STUDENT CREDIT CARD

A privilege to introduce a write-up from one of the Top Institute for Govt. Job exam, MIES Institute is a modern equipped Competitive Institute in West Bengal. An informative article on the Student Credit Card scheme of Govt. of West Bengal from this Topmost Institute for WBCS exam preparation in West Bengal. Moreover, MIES Institute is one of the Best Institute for PSC, SSC, RAIL, BANK exams preparation in Kolkata of West Bengal, situated at Sonarpur (HO), Sealdah (Main City Centre). Nevertheless, we have other branches too, like Branches at Barasat, Behala Chowrasta, Howrah Maidan, konnagar, and Chinsurah, moreover, this Institute is one of the best coachings for Govt. Job exams preparation in West Bengal. The write-up follows below.

 Introduction of  STUDENT CREDIT CARD                                  

Under the visionary leadership of Mamata Banerjee, Hon’ble Chief Minister, West Bengal, 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 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 of the loan under this scheme. A student from West Bengal can obtain a maximum loan of Rs. 10 lakhs @ 4% per annum simple interest from the State Cooperative Bank and its affiliated Central Cooperative Banks and District Central Cooperative Banks and Public/ Private Sector Banks. 1% interest concession will be provided to a borrower if the interest is fully serviced during the study period. The upper age limit for the interested students has been kept as 40(forty) years at the time of applying for the loan. The repayment period shall be fifteen (15) years for any loan availed under this Credit Card including the Moratorium/ repayment holiday.

A few clarifications before proceeding with registration for Student Credit Card

1. Student Credit Card / loan cannot be applied for future courses. Admission receipt is to be uploaded while applying. For example, if a student is presently studying in Class XII and he proposes to study management in future, he cannot apply for loan considering /clubbing course fee of management courses. At present he has to apply for loan considering his course fee of Class XII only. For future courses, he has to apply for a fresh credit card after admission to that particular course.
2. The students cannot apply for credit card loan considering their course fee of the regular institute as well as coaching institute fee clubbed.
3. Loan cannot be applied for the course fees or admission fees etc which have already been paid to the institution. Fees to be paid in future for the running course only, is to be mentioned. There is no re-imbursement system in this scheme.

See the Table

Program Type	Program Name
PG (Post Graduate)	MA, MSc, MCom, MD, MS, MBA, LLM, M Mus, etc. Subject wise courses like MSc Physics etc. are not required to be selected
UG (Under Graduate)	BA, BSc, BCom, MBBS, BBA, LLB, etc. Subject wise courses like BSc Physics etc. are not required to be selected
Diploma	ANM, GNM, PGDBA, PGDM, PG Diploma, all Diploma in Polytechniques, Para medicals, etc.
Certificate	ITI
School	Class 10, Class 11, Class 12
Vocational (10+2)	Class 11, Class 12

 Online Registration:-

Visit www.wb.gov.in or https://banglaruchchashiksha.wb.gov.in. And click the STUDENT CREDIT CARD tab or Log in to 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.

Documents required:-

The following documents are to be uploaded at the time of filling up of online form

1. Coloured photograph of the applicant (should be in .jpeg / .jpg and 50 kb at maximum and 20 kb at minimum).
2. Coloured photograph of the co-applicant / co-borrower (should be in .jpeg / .jpg and 50 kb at maximum and 20 kb at minimum).
3. Signature of the student (should be in .jpeg / .jpg and 50 kb at maximum and 10 kb at minimum).
4.  Co-borrower / Guardian’s signature (should be in .jpeg / .jpg and 50 kb at maximum and 10 kb at minimum).
5. Student’s AADHAR Card (should be in .pdf and 400 KB at maximum and 100 KB at minimum); 6. Student’s Class 10Board registration certificate (if no AADHAR card) (should be in .pdf and 400 KB at maximum and 100 KB at minimum).
6. Guardian’s Address Proof [preferably AADHAR Card] (should be in .pdf and 400 KB at maximum and 100 KB at minimum).
7. Relevant page of the School/Institution brochure/document detailing the course fee/tuition fee (should be in .pdf and 400 KB at maximum and 100 KB at minimum).
8. Admission Receipt (should be in .pdf and 400 KB at maximum and 100 KB at minimum).
9. Student’s PAN Card or undertaking in the prescribed format (available in the portal), if no PAN. The uploaded document should be in .pdf format and of 400 KB size at maximum and 100 KB at minimum).
10. Guardian’s PAN Card or undertaking in the prescribed format (available in the portal), if no PAN (should be in .pdf and 400 KB at maximum and 100 KB at minimum).

