In this article we shall discuss the MNSSBY Bihar Student Credit Card Scheme and the various features and aspects of it.

MNSSBY: Overview:

MNSSBY – It is well known that Bihar is one of the top states when it comes to producing exceptional students. However, the truth of the matter is also that it is one of the most impoverished and infrastructurally backward states. So the government has taken several initiatives to remove economic hurdles for students. In this article, we shall discuss one such initiative by the government of Bihar known as the Bihar Student Credit Card scheme.

The Bihar Student Credit Card Scheme

Interested beneficiaries of the state who want to apply for higher education under the MNSSBY Student Credit Card Yojana can apply online by visiting the official website of the scheme. To implement the BSCC scheme 2022, the government has also established the Education Finance Corporation which is the issuing authority of the credit card. This Bihar Student Credit Card Yojana 2022 was introduced as a measure to encourage the students of the state to pursue higher education in a an effort to increase the Gross Enrollment Ratio from its current rate of 14.3% to the national average of 24%.

Additionally, all those students who have obtained education loans under the Bihar MNSSBY Student Credit Card Scheme will be eligible for a waiver of their loans by the government under the loan waiver scheme. If the student does not get a job after completing the professional course, then in this situation the student loan will be waived. Apart from this, if the students get employment then they will have to repay the loan amount in 82 easy installments. This loan can be taken for pursuing technical or general education after passing the 12th standard. Students can avail of an interest-free loan of up to ₹4,00,000 through the Bihar Education Finance Corporation.

Under this scheme, so far about 86544 students have been provided loans for education. For which an amount of ₹ 1086 crore has been spent by the government till August.

MNSSBY: Benefits Of The Bihar Student Credit Card Scheme

The following are the key benefits that students can avail under this scheme:

1. Under this scheme, those who have passed their intermediate / 12th class from the institutions recognized by the Government of Bihar. They want to pursue higher education like graduation, BA, BSC, etc. Will be made available in the form of financial assistance.
2. Under the Bihar Student Credit Card Scheme 2024, students will not have to pay any kind of interest for taking loans.
3. The students of the state who are basically from poor backgrounds and eager to complete their higher education will benefit from this scheme.
4. In this loan, the fees of educational institutions as well as expenses related to food and study materials will be included.
5. Under this scheme, the students of the state will get rid of the financial crisis and their standard of living will rise. Students can also apply online to take advantage of the Bihar Credit Card Scheme.
6. Under this scheme, the state government provides education loans up to Rs.4 lakh to 10+2 pass-out students at 0% interest rate.
7. Laptop, coaching fees, hostel facilities, and book fees can also be paid by the students from the loan amount received through this scheme. All those students who want to get the benefit of this scheme have to apply online. Under this scheme, a 1% interest rate has been fixed for girl students and 4% interest rate has been fixed for boys.
8. Apart from this, more relaxation in interest rates will be provided to disabled students. 

Courses Covered Under The Scheme

MNSSBY – Loans are made available for other 32 courses like BA, BSc, BCom, MA, MSc, MCom, MBA etc. through Bihar Student Credit Card Scheme.

The list of courses is as follows:

1. BA, BSc, B Com
2. BCA, BSc IT, Computer Application, Computer Science
3. B.Sc Agriculture
4. BSc Library Science
5. B.Sc, BHMCT, B.Tech, Hotel Management
6. Diploma in Hotel Management
7. BTech, BE, BSc
8. BSc Nursing
9. Bachelor of Pharmacy
10. BVMS
11. BAMS
12. BUMS
13. BHMS
14. bds
15. gnm
16. Bachelor of Mass Communication
17. BSc in Fashion Technology
18. Bachelor of Architecture
19. BPED
20. Bed
21. MSc, MTech
22. Bachelor of Physiotherapy
23. Bachelor of Occupational Therapy
24. Diploma in Food Processing, Food Production
25. Diploma in Food and Beverage Service
26. BA, B.Sc, B.Ed, Integrated Course
27. BBA
28. BFA
29. Diploma in Food, Nutrition, Dietetics
30. MBBS
31. BL, LLB
32. B.Tech, BE, (Enrolled in three year Diploma in Institute recognized by State Level Education Council)

Eligibility Criteria of Bihar MNSSBY Student Credit Card Scheme

The criteria for eligibility under this scheme is quite simple and as follows:

1. The applicant must be a permanent resident of the state of Bihar.
2. The educational institution from which the student is studying should be recognized by the concerned regulatory agency of the state or central government.
3. Under the Student Credit Card Scheme 2022, loan will be given to the student for higher education for general courses, technical or vocational programs.
4. Under this scheme, the students of the state should be 12th pass.

