Organisation : The Higher Education Department, Government of West Bengal
Scheme Name : Student Credit Card Scheme
Applicable For : Students of West Bengal
Applicable State/UT : West Bengal
Website : https://wbscc.wb.gov.in/
What is West Bengal Student Credit Card Scheme?
The Higher Education Department, Government of West Bengal has introduced the Student Credit Card Scheme for the students of West Bengal to enable them to pursue education without having any financial constraints. This scheme is designed to support the students to pursue secondary, higher secondary, madrasah, UG and PG studies in any School, College, and other affiliated institutes within and outside India.
Related / Similar Scheme : West Bengal Karma Sathi Prakalpa Scheme
Who Can Apply For West Bengal Student Credit Card Scheme?
** Students studying in various coaching institutions for appearing in different competitive examinations like Engineering, Medical, Law, IAS, IPS, WBCS etc, can also avail the loan under this scheme.
** A student from West Bengal can obtain a maximum loan of Rs. 10 lakhs @ 4% per annum simple interest from the State Cooperative Bank and its affiliated Central Cooperative Banks and District Central Cooperative Banks and Public/ Private Sector Banks. 1% interest concession will be provided to borrower if the interest is fully serviced during the study period.
** The upper age limit for the interested students has been kept as 40(forty) years at the time of applying for loan.
Quantum of Loan & Documentation
(a) Maximum amount of loan available under the Scheme is Rs. 10.00 lakhs at 4% simple rate of interest per annum, after interest subvention.
(b) For the entire amount of loan sanctioned up to Rs.10.00 Lakh, rate of interest to be charged at prevalent 3- year MCLR of State Bank of India Plus 1%. The Rate of Interest so fixed on the date of sanction will remain fixed and calculated at simple rate for the entire duration of the loan.
(c) A student can avail loan under this scheme at any time during the course of study.
(d) The bank concerned shall upload the details of the loan to the Department’s portal immediately after disburse- ment of the loan and such detail shall be updated by the Bank from time to time.
(e) The loan application should be submitted by the student and the parent/ legal guardian as co-borrower.
(f) Student and Parents/ Legal Guardians will enter into an agreement with the bank.
Margin Money:
(a) Up to Rs. 4.00 Lakhs: NIL
(b) Above Rs. 4.00 Lakhs: 5%
(c) Scholarship/ Assistance ship to be included in Margin.
(d) Margin will be brought in one year to year basis as and when disbursements are made on a pro-rata basis in applicable cases.
Security:
(a) While sanctioning the loan, the Bank should not put any unnecessary restrictions or conditions regarding collateral security etc.
(b) The Banks will not insist on any security /collateral security in tangible/ intangible form other than co- obligation of the parents/ Legal guardians. The State Government will enter into an agreement with the banks separately in this regard.
Insurance
There will be a life cover in the name of the student up to the loan amount sanctioned. The insurance premium is to be borne by the student and the same may be debited from his Loan account.
How To Apply For West Bengal Student Credit Card Scheme?
Step 1: Please download the scheme document and read carefully before proceeding for registration
Step 2: Please keep the following documents with you before registration process.
(a) Colour Photograph of the applicant (should be in .jpeg / .jpg between 50 KB and 20 KB)
(b) Colour Photograph of the co-applicant / co-borrower (should be in .jpeg / .jpg format, between 50 KB and 20 KB)
(c) Signature of the student (should be in .jpeg / .jpg format, between 50 KB and 10 KB)
(d) Co-borrower / Guardian’s signature (should be in .jpeg / .jpg, format, between 50 KB and 10 KB)
(e) Student’s AADHAR Card (should be in .pdf format, between 400 KB and 50 KB)
(f) Student’s Class 10th Board registration certificate (if no AADHAR card) (should be in .pdf format between 400 KB and 50 KB)
(g) Guardian’s Address Proof (should be in .pdf format between 400 KB and 50 KB)
(h) Admission Receipt (should be in .pdf between 400 KB and 50 KB)
(i) Student’s PAN Card / undertaking if there is no PAN Card (should be in .pdf format between 400 KB and 50 KB)
(j) Guardian’s PAN Card / undertaking if there is no PAN Card (should be in .pdf format between 400 KB and 50 KB)
(k) Relevant page of the brochure / document detaining course fee / tuition fee (should be in .pdf format between 400 KB and 50 KB)
Step 3: Online Registration:
Visit www.wb.gov.in or https://banglaruchchashiksha.wb.gov.in and click STUDENT CREDIT CARD tab or Log in to https://wbscc.wb.gov.in Click on REGISTRATION OF STUDENT form option, fill up the Registration of Student form and then Click on Register button to generate user id and password
Mode of Disbursement
1. The amount of loan will be credited directly to the designated account of the Institution concerned in case of payment of course fees and other fees related to the Institution.
2. The amount of loan will be credited to the student’s Bank account for purchasing of Computer/ Laptop/ books/ stationeries/ living expenses etc
Timeline
There will be time bound action for loan sanctioning and disbursement process. The Higher Educa- tion Department and the School Education Department will notify the same after due approval of the competent authority.
Repayment
(a) Repayment period shall be fifteen (15) years for any loan availed under this Credit Card including the Mora- torium/ repayment holiday.
(b) The student or his parent/ legal guardian can repay the loan amount at any time before the stipulated period of repayment and in case of early repayment there shall be no penalty or processing cost charged by the Bank.
(c) 1% interest concession will be provided to the borrower if the interest is fully serviced during the study period.
(d) The student or the co-borrower, as the case may be, shall be liable to repay the loan on time as 1st charge.
(e) The loan will be made available at the rate of 4% p.a. simple interest rate per annum to the students. Appro- priate subvention of interest rate will be provided by the State Government for all the borrowers during the entire period of the Loan to restrict the actual rate of simple interest to 4% per annum, at borrower level.
Contact
Call : 1800-102-8014
Email : contactwbscc@gmail.com/support-wbscc@bangla.gov.in