Benefits of the West Bengal Student Credit Card

A student of West Bengal will get a loan of up to 10 lakhs to continue their education through the West Bengal Student Credit Card Scheme (WBSCCS). The scheme is implemented through the West Bengal State Co-operative Bank, its affiliated Central Co-operative Banks/ District Central Co-operative Banks, and other recognized Public/ Private Sector Banks. One of the advantages of WB Student Credit Card is that it is a hassle-free and collateral security free loan from the banks.

This government loan will cover education expenses like tuition, library fees, study tours, etc. WB Student Credit Card benefits students by making education accessible for those in need. Find out the advantages of WB Student Credit Card in detail here. 

West Bengal Student Credit Card

The Higher Education Department, Government of West Bengal, started the West Bengal Student Credit Card Scheme for students who have been residents of West Bengal for at least 10 years to help them with financial aid to continue their higher education. The advantages of WB Student Credit Card are great as students can pursue their studies without any financial restrictions. The scheme aims to provide easy access to money for educational expenses, helping students from various backgrounds achieve their academic goals. With a loan of up to Rs 10,00,000 through the West Bengal Student Credit Card scheme, students can complete their education and get jobs. 

Also Read:How to Apply for West Bengal Student Credit Card?

Benefits of West Bengal Student Credit Card

The WB Student Credit Card benefits should be checked by the students before applying for the scheme. The credit card comes with a number of facilities that will financially help applicants study further. Find below the advantages of WB Student Credit Card:

• The West Bengal Student Credit Card scheme will provide a maximum loan amount of Rs 10,00,000 at a 4% simple annual interest rate after interest subsidy.
• The margin money up to 4 lakhs is Nil, while above 4 lakhs, it is 5%. 
• The interest rate for loans up to Rs 10 lakhs is set at the prevailing 3-year MCLR of the State Bank of India plus 1%, fixed at the time of sanction.
• The loan can be accessed at any point of time during the study course. 
• If the interest is fully serviced within the study period, there will be a rebate of 1% interest rate.
• Both the student and the parent/ legal guardian must co-submit the loan application.
• An agreement between the student, parents/ legal guardians and the bank will formalize the loan terms.
• WB Student Credit Card benefits students by paying for their course fees payable to the College/ University/ H.E. Institute (includes tuition fees, examination fees, library fees, etc).
• Fees for caution deposit/ building fund/ refundable deposit (supported by institution’s bills) will also be paid through this scheme.
• No security/ collateral other than co-obligation of parents/ legal guardians.
• The state government will enter into a separate agreement with banks.
• Through the Student Credit Card, accommodation fees for College/ University/ H.E institute hostels can be paid.
• The WB Student Credit Card scheme will pay the rent/ license fee for living in a hostel or expenses for living as paying guests.
• The Higher Education Department and the School Education Department will communicate on the loan sanctioning and disbursement process timeline after receiving approval from the competent authority.
• The cost of purchasing books/ computers/ laptops/ tablets can be paid through this scheme.
• The scheme will pay for the expenses that are required for the completion of the course, such as project work, study tours, theses, etc. 
• Students can get the loan at any time during their studies.
• The loan application should be submitted by the student and co-borrower.
• 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.
• For payment of course fees and other fees related to the institution, the amount of the loan will be credited directly to the designated account of the institution concerned.
• For purchasing of computer/ laptop/ tablets/ books/ stationeries/ living expenses, etc., the amount of loan will be credited to the student's bank account. 
• The repayment period shall be a maximum of fifteen (15) years for any loan availed, including the Moratorium/ repayment holiday.

Who can Benefit from West Bengal Student Credit Card Scheme?

The West Bengal Student Credit Card benefits can be availed by those who want to study secondary, higher secondary, madrasah, undergraduate and post-graduate studies, including professional degrees and other equivalent courses in any School, Madrasah, College, University and other affiliated institutes within and outside India. Students who are in need of financial assistance to continue their higher studies can take advantage of WB Student Credit Card. Those who want to buy books and computers or attend study tours, project works, etc., can benefit from WBSCC. 

Also Read:Documents Required for WB Student Credit Card

Objectives of the West Bengal Student Credit Card

Now that you know the advantages of WB Student Credit Card, find here the objectives of introducing this scheme:

• Financial Aid: The West Bengal Student Credit Card is given to provide needy students with the necessary funds for their education.

• Motivation for Higher Education: To encourage students from all backgrounds to continue their higher studies with help from the government.

• Accessibility: To make education available to students who might otherwise face financial barriers to continue their education.

West Bengal Student Credit Card Eligibility

To apply for the West Bengal Student Credit Card scheme, applicants must meet some eligibility requirements. Check the WBSCC eligibility criteria below:

• Only Indian citizens can get the WB Student Credit Card benefits.
• The applicant must be a resident of West Bengal for a minimum of 10 years.
• They should enrol themselves in recognised educational colleges, universities, madrasahs, IITs, IIMs, IISc, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, BITS, SPA, NID, IIFTs, ICFAI Business School, etc., within or outside India.
• The age of the applicant at the time of applying must not exceed 40 years. 
• The minimum age to apply for WBSCCS is 15 years. 
• Students attending coaching institutes for competitive exams (like Engineering, Medical, Law) are also eligible.

For any queries regarding the WB Student Credit Card benefits, feel free to dial our toll-free number 1800-572-9877 or fill out CollegeDekho’s Common Application Form or log on to our QnA Zone for admission-related queries.