How To Apply Bihar Student Credit Card - The Career Counsellor

The Bihar government is attracting notice for its innovative initiative to encourage more students to enrol in graduate-level or equivalent courses across the state. The Nitish Kumar-led administration has created a new Mukhyamantri Nishchay Swayam Sahayata Bhatta Yojana (MNSSBY) Bihar Student Credit Card scheme to help students obtain the essential education in order to achieve this.

In order to help students pay their college tuition, the Bihar Student Credit Card Yojana, a financing initiative, was introduced on October 2, 2016. 12th grade graduates are eligible to qualify for an interest-free loan up to Rs. 4 lakh. Students who wish to pay for studies in engineering, medicine, business, and a variety of other fields may do so by taking out loans. These programmes include M.Tech, B.Tech, BCA, MCA, M.B.B.S., BAMS, BHMS, B.Sc. Nursing, Pharmacy, and B.A., M.A., MBA, among others.

The plan's aims and objectives

This plan's main objective is to raise the gross enrollment ratio for the state. The Gross Enrollment Ratio (GER) and National GER were 14.3% and 24%, respectively, last time. This programme was started in attempt to make Bihar one of the most developed states by increasing the state's GER by 30%. Deserving students who desire to further their education but are unable to do so owing to financial restrictions will receive financial aid from the government. Additionally, it will help with young people's employment.

The requirements for the MNSSBY Bihar Student Credit Card

The Bihar Student Credit Card's eligibility requirements are shown below:

• You must be a Bihar resident.
• You must be at least 25 years old, and candidates' ages shouldn't exceed 30.
• You must be an Intermediate standard graduate. Bihar applicants who have finished the same in states like Jharkhand and West Bengal are also eligible for this programme, as are class 12 graduates (polytechnic after the tenth grade).
• A course at a recognised institution is required of you.
• Courses must be completed in their entirety.
• The loan will only be available for regular courses.

Benefits and characteristics of the MNSSBY Bihar Student Credit Card Yojana.

The following are the main benefits and traits of the MNSSBY Bihar Student Credit Card Yojana:

• The Bihar credit card has a maximum lending amount of Rs. 4 lakh.
• You can apply for a loan for technical, polytechnic, and general education courses.
• If you require financial aid to cover the cost of tuition, a laptop, or books, you can apply.
• You won't have to start making loan payments until after you've finished the programme and obtained employment.
• The Bihar Student Credit Card charges 4% simple interest (1% simple interest for women, individuals with disabilities, and transgender people) through the Bihar Student Education Finance Corporation.
• The government owns the loan, so the recovery procedures are not very stringent. The balance may occasionally be abolished by the government.

Documents Required for a Bihar Student Credit Card

Documents required to apply for the Bihar Student Credit Card are listed below:

• Common Application Form completed PAN cards for both the applicant and co-applicant copies of scholarship award letters a course price schedule that has been authorised
• Income tax return from the prior year/Form 16 the most recent six-month bank statement
• Two years' worth of income tax returns, tax invoices, Aadhaar cards for the applicant and co-applicant, transcripts from grades 10 and 12, admission evidence, and photos of the student, parents, and guarantor are all required.
• evidence of address

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