West Bengal Student Credit Card Scheme vs Other State Student Loan Schemes
Wondering how the WB Student Credit Card Scheme compares to student loan schemes in Bihar and Jharkhand? Explore loan amounts, interest rates, eligibility, and repayment terms to find the best option for your education. Learn which scheme suits your needs and secures your academic future.
West Bengal Student Credit Card Scheme (commonly known as WBSCC) is an initiative by the Government of West Bengal, launched to provide financial assistance to students pursuing higher education. Being one of the best student loans in India, this scheme allows students to get a maximum loan of Rs. 10 lakhs at a nominal interest rate of 4% per annum. West Bengal Student Credit Card Scheme can be used for various educational expenses, including tuition fees, hostel charges, books, and computers, as well as for coaching in competitive exams like Engineering, Medical, Law, IAS, IPS, and WBCS. The repayment tenure is 15 years, including a moratorium period, making it feasible for students to manage their finances effectively. An additional incentive is offered if the interest is fully serviced during the study period: a 1% interest concession. But how does it compare to Bihar’s and Jharkhand’s student loan schemes?
Also Check: Benefits of the West Bengal Student Credit Card
While all three states provide student loan schemes in India, the loan amount, interest rates, eligibility criteria, and repayment flexibility differ significantly. So, if you're a student (or a parent) weighing your options, it's important to know which scheme best fits your academic goals and financial situation.
WB Student Credit Card vs Other States
Pursuing higher education can be expensive, but student credit card schemes aim to ease the financial burden. West Bengal, Jharkhand, and Bihar each have their own versions of this initiative, but how do they compare? While West Bengal’s scheme is more flexible, covering everything from secondary education to coaching for competitive exams, Jharkhand takes a merit-based approach, prioritizing students in top-ranked institutions. Bihar, on the other hand, offers a simple loan system with direct financial aid for accommodation and living expenses. The comparison below highlights these distinctions to help students understand which scheme best suits their educational needs.
Parameter | West Bengal | Jharkhand | Bihar |
|---|---|---|---|
Introduced by | Higher Education Department, Government of West Bengal, under the leadership of Mamata Banerjee, Hon’ble Chief Minister | Government of Jharkhand | Government of Bihar |
Eligible Courses |
The complete List of Courses Covered Under the West Bengal Student Credit Card Scheme is given here. | Student should be admitted in institutions like IITs, IIMs, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, IISCs, BITS, SPA, NID, IIFTs, ICFAI Business School etc (in Jharkhand or outside the state, but within India) which are ranked up to 200 in the overall list or ranked up to 100 in their respective individual category of NIRF Rankings or have been accredited grade either “A" or above by NAAC. |
The complete Bihar Student Credit Card Course List is given here. |
Eligibility |
For detailed Eligibility Criteria for West Bengal Student Credit Card, click here! |
|
|
Loan Amount | Up to ₹10 lakhs | Up to ₹15 lakhs | Up to ₹4 lakhs |
Loan Disbursement | Directly to institutions or students based on requirements | - |
|
Interest Rate |
| 4% per annum (subsidized) | 4% per annum (with a special 1% rate for women, differently-abled, and transgender applicants) |
Moratorium Period | Included in the 15-year repayment period | - | Until one year after course completion or six months after securing employment, whichever occurs earlier |
Loan Repayment | 15 years | 15 years | After the moratorium period:
|
Interest Rebate for Early Repayment | No penalty for early repayment; 1% interest concession for servicing interest during study period | - | 0.25% interest rebate for early repayment |
Students can also read the related articles on West Bengal Student Credit Card Scheme:
The education loan schemes in West Bengal, Jharkhand, and Bihar aim to support students in pursuing higher education by providing financial assistance with varying eligibility criteria, loan amounts, and repayment terms. Each state has its own guidelines, ensuring that students can access quality education without financial constraints. For more updates and information, stay tuned to Collegedekho!
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FAQs
What is the interest rate of the student credit card loan in West Bengal?
The interest rate for the West Bengal Student Credit Card Scheme is 4% per annum (simple interest). Additionally, if you pay the interest during your study period, you get a 1% interest concession, reducing the effective rate to 3% per annum.
How much loan can I get from the student credit card in West Bengal?
Under the West Bengal Student Credit Card Scheme, you can avail of a loan of up to ₹10 lakhs to cover your education expenses. This loan can be used for tuition fees, hostel charges, books, study materials, and even coaching fees for competitive exams like IAS, IPS, and WBCS.
What is the margin for the student credit card loan in West Bengal?
If your loan amount is up to ₹4 lakhs, there is no margin money required. However, for loans above ₹4 lakhs, you will need to contribute 5% as margin money. If you receive a scholarship or financial assistance, it will be counted towards the margin amount.
Who is eligible for the West Bengal Student Credit Card Scheme?
To apply, you must be a resident of West Bengal for at least 10 years, be under 40 years of age, and enrolled in an eligible course or institution. This includes secondary and higher secondary education, professional degrees, and coaching for competitive exams like IAS, IPS, and WBCS.
Can I apply for multiple student loan schemes from different states?
No, you can’t. Each scheme requires you to be a resident of the respective state, and you cannot take multiple state government loans for the same course. However, you may still explore education loans from private banks if needed.
How do I apply for the WB Student Credit Card Scheme?
You can apply online through the official WBSCC portal. The process requires basic details, documents like proof of residence, admission proof, and co-borrower details (usually your parents). After submitting, your application will be verified, and upon approval, the loan amount will be disbursed accordingly.