How to Request BSCC Loan Repayment Assistance?

If you are deliberating about ‘How to Request BSCC Loan Repayment Assistance?’, you can do so by visiting the 7Nischay-Yuva website, @7nishchay-yuvaupmission.bihar.gov.in, and logging in with your credentials. Under the Bihar Student Credit Card (BSCC) scheme, you can avail of loan amounts of up to INR 4 lakhs. A moratorium period has been introduced by the Bihar Government for 1 year after completion of the course or getting employment, whichever is earlier, so that you can repay the education loan amount after the moratorium period. However, if you find employment after completing the course before the moratorium period ends, EMIs will start immediately. Taking the moratorium period into consideration, the BSCC loan repayment period is 15 years from the date on which the first installment of the loan is disbursed. Find how to get BSCC loan repayment support and BSCC loan relief options for students in detail below.

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How to Request BSCC Loan Repayment Assistance?

If you are aiming for a BSCC loan repayment extension request, you must visit the BSCC official website, login with your credentials, and follow the instructions mentioned below for submitting a repayment request for the Bihar Student Credit Card loan:.

Step 1:  Go to the official 7Nischay-Yuva website @7nishchay-yuvaupmission.bihar.gov.in.

Step 2: Login to the portal using your credentials, i.e. username and password. 

Step 3: To access the BSCC repayment assistance, navigate to the section related to repayment assistance or loan status. 

Step 4: You are required to open the website of the BSCC application, @bsefcl.bihar.gov.in, to seek the BSCC loan repayment assistance.

Step 5: After opening the website, you must click on the Student Login. 

Step 6: After that, enter the following details: ➢ Username (as used in MNSSBY) ➢ Password. ➢ Captcha 

Step 7: Finally submit your request for the BSCC loan repayment assistance by following the instructions available on the website.

Step 8: Provide information about your loan, repayment schedule, or any specific circumstances for successful submission of the loan repayment assistance.

Also Read: How to Pay Back BSCC Loan

BSCC Loan Relief Options for Students

If you are 12th pass-out in the state of Bihar, you can avail yourself of an education loan of up to INR 4 lakhs along with the following BSCC loan relief options:

• To provide respite to deserving students from overwhelming loan amounts, the Bihar government has restructured loan terms and extended repayment periods or reduced EMIs.
• If you are pursuing public service, education, or rural development, you may opt for special waivers.
• Government assistance for BSCC loan repayment is also available for individuals who are unable to reimburse loans even after employment, which involves partial loan repayment. It also involves extension of the moratorium period and/or making recommendations of other forms of relief for the student like restructuring their loan or lowering EMI payments.
• If you belong to the General category, you must repay the BSCC loan at a 4% interest rate. The interest is also applicable during the moratorium period and will be charged at 4% simple rate during that phase.
• If you are a girl or belong to the transgender, and divyang (disabled) category in the state of Bihar, you are eligible for a lower 1% interest rate on the loan.
• If the interest is fully serviced during the study period, There shall be an interest concession @ 1% to the borrower.
• There exists a moratorium or repayment holiday of 1 (one) year after completion of the course or 5 years from the loan disbursement till getting employment, whichever is earlier. The period of BSCC loan repayment is 15 years for any loan availed under this Credit Card Scheme including the Moratorium/ Repayment Holiday from the date on which the first installment of loan is disbursed.
• After the moratorium period is over, you have three options:
  • 5 years to repay the loan in 60 installments for loans up to INR 2 lakhs
  • 7 years to repay the loan in 84 installments for loans beyond INR 2 lakhs
  • If you secure a job after completing the course before the moratorium period ends, Equated Monthly Installments (EMIs) will start immediately
• However, if you do not secure employment during the repayment period and are employed after the moratorium period, repayment will be paused until you secure employment. You must undergo the following processes in such case:
  • Submit an affidavit to the District Resident Cum Counselling Office (DRCC) every last fortnight of June and December
  • The affidavit acts as a proof that you are unemployed and there is lack of a source of income, thus implying the EMI should be postponed until you find employment

How to Repay the BSCC Loan?

The Bihar State Education Finance Corporation Limited (BSEFCL) is responsible for sanctioning the BSCC loan in collaboration with e State Co-operative Banks or Central Co-operative Banks or District Central Co-operative Banks or any other Public and Private sector Banks. You can repay the BSCC loan through cheques, Demand Draft (DD), Electronic Clearing System (ECS), National Automated Clearing House (NACH), or any other approved payment method. If a situation arises where you are unable to repay the BSCC loan, suitable recovery procedures may be initiated according to the norms of the scheme.

Can the BSCC Loan Payments be Delayed?

If you are pondering on the question, ‘Can I delay my BSCC loan payments?’, the answer is definitely yes. You can do so by applying for a Moratorium Extension through the MNSSBY portal, which acts as a temporary suspension of loan payments. Visit the MNSSBY portal (7nischay-yuvaupmission.bihar.gov.in) and log in using your BSCC applicant credentials to apply for the Moratorium Extension. Note that it is mandatory for you to apply for it 60 days prior to the loan repayment date. The duration of extension of the moratorium period is either until one year after the course has been completed or five years from the date on which the BSCC loan has been disbursed, whichever comes earlier. 

You can repay the Bihar Student Credit Card loan amount only after the moratorium period that gives you freedom from the liability of immediate loan repayment. Also, note that the Bihar government will allow you to defer repayment for a specified time through the moratorium extension using their login on the MNSSBY portal only if your loans are sanctioned and fully disbursed by BSEFCL.

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