Some important information:-

1. There is no need to furnish the copy of domicile certificate and Caste certificate.
2. If the student or his family is residing in the State of West Bengal at least for a period of 10 (Ten) years preceding the date of application, she/he shall be considered as a resident of the State under this scheme. Self-declaration by the student as per approved format available in the online application form will be accepted as a proof of residence.
3. 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.
4. Amount of loan to meet the expenses for meeting the non institutional expenses including living cost will be remitted to the registered bank account of the student.
5. No, there is no need for obtaining any NOC from the institution.
6. The student availing loan under SCC scheme has to submit their documents as per bank requirement
7. A student can apply for loan under SCC scheme anytime during the course.
8. Students studying outside India are also eligible to apply for the SCC scheme.
9. There are no marks percentage criteria for applying in the scheme.
10. Students can surrender the Credit Card to the lending bank if he/she so desire.
11. Student Credit Card is not transferable.
12. There is no income ceiling for candidates to apply in the SCC scheme.

                                                            Utilization of Loan:-

The loan can be utilized for meeting the cost of the following items:-

a) Course fees payable to the School/College/ University / Professional Institutes/coaching institute where the student is enrolled for appearing in the entrance examination for admission in medical/engineering/law courses or for appearing in UPSC/PSC/SSC etc. Therefore, this will include tuition fees, fees payable for caution deposit/ building fund /refundable deposit/examination/library/laboratory fees to be supported by Institution’s bills/ receipts. b) Fees required for accommodation in hostel or rent/ license fees payable for living outside the hostel or fees required for living as a Paying Guest.

c) Cost of purchasing books/ Computer/ Lap-top/ Tablet/ equipments etc.

 d) Moreover, any other expense required to complete the course such as study tours, project works, thesis, etc.

e) Up to 20% of the total loan sanctioned can be used as living expenses for the entire duration of the course.

f) There shall be an upper ceiling of expenditure up to 30% of the total loan sanctioned for non-institutional expenses. Including the living cost for the whole course of study.

                                                 Bank related some important information:-

1. The State Co-operative Banks or Central Co-operative Banks or District Central Co-operative Banks. Or any other Public and Private sector Banks shall be authorized to issue the credit card. And sanction loans under SCC scheme.
2. Under SCC scheme, loan is sanctioned as a term loan.
3. Up to Rs. 4.00 Lakhs of loan sanctioned, there shall be no margin money. If the amount of loan is above Rs. 4.00 Lakhs, there shall be 5% margin money. Scholarship/Assistance ship will be included in the Margin.
4. There will be no collateral security for loan up to the ceiling of 10(ten) lakh sanctioned under SCC scheme.
5. A joint loan agreement between bank and the student and co-borrower is to be executed before availing the loan.
6. There shall be 4% simple rate of interest per annum. There shall be an interest concession @ 1% to the borrower if the interest is fully serviced during the study period.
7. Moreover, there shall be a moratorium or repayment holiday of 1(one) year after completion of the course. Or getting employment, whichever is earlier.
8. Interest will be charged at 4%simple rate during the moratorium period.
9. Repayment period shall be 15(fifteen)years’ for any loan availed under this Credit Card Scheme. Including the Moratorium/ Repayment Holiday from the date of disbursement of first installment of loan.
10. There shall be an interest concession @ 1% to the borrower if the interest is fully serviced during the study period.
11. There will be no processing charges/penalty for prepayment.
12. The loan shall be repaid in Equated Monthly Installments.
13. There will be a life cover in the name of the student up to the loan amount sanctioned. The insurance premium is to be borne by the student which shall be debited from his loan account.
14. There will be provision in the portal for enhancement of loan over the sanctioned amount, within the ceiling limit of 10 lakhs.
15. Account in Co-Operative Bank is not mandatory. You need to have a major bank account in any recognized bank.

                                                 Conclusion

Therefore, in this scheme. All the students residing and studying in West Bengal. Or residing in West Bengal but studying other states. Or even, abrade can be benefited from continuing and smooth running of their study. We are all very grateful to our CM and also to our State Govt. for imposing this kind of scheme for students of our state for their higher study. And make a bright career in the future.

For any other detailed information and verify 100% perfect information students can visit the official portal of this scheme, www.wbscc.gov.in