Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • Student Credit Card in India

    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.

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    Banks Which Provide Student Credit Cards in India

    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:

    1. State Bank of India (SBI)
    2. HDFC Bank

    Some of the Best Student Credit Cards are:

    • SBI Student Plus Advantage Credit Card
    • HDFC Bank ForexPlus Card
    • HDFC Multicurrency Platinum ForexPlus Chip Card
    • West Bengal Student Credit Card

    How Can a Student Apply for Credit Card in India

    • Student credit cards are the latest entrants in the credit card industry that help college students manage their expenses on their own. However, not all the students are eligible to get a student credit card.
    • Various banks and financial institutions have come up with a different set of eligibility criteria to issue a student credit card. Only those who meet the criteria would become eligible to apply for a credit card.
    • While some banks such as the State Bank of India provide credit cards only to its education loan customers.
    • Whichever is the process, if you are a student above 18 years of age and would like to apply for a student credit card, you must first know which bank is offering best student credit cards and process to apply for the same.
    • Once you meet the eligibility criteria set by the bank, you can check with the bank about the procedure to apply for the same.
    • Not all the banks follow the same process. Hence, it's imperative to talk to the bank personal about the bank-specific process of applying for a student credit card.
    • While a few banks allow you to apply online, others may require you to visit the bank branch and submit an application directly.

    Features of Student Credit Cards

    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
    • The student cards come bundled with rewards and loyalty programs that offer cashback or cash points when a certain amount is spent using the card. The cards also have special offers and discounts on services as well as purchases worldwide.
    • If the cardholder wishes to, the student credit card can be upgraded to a regular credit card anytime during the card's validity.

    List of Student Credit Cards

    SBI Student Plus Advantage Credit Card

    • With the SBI Student Plus Advantage Credit Card, students can learn how to manage their money prudently. The card comes with an array of features designed exclusively for the student demographic, such as the ability to convert all purchases to EMI's, fuel surcharge up to 2.5 % on all fuel spends charged to the card etc.
    • The card also has a good rewards program, with every Rs. 100 spent earning the cardholder 1 cash point, which can be redeemed for a range of gifts or used to pay off credit balance, if any.
    • The card also comes with a low interest rate of just 2.25% per month.
    • In addition, railway tickets booked using the card will be delivered to the cardholder's doorstep, making travel plans and arranging tickets quick and convenient.

    HDFC Bank ForexPlus Card

    • The HDFC Bank ForexPlus Card is a boon for students who study abroad and require easy access to funds in multiple currencies. This offering by HDFC is a prepaid card which works similar to a credit card, where the amount is debited directly from the card.
    • For students living abroad, currency fluctuations are a constant problem. This card protects cardholders from this as money can be deposited in the card in all major foreign currencies. Withdrawals and transactions made through the card would also be protected from exchange rate fluctuations if the transactions are conducted in the currencies that the card is available in.

    HDFC Multicurrency Platinum ForexPlus Chip Card

    • With this HDFC Multicurrency Platinum ForexPlus Chip Card, studying abroad can comfortably access their funds in 20 foreign currencies. Currencies can be managed through the card and money transferred through secure online wallets.
    • Cardholders are also protected against fraud and accidents up to Rs. 5 lakh each.
    • Cardholders can also track their accounts and make payments through netbanking, as well as avail special discounts and deals.
    • Student credit cards are a good way for young adults to begin their foray into the world of money management. Cardholders can learn how to manage their finances and hone their financial skills. The low limit and easy access to payment history will enable them to keep track of their spending and also help them start saving.

    West Bengal Student Credit Card

    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.

    Eligibility and Documents Required to Apply for a Student Credit Card

    Eligibility
    • Above 18 years of age
    • Must be a college going student
    Documents Required
    • Birth certificate
    • Identity card issued by the college/university
    • Proof of residential address
    • Recent passport size photograph
    • PAN card

    How can a Student get a Credit Card in India

    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:
    • Against fixed deposit: A student can look to avail a student credit card based on the fixed deposit that he/she might have in his/her name. However, banks tend to have a minimum fixed deposit amount against which the credit card can be applied for.
    • Through add-on card: Another way to get a student credit card is by requesting any of the family members who have a credit card to apply for an add-on in the student's name. However, for that, the member who is requesting for the add-on card must have a good credit history.
    • Strong savings account: An individual can also avail a student credit card if they have a strong savings history from which they intend to apply. However, this facility is provided to the customers by only a few banks.

    FAQs on Student Credit Card

    1. Can I get a student credit card without a job?

      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.

    2. How much income do you need for a student credit card?

      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.

    3. Can a student hold multiple student credit cards?

      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.

    4. How do I check my student credit card status?

      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.

    5. What credit limits do banks offer with student credit card in India?

      Bank usually offer a credit limit of Rs.15,000 for student credit card in India.

    6. Are there any joining fee for student credit card in India?

      No, banks do not charge any joining fee for student credit card in India.

    7. What are the documents that are needed to apply for a 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.

    8. What is the annual interest rate for West Bengal Student Credit Card

      Student can get Rs.10 lakh at the annual interest rate of 4% p.a with WBSCC Student Credit Card

    News About Student Credit Cards

    • Jharkhand Government to introduce Guruji Student Credit Card Scheme

      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

    • Students' Credit Card Scheme in West Bengal to conduct loan sanction camps on 20 November

      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

    • Students’ credit card scheme runs into roadblock

      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

    • Rs.54 crore loans granted by the Bengal government under the student credit card scheme

      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

    • Bengal disburse Rs.50 crore under student credit card scheme

      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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