Documents Required For Bihar Student Credit Card Application

Eligible beneficiaries of the scheme need to furnish the following documents to avail of the benefits of this MNSSBY scheme:

1. Aadhaar Card of the applicant
2. PAN Card
3. 10th and 12th certificate and mark sheet
4. Certificate of Admission in Higher Educational Institution
5. 2 photographs each of the student, parent and guarantor
6. Address proof
7. family income certificate
8. Two photographs of the applicant and his co-applicant
9. bank account passbook
10. Six months statement of parent’s bank account
11. mobile number
12. Identity proof of the applicant (Aadhaar Card, Passport, Voter’s ID Card, Driving License etc.)

MNSSBY Bihar Student Credit Card Application Process

Eligible candidates can make an application under the Bihar Student Credit Card Scheme by following the steps below:

1. First of all, the applicant will have to visit the official website of the Education Department, Planning and Development Department, and Labor Resources Department. After visiting the official website, the home page will open in front of you.
2. On this home page, you will see the option of New Applicant Registration, you will have to click on this option. After clicking on the option, the next page will open in front of you on the computer screen.
3. On this page you will see the registration form, in this form you will get all the information asked like the name of the applicant, email id, aadhaar card number, and mobile number, if the application is made from Vasudha center then click on YES otherwise select NO. .*
4. Please enter the OTP sent on your mobile*, Please enter the OTP sent on your email id.etc.
5. After filling the personal details, you have to submit. After submitting, other 3 options will open in front of you. Out of these three options, a student credit card option has to be selected after which a new application form will open. After which the application form will open. You have to fill in the asked information and details. Then you have to submit it using the submit button.
6. After the submission of the application form, students will be given a unique identification number. This unique ID number will be sent to their mobile number and e-mail ID.
7. Students will also receive a PDF copy of the submitted application form and details of required documents on their e-mail ID. Application form and documents will be required at the counter.
8. After which the applicant students will be informed on their mobile number and e-mail ID on which day they have to go to the counter where the rest of the process will have to be completed.

Checking the Status Of MNSSBY Bihar Student Credit Card Application

The beneficiaries of the state who have applied under the MNSSBY Bihar Student Credit Card Scheme and want to see the status of their application must follow the steps given below.

1. First of all you have to go to the official website. After visiting the official website, the home page will open in front of you.
2. On this home page you will see the option of Application Status. You have to click on this option.
3. After clicking on the option, the next page will open in front of you.
4. student credit card scheme
5. On this page, you will see the form to see the application status, you will have to fill in all the information asked in this form like registration ID or Aadhaar number, date of birth, captcha code etc.
6. After filling all the information you have to click on the submit button. After this the application status will appear in front of you.

Bihar Student Credit Card Approval Process

The following are the steps for approval once the application for the loan has been made:

• All submitted applications will be verified by government officials.
• This verification will be done through the educational institution.
• The verification process will be done within 15 days from the receipt of the application.
• After verification, the beneficiary information will be provided to the bank.
• The loan will be approved by the bank within 15 days.
• Information related to loan approval or disapproval will be provided to the applicant through SMS.
• If the loan is approved, the applicant will have to visit the bank branch.

Conclusion

Education is not just important for the personal growth of the individual. An educated population makes for easy and sophisticated administration given that people are more aware of their rights and duties towards the country. They can demand more rational policies from their government and their ability to discern government functioning and policy will be more agile. So it is extremely important to take advantage of such initiatives which remove the hurdle of economic shortfall away from the equation of higher education.

MNSSBY – If you have any other queries about any legal or regulatory matters, get in touch with us and our team of experts will ensure that you receive the right kind of help for your requirements.

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