The West Bengal government offers a specific student credit card loan scheme called the West Bengal Student Credit Card Scheme (WBSCC) that provides financial assistance to studentts pursuing different kinds of education. Here’s a breakdown of what it means:
Who can apply?
West Bengal residents: Permanent residents of West Bengal who are above 18 years old can apply.
Academic eligibility: You must be pursuing studies in any school, madrasah, college, university, or other affiliated institute (within or outside India) for secondary, higher secondary, madrasah, undergraduate, postgraduate, professional degree, or other equivalent courses.
Financial need: While income levels aren’t explicitly mentioned, the scheme prioritizes supporting students from less affluent backgrounds.
What are the benefits?
Collateral-free loan: You can get a loan of up to Rs. 10 lakhs without needing any collateral or guarantors.
Competitive interest rates: The simple interest rate on the loan is just 4% per annum, making it highly affordable compared to other credit card loans.
Interest concession: If you fully service the interest during your study period, you’ll receive a 1% interest concession.
Flexible repayment: You can start repaying the loan after you complete your studies and get employed, with a maximum repayment period of 10 years.
Things to keep in mind:
Application process: You can apply online through the official WBSCC portal (https://wbscc.wb.gov.in/Applicant_Login) or visit any branch of the participating State Cooperative Bank, Central Cooperative Banks, District Central Cooperative Banks, and Public/Private Sector Banks.
Documents required: You’ll need to submit documents like your mark sheets, admission letter, family income certificate, and identity proof.
Disbursement: The loan amount is disbursed in instalments based on your course fee and other educational expenses.
Overall, the West Bengal Student Credit Card Scheme can be a great option for students in West Bengal looking for affordable financial assistance to pursue their education without worrying about the financial burden.
