adminOn June 30, 2021, the West Bengal government introduced the West Bengal student credit card scheme. This package was launched to facilitate loans to students to reimburse their ongoing or future educational expenditure.
The subject scheme is open to all students who are residents of West Bengal for the past ten years. This initiative includes Loan availability for students pursuing undergraduate and postgraduate studies, doctoral, and postdoctoral courses in both India and abroad.
Aspirants may obtain a maximum loan to the tune of Rs. 10.00 lakhs from State Co-operative Banks and their affiliated Central Cooperative Banks and District Central Cooperative Banks. Eligible candidates may also approach Public Sector/Private Sector Banks under State jurisdiction. However, they should mandatorily meet the criteria stipulated therein.
Objective
The Student Credit Card Scheme aims to provide financial support/assistance by the State Government at a nominal rate of interest with appropriate bank guarantees to students living in West Bengal for 10 years on the trot.
Besides, they should pursue education from class 10 onwards or be associated with different coaching institutes for appearing in a plethora of competitive examinations such as Engineering/ Medical/ Law, IAS, IPS, WBCS, SSC, UPSC, PSC, SSC, etc.
Further, the said loan is available for students pursuing undergraduate, postgraduate, or other related courses, such as professional degrees, diplomas, and doctoral/postdoctoral research.
Eligibility
- The student applying for a loan under the scheme must be an Indian citizen who has lived in West Bengal for the last ten years.
- Students asking for a loan should not be older than 40 (forty) years old at the time of applying for the same.
Process
- While registering to the Higher Education Department through their particular Institution, the students applying for the credit card have to link their AADHAR Card or Class X registration number with the applicable site.
- Click the STUDENT CREDIT CARD tab on www.wb.gov.in or https://banglaruchchashiksha.wb.gov.in, or log in to https://wbscc.wb.gov.in.
- To generate a user id and password, go to the REGISTRATION OF STUDENT form option, fill out the Registration of Student form, and thereafter click the Register button.
- After a thorough review, the Higher Education Department will transmit the applications to the Bank for approval and issuing of a credit card.
- Based on the Department’s recommendation and the student/guardian’s compliance with the appropriate protocols as per RBI guidelines, the responsible Bank will sanction the applications and issue the credit card in the student’s favor.
- At the Institution and Bank levels, there will be a Nodal officer to oversee the web-based portal. He or she will be duly authorized to evaluate the student’s dashboard who is applying for the respective loan.
- On completion of each semester/test, the student in question must upload his progress report card/statement on the prescribed website.
Documentation
- Color photograph of the candidate
- Color photograph of the co-applicant or the co-borrower
- Page of the brochure containing the course fee/tuition charge
- AADHAR Card of the applicant (F) 10th Board Registration Certificate of the student
- Address proof of respective guardians
- Admission Receipt
- PAN Card of the student or undertaking in the absence of PAN Card
- PAN Card of the Guardian or undertaking if PAN Card is not available
- Authentic Signature of the student
- Valid signature of the co-borrower/Guardian
Mode of Disbursal
- If the course and other costs related to the Institution are paid by the student, the loan amount will be instantly reimbursed to the specified account of the respective Institution.
- The loan money will be deposited into the student’s bank account to acquire a computer, study materials, stationery, and other personal expenses for routine living during the study period.
Fund Utilization
- Tution fees payable to the School/ Madrasah/ College/ University/ Professional Institutes, etc.
- Fees for staying in a hostel run by an educational institute or rent/license fees for staying in a place other than the hostel in case there is no vacancy.
- Fees for caution money, building fund, refundable deposit, examination, library, and laboratory fees must be substantiated by bills/receipts from the institution.
- The cost of purchasing books and a computer
- Any extra costs associated with completing the course, such as study excursions, project work, and so on.
- For the whole study tenure, the student can spend a maximum of 30% of the total loan sanctioned on non-institutional expenses.
- As regards course duration, up to 20% of the total loan sanctioned can be utilized for meeting living expenses.
Repayment Procedures
- For any loan withdrawn through this Credit Card, along with the moratorium/repayment holidays, the repayment period will be 15 years.
- The student or his parent/legal guardian is free to refund the outstanding loan amount at any time before the specified repayment period. Besides, the Bank will not levy any charges if the student repays the loan prematurely.
- If the interest is fully paid during the study period, the borrower will receive a 1% interest relief.
- As the first charge, the student or co-borrower is responsible for repaying the loan always on time.
- The loan amount will be available to aspiring students of West Bengal at a simple interest rate of 4% per annum. The State Government would offer a proportionate interest rate subsidy to all borrowers for the duration of the loan. It reserves the right to restrict the actual rate of interest at the borrower level.
The Takeaway
West Bengal Student Credit Card has become a perfect platform for students to accomplish their career objectives in a hassle-free manner. There is no red-tapism, and the loan is disbursed through a single-window system. If you belong to a recognized educational institution, you can offload your financial burden by availing of this opportunity. GIMT (Global Institute of Management and Technology) is one of West Bengal’s most prestigious engineering institutions. It is headquartered in Krishnagar, Nadia district of West Bengal. The technical college is founded by Shri N.C. Das in 2009.