Student Credit Card

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, undergraduate and post graduate studies including professional degree and other equivalent courses in any School, 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 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 it’s affiliated from Central Cooperative Banks and District Central Cooperative Banks and Public/ Private Sector Banks. 1% interest concession will be provided to 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 loan. The repayment period shall be fifteen (15) years for any loan availed under this Credit Card including the Moratorium/ repayment holiday. For details kindly go through the Scheme given in this portal.

Document need for student credit card

Proof of identity, such as a government-issued photo ID (like a passport or Aadhaar card).
Proof of address, such as a utility bill or rental agreement.
Proof of enrolment in a recognized educational institution, such as a student ID card or admission letter.
Income proof or guarantor details, depending on the specific requirements of the credit card issuer.

Key Features of Student Credit Card

Students can avail loans of up to Rs 10 lakh through this scheme.
The student credit card loan interest rate is provided at 4.00% per annum.
Borrowers who pay the interest in full during their study period will receive a 1% concession.
The loan repayment period is 15 years, including a one-year moratorium or repayment holiday of one year.
A life insurance policy covering the loan amount will be issued in the student’s name. The student is responsible for paying the insurance premium, which can be deducted from their loan account.

Eligibility Requirements for West Bengal Student Credit Card

To be eligible to apply for the West Bengal student credit card loan, you need to meet the following criteria:

You should be an Indian national and have resided in West Bengal for ten years.
You must be 40 years of age or below.
You should have enrolled in higher education programs at schools, colleges, universities, madrasahs, and other academic institutions such as IIMs, IIESTs, IITs, NLUs, and NITs in India and overseas.
You can apply if you are enrolled in coaching institutes to prepare for competitive examinations like IAS, medicine, engineering, SSC, IPS, etc.