West Bengal Student Credit Card

West Bengal Student Credit Card Scheme

The West Bengal Student Credit Card Scheme was developed by the Government of West Bengal’s Higher Study Department, under the direction of the honorable West Bengal Chief Minister Mamata Banerjee, to enable West Bengal students to pursue their education without facing financial difficulties.

This program is designed to let students pursue secondary, higher secondary, undergraduate, graduate, and professional degree programs, as well as other similar courses, in any school, madrasah, college, university, or other connected institution in India or overseas. Students can also apply for loans under this scheme if they are enrolled in various coaching programs to get ready for competitive exams like the WBCS, IAS, IPS, engineering, medical, and law.

West Bengal students can borrow up to Rs. 10 lakhs from the State Cooperative Bank, its affiliated Central Cooperative Banks, District Central Cooperative Banks, and Public/Private Sector Banks at a basic interest rate of 4% annually. If the interest is paid off in full throughout the study period, the borrower will receive a 1% interest concession. For interested students, the maximum age at which they can apply for a loan is 40 (forty) years old. Any loan taken out using this credit card, including those with moratoriums or repayment holidays, will have a fifteen-year repayment duration. Please refer to the scheme provided on this portal for more information.

Purpose of This Scheme

The following expenses may be covered by a loan obtained through this program using a credit card:

IITs, IIMs, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, IISCs, BITS, SPA, NID, IIFTs, ICFAI Business School, and other professional institutes are responsible for paying the course costs. Numerous competitive coaching centers designed for a variety of competitive exams, including the SSC, IAS, IPS, WBCS, Engineering, Medical, and Law exams.

fees for living in a school, madrasah, college, university, or other institution’s dorm; rent or license fees for living outside of the dorm; or fees for residing as a paying guest.

The institution’s bills and receipts must be used as proof of the fees for the caution deposit, building fund, refundable deposit, examination, library, and laboratory. The price of buying books, computers, laptops, tablets, and other equipment, etc. Any other expenses necessary to finish the course, like study trips, projects, theses, etc.
Up to 30% of the entire loan amount authorized may be spent by the student on non-institutional costs over the duration of their studies. Living expenses for the duration of the course may account for up to 20% of the total loan amount approved. The concerned student must report any expenses incurred for any of the aforementioned purposes to the bank and the department via the online portal along with the appropriate bills, receipts, and supporting documentation.

Benefits of WSCC

  • After interest subvention, the scheme offers a maximum loan amount of ₹10,000,000 at a simple annual interest rate of 4%.
  • For loans up to ₹10,000,000, the interest rate is fixed at the time of sanction and is equal to the State Bank of India’s current 3-year MCLR plus 1%. The loan is available to students at any time while they are enrolled in classes.
  • The loan application must be co-submitted by the parent or legal guardian and the student.
  • The terms of the loan will be formally agreed upon by the bank, the student, and their parents or legal guardians.

Margin Money: Above ₹4,00,000/-: 5% Up to ₹4,00,000/-: Nil
Assistance ships and scholarships are included.Pro rata payment as payouts are paid

Security: No needless limitations or collateral securityNo collateral or security other than the parents’ or guardians’ joint responsibility for the state government to sign a separate contract with banks
Insurance: Student life insurance up to the loan amountThe student’s premium was paid and deducted from their loan balance.
Time limitations: Following clearance from the appropriate authority, the departments of higher education and school education will coordinate the loan sanctioning and payout timeframe.

West Bengal Student Credit Card Eligibility Requirements

  • Ten years as a resident of West Bengal and an Indian citizen (self-declaration).
  • The applicant must not be older than 40 at the time of application.
  • In addition to attending schools, madrasahs, colleges, universities, IITs, IIMs, IISc, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, BITS, SPA, NID, IIFTs, ICFAI Business School, etc., the applicant should be enrolled in higher education programs both domestically and abroad. Additionally, they should be preparing for competitive exams like the Engineering, Medical, Law, IAS, IPS, WBCS, SSC, and others.

Note: Following each semester or year, students file their progress reports.

How to apply for West Bengal Student Credit Card?

  • The applicant must click “STUDENT CREDIT CARD” on the official website. Select the option for “STUDENT REGISTRATION.”
  • Enter the information requested for the online registration process, then click “Submit” to create a user ID and password.
  • A unique ID will be created once the registration procedure is complete.
  • Now that you have the login information, you must click the “Student Login” button on the homepage.
  • The candidate must enter all of their information here, which is accessible via the “Applicant Dashboard.”Individual Information Details of the co-borrower and current address Details of the course, income, and permanent address Student and co-borrower bank account information
  • Upload the necessary files.
  • Once all the information has been verified, select the Submit option.

WSCC Repayment Process:

Any loan taken out using this credit card, including those with moratoriums or repayment holidays, will have a fifteen-year repayment duