The government of various states in India have come up with initiatives to offer student credit cards to students who have cleared their 12th standard education from institutions registered under respective state governments. With this initiative, governments wish to offer financial support to students on very reasonable terms with the help of banking institutions.
Bihar student credit card:
The Mukhyamantri Nishchay Swayam Sahayata Bhata Yojana (MNSSBY) scheme aims at providing financial assistance for their higher education.
- There is almost no or very low joining fees and annual charges as compared to other types of credit cards.
- A limit of up to Rs 15,000/- is generally available for student credit card that is valid for up to 5 years.
- From enrolling for online courses to refilling fuel and from buying books to taking care of other related expenses, a student credit card can do it all.
- With this credit card, the applicant can also avail of loan amount up to Rs 4 lakhs.
- For girls, transgenders and students who have certain disabilities, financing is available at a rate of interest that is as low as 1%.
- The repayment on this credit card begins when the applicant completes the courses and has secured a job.
West Bengal student credit card:
To help students with finances for their higher education, the government of West Bengal has come up with the student credit card.
- Up to 10 lakhs can be availed as instructional loan.
- Mortgage offered via this scheme is available at a really low fee.
- This scheme can be availed by under and postgraduate students and even by students applying for doctoral and postdoctoral research overseas or in India.
- The repayment on this credit card begins when the applicant completes the courses and has secured a job.
- This period can be up to 15 years.
With many benefits up for grabs, this initiative makes it affordable and hassle-free for students to avail of financing to study further and be more self-reliant.
How to apply for a student credit card?
Applying for a student credit card is fairly simple and hardly takes a few minutes. Check out these quick steps you must follow to apply for this credit card:
- Visit the respective state government’s website.
- Once you are on the website, select the option ‘New Applicant Registration’.
- Fill in the details required on the page and then click on the ‘Send OTP’ button to proceed.
- Enter the OTP you receive on your mobile number or Email ID and then click on the ‘Submit’ button.
- After registering yourself, click on ‘Go to Home Page’ and login using your credentials.
- You can now set a new password and login again.
- Enter your details, select the ‘Student Credit Card’ from the scheme drop-down. Fill in your personal information, add co-applicant if any.
Ensure you make a note of all these details that you receive via mail. Remember to check the eligibility criteria of the credit card before applying and keep all documents handy.
