Know How Bihar Student Credit Card is Helping for The Students

Bihar suffered from a significantly low literacy rate, reaching only 63.82% across the total inhabitants in 2011, where the average literacy rate in India surpasses 74.04%. This dire situation concerning education and literacy rate in Bihar can be inferred from AISHE 2016 data about the gross enrolment ratio for higher education. As per the AISHE report, Bihar had the lowest GER rate of 14.3% in the financial year 2015-16. 

To address this problem of slow educational growth and boost GER in Bihar, the government introduced Bihar Student Credit Card scheme on 2nd October 2016. The Yojana aims to boost GER for higher education in Bihar by providing them with required finances that will help them pursue their higher education degrees with ease.  

What is Bihar Student Credit Card? 

Students that have completed 10+2 and want to pursue higher educational degrees can avail this credit card and get access to funds amounting up to Rs. 4 Lakh. Candidates have to repay this amount after completion of the course and qualifying for a job. Use the credit card smartly and follow some simple tips to get the most out of the card.

What can all students do with this card? 

Student credit cards can be used to –

• Pay tuition fees for courses or degree programs. 

• Pay hostel fee or accommodation expenses.

• Purchase books and study material. 

• Meeting day to day living expenses.

What are the benefits of the Bihar Student Credit Card scheme? 

Below mentioned are benefits of having a credit card that caters the financial needs of students –

• Eligible students can acquire finances of up to Rs. 4 Lakh. 

• One can avail this scheme for general, technical, and polytechnic courses. 

• Female students, transgender, and a person with disability can avail finances at an interest rate as low as 1%. 

• Recovery procedures for the credit are somewhat relaxing as the credit amount is owed to the government.

• Repayment period starts only after completion of course when students have secured a job and are capable of repaying.

Consequently, these benefits are included in Bihar student credit card scheme to ensure students get the required financial help they seek for pursuing higher studies. Conversely, these cards are somewhat different than the conventional credit cards available in India’s financial market.

Credit card companies usually allocate the credit limit depending on the customer’s repayment capability. RBL Bank SuperCard is one such card that approves high credit limit to eligible candidates and offers several borrower friendly features like cash withdrawal from ATMs and loan against unused credit limit of the credit cards. 

They also provide pre-approved offers on credit cards. These offers are available to several other financial products and services as well, such as home loan, business loan; personal loans etc. Check your pre-approved offer now by submitting only some necessary details like name and contact info. 

What are the eligibility criteria for students availing Bihar Student Credit Card scheme? 

This scheme has been implemented to help students who are in need of monetary assistance, so eligibility conditions required have been kept simple and easy to meet.  

• Candidates must be a resident of Bihar (should possess a domicile certificate). 

• A student must have appeared and cleared their 10+2 examination. 

• Student’s age must be below 25 years. 

• Applicants are available with student credit cards only if they opt to study in a recognised and authorised institute that teaches certain courses. 

• A student must complete the course of study they have enrolled for. 

Subsequently, students need to be careful about their credit utilisation so that they can avail the maximum benefit from it and not exhaust the limit before the end of the course. Knowing how to use a credit card wisely is an equally important factor as acquiring one.