West Bengal Student Credit Card Scheme vs Other State Student Loan Schemes

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

• Secondary, Higher Secondary, and Madrasah education
• Undergraduate and Postgraduate studies, including professional degrees
• Courses in Schools, Madrasahs, Colleges, Universities, and other affiliated institutes within and outside India
• Coaching institutions for competitive exams such as Engineering, Medical, Law, IAS, IPS, WBCS, etc.

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.

• Applicants must be enrolled or selected in a recognized higher education institution approved by state or central regulatory authorities.
• If an applicant has already earned a degree at a specific level, they cannot use this scheme to pursue another degree at the same level.
• If a beneficiary discontinues their studies for any reason, the remaining loan amount will not be disbursed to either the institution or the student. The next installment of the education loan will only be released if the student remains enrolled in the respective course or institution.

The complete Bihar Student Credit Card Course List is given here.

Eligibility

• Must be an Indian national and resident of West Bengal for the last 10 years (Self-declaration required)
• Should be enrolled in any of the eligible courses or institutions mentioned above
• Age limit: Not more than 40 years at the time of applying.

For detailed Eligibility Criteria for West Bengal Student Credit Card, click here!

• Must be a student and Indian national
• Must have completed Class 10 for a diploma and Class 10 & 12 for undergraduate or higher courses
• Age limit: Not more than 40 years at the time of application
• Should not have availed education loans from any State, Central, or Private sector Banks for the same course
• Should not be a prior beneficiary of this scheme

• Must be a permanent resident of Bihar
• Must have passed Class 12 from Bihar or neighboring states (Jharkhand, Uttar Pradesh, or West Bengal)
• Age limit: 25 years (for undergraduate courses) & 30 years (for postgraduate courses)
• Students staying in hostels will have accommodation fees paid directly to the institution
• Students not staying in hostels will receive a living allowance

Loan Amount

Up to ₹10 lakhs

Up to ₹15 lakhs

Up to ₹4 lakhs

Loan Disbursement

Directly to institutions or students based on requirements

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• Tuition fees and institutional charges are transferred directly to the educational institution via RTGS/NEFT or Bank Draft (if necessary)
• Living expenses, books, and study materials are transferred to the student’s bank account if they do not stay in a hostel

Interest Rate

• 4% per annum (simple interest)
• 1% interest concession if interest is fully serviced during the study period

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

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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:

• Loans up to ₹2 lakh - Maximum 60 installments
• Loans above ₹2 lakh - Maximum 84 installments

Interest Rebate for Early Repayment

No penalty for early repayment; 1% interest concession for servicing interest during study period

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0.25% interest rebate for early repayment

Documents Required for WB Student Credit Card

How to Check WB Student Credit Card Application Status?