS, SSC etc., UPSC, PSC, SSC etc."

Repayment Period of WB Student Credit Card

The scheme will give students a span of 15 years to repay the loan. The applications of students will be sent to the banks via their institutions and the Department of Higher Education. Students can use this loan for both institutional expenses and for non-institutional expenses such as hostel fees/rent, purchase of laptop or study tours/projects. The loan amount can be paid back by a student or their parent/ legal guardian at any time before the stipulated period. Early repayment also carries the benefit of no processing cost to be charged by the bank. If a student fully services the interest during the study period, a 1 percent interest concession will be provided.

Interest Rate Under West Bengal Student Credit Card Scheme

West Bengal student credit card scheme has been launched for students to provide them with hassle-free and collateral-free loans with a nominal simple interest of 4% for a maximum sum of ₹10 lakh.” Under this scheme, no security/collateral security in tangible/intangible form other than co-obligation of parents or legal guardians will be asked by the banks.

West Bengal Student Credit Card Scheme 2021: Important Documents Required

In order to avail of WB Students’ Credit Card 2021, applicants are advised to keep the following documents ready:

• Colour Photograph of the applicant (should be in .jpeg / .jpg between 50 KB and 20 KB)
• Colour Photograph of the co-applicant / co-borrower (should be in .jpeg / .jpg format, between 50 KB and 20 KB)
• Signature of the student (should be in .jpeg / .jpg format, between 50 KB and 10 KB)
• Co-borrower / Guardian’s signature (should be in .jpeg / .jpg, format, between 50 KB and 10 KB)
• Student’s AADHAR Card (should be in .pdf format, between 400 KB and 50 KB)
• Student’s Class 10th Board registration certificate (if no AADHAR card) (should be in .pdf format between 400 KB and 50 KB)
• Guardian’s Address Proof (should be in .pdf format between 400 KB and 50 KB)
• Admission Receipt (should be in .pdf between 400 KB and 50 KB)
• Student’s PAN Card/undertaking if there is no PAN Card (should be in .pdf format between 400 KB and 50 KB)
• Guardian’s PAN Card/undertaking if there is no PAN Card (should be in .pdf format between 400 KB and 50 KB)
• Relevant page of the brochure/document detaining course fee/tuition fee (should be in .pdf format between 400 KB and 50 KB)

WB Student Credit Card Scheme 2021: Online Registration Process

Applicants interested in the West Bengal credit card scheme apply online following the steps mentioned below:

• Open WB student credit card website, i.e. www.wb.gov.in or https://banglaruchchashiksha.wb.gov.in
• On the homepage, click on the ‘Student Credit Card tab’

• Non registered students are required to Log in to https://wbscc.wb.gov.in to avail student credit card apply online
• Click on ‘Registration of Student’ form option

• A new webpage with input fields will open
• Enter required details in the Registration of Student form

(A) WB student credit yojna registration form for students with adhaar card

(B) WB student credit yojna registration form for students without adhaar card

 

• Click on the ‘Register’ button to generate user id and password

For more details, Click Here to check WB student credit card scheme pdf. 

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