Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • MNSSBY - Bihar Student Credit Card Yojana

    The Bihar Student Credit Card Yojana is a loan scheme that was introduced in 2016 with the main aim of helping students pay their college fees. Students who have completed 12th standard, can avail a loan of up to Rs.4 lakh at affordable interest rates. Students can opt for the loan to finance courses such as B.Tech, M.B.B.S., B.Sc., and B.A.

    Eligibility Criteria for MNSSBY Bihar Student Credit Card Yojana

    The eligibility criteria that must be met to apply for the Bihar Student Credit Card are mentioned below:

    • You must be a Bihar resident.
    • You should be at least 25 years old.
    • You must have passed 12th standard.
    • You must seek a course at an authorised institute.
    • The course must be completed in its entirety.

    Benefits and Features of the MNSSBY Bihar Student Credit Card Yojana

    The main benefits and features of the MNSSBY Bihar Student Credit Card Yojana are mentioned below:

    • The maximum amount of loan that can be availed is Rs.4 lakh.
    • You can avail the loan for technical, polytechnic, and general courses.
    • If you want to buy laptops, books, or pay the fees, monetary assistance can be taken.
    • You will have to start repaying the loan only once the course has been completed and you have secured a job.
    • In the case of divyang, transgender, and girl students, the rate of interest may be as low as 1%.
    • The recovery procedures are not very strict since the loan is government-owned. In certain cases, the balance may be waived off by the government.

    Documents Required

    The list of documents that must be submitted to avail the Bihar Student Credit Card is mentioned below:

    • Identity proof of the co-applicant and applicant.
    • Permanent Account Number (PAN) card of the co-applicant and the applicant.
    • Form 16 and income certificate of the family.
    • 10th and 12th standard marks cards of the applicant.
    • Admission proof that has been given by the higher education institute.
    • Residence certificate of the applicant.

    Process to Apply for the Bihar Student Credit Card Online

    The step-by-step procedure to apply for the Bihar Student Credit Card online is mentioned below:

    • Visit the official website of MNSSBY (https://www.7nishchay-yuvaupmission.bihar.gov.in/).
    • On the main page, you will find the ‘New Applicant Registration’ option, click on it.
    • Next, you must enter your first name, middle name, last name, email ID, Aadhaar number, and mobile number.
    • Click on ‘Send OTP’.
    • Enter the OTP that you have received on your email ID and mobile number. Click on ‘Submit’
    • The registration process is complete once the above step has been completed. You will receive the login details via email and SMS.
    • Go to the official website of MNSSBY.
    • Enter the username, password, and captcha details. Click on ‘Login’.
    • You will need to change the password and complete the login process again with the new password.
    • On the next page, your personal details must be entered.
    • Click on ‘Submit’.
    • Under the ‘Select Scheme’ menu, choose the ‘Bihar Student Credit Card’ option.
    • The applicant’s and the co-applicant’s personal details must be entered next.
    • Once the financial and general details have been entered, click on ‘Submit’.
    • You will receive an acknowledgement via email, make a note of the same.

    The Bihar Student Credit Card is very different from any other conventional credit cards that are provided by banks and Non-Banking Financial Institutions (NBFCs). The main aim of the credit card is to provide finance for education, therefore, it cannot be used for different purposes as a normal credit card.

    FAQs

    1. Are there any age criteria that I need to meet in order to be eligible for the MNSSBY Bihar Student Credit Card Yojana?

      Yes, you need to be at least 25 years old to be eligible for the MNSSBY Bihar Student Credit Card Yojana.

    2. How much loan can I get under the MNSSBY Bihar Student Credit Card Yojana?

      You can get a maximum amount of Rs.4 lakh as loan under the MNSSBY Bihar Student Credit Card Yojana.

    3. Which is the official website I need to visit to apply for the MNSSBY Bihar Student Credit Card Yojana?

      You have to visit this website: https://www.7nishchay-yuvaupmission.bihar.gov.in/

    4. Are there income proof documents I need to submit?

      Yes, you have to submit Form 16 and an income certificate.

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