A student credit card is a credit card that is offered to students at the college level. Any student beyond the age of 18 years is eligible to apply for the credit card as it does not have an income eligibility limit. These credit cards have lower interest rates and have a validity period of 5 years.
Though the concept of student credit card is quite new in India, there are banks that offering the cards to the students. Some of the banks that offering the cards in the country are:
Some of the Best Student Credit Cards are:
|Credit Limits||Student credit cards have a lower credit limit compared to other credit cards offered by banks. On average, a student credit card has a credit limit of Rs. 15, 000. This is done to ensure that the cardholders do not incur debts as a result of unrestricted spending.|
|Card Validity||Student credit cards are generally valid for a period of 5 years from the issue date, as compared to regular credit cards which have a 3 year validity period|
|Duplicate card free of cost||If the student credit card holder misplaces their card or it is stolen, a duplicate card would be issued free of cost or at a very nominal charge|
|Waiver of fees||Student credit cards often do not have a joining fee and have very low annual charges, making it easier for students to maintain the cards|
|Documentation||Students credit cards do not require exhaustive documentation, unlike most other credit cards. The bare minimum of documentation is required when applying for a card|
|Special deals and rewards||
West Bengal Student Credit Card (WBSCC) is an initiative launched by the Higher Education Department, Government of West Bengal which will allow students to pursue their education without any financial restrictions. Students whether they are pursuing secondary or post-graduate degree education can avail WBSCC.
Under this scheme, a student can apply for a loan of up to Rs.10 lakh at an annual interest rate of 4% p.a. from the State Cooperative Bank and its other affiliated banks.
The maximum age of eligibility is 40 years old at the time of applying for loan, whereas the tenure for the repayment of the loan is 15 years.
You can simply click on the link https://wbscc.wb.gov.in/ where you will have to click on ‘Student Registration’ to register yourself where you will have to provide the relevant details and create a login id and password. You can choose this option regardless of whether you wish to pursue your education in India or abroad.
Once you have created the login id and password, click on ‘Student Login’ using the credentials where you can apply for the loan. Submit the application form and the relevant documents. If all the documents submitted by you are correct, your application for a loan will be sanctioned.
With banks offering student credit card without the applicants needing to provide any employment documents or Income Tax returns, there must be some doubt as to how a student can apply for credit card.Below, we discuss the ways how a student can get a credit card in their name:
A student can apply for a student credit card if he or she is not working. Depending on the spending habits of the student, a primary credit card can be given.
Since students will ideally not have an income, banks have introduced student credit cards which are specifically meant for students and will not require any income source. The application for a credit card for a student can be done against an existing fixed deposit account.
A student cannot hold multiple student credit cards since he or she will not have an active credit score and a credit card will be given against an already existing fixed deposit.
You can check the status of the credit card by logging in to the net banking account of the primary cardholder in case an add-on credit card has been applied for. Apart from this, the student can also call the credit card customer care of the bank to enquire about the status.
Bank usually offer a credit limit of Rs.15,000 for student credit card in India.
No, banks do not charge any joining fee for student credit card in India.
Documents like PAN card, Aadhaar card, birth certificate, identity card issued by the college/university is needed to apply for a student credit card in India.
Student can get Rs.10 lakh at the annual interest rate of 4% p.a with WBSCC Student Credit Card
Jharkhand government is going to introduce Guruji Credit Card Scheme in July to help the meritorious students from the financially weaker section pursue their higher studies. The scheme will allow the students to apply for soft loans of up to Rs.10 lakh with low-interest rates. There is a fixed age limit for all loan applicants. The students who have availed loans have to repay them within 15 years. The process of determining the service provider banks will be done by the month of June.
18 April 2022
Special loan sanction camps will be held under the Students’ Credit Card Scheme in West Bengal. This will be held on 20 November across the state. The timings of the camps will be from 11 am to 3 pm. A letter congratulating holders of the SCC, from the Chief Minister, will also be distributed in the camps. The state government stands as a guarantor for the education loan worth Rs.10 lakh under the SCC scheme for the purpose of higher studies. The aim of the camps is to reach approximately 20,000 students in the state to enable greater access to the SCC scheme.
19 November 2021
The West Bengal government launched a career portal for students who are in Classes IX up to XII. This is to help them choose the right career for themselves with guidance.
The portal was launched in association with UNICEF, Schoolnet India, and Webel. It portal will have details on over 400+ careers that are offered by several national and international colleges, universities, institutes, and scholarships.
17 November 2021
The government of Bengal has granted student credit card loans of Rs.54 crore to 1,646 students till 1 November 2021. Applicants from class 10th to phD level below 40 years of age are eligible to apply for bank credit cards under this scheme. The loan can be repaid within 15 years with the Bengal state government as guarantor.
At present, 1 lakh candidates have applied for bank credit cards. The loans sanctioned under this scheme will cover costs for books, laptops, hostel fees, tuition fees in India as well as abroad.
03 November 2021
As of Friday, Rs.50 crore has been disbursed under the student credit card scheme in Bengal. The amount has been disbursed to over 1,300 boys and girls. It needs to be mentioned here that so far over 1 lakh students have applied under the scheme. It was rolled out by the Mamata Banerjee-led government where a student of Class 10 and above can apply for a loan using the credit card with the state government standing as guarantor.
23 October 2021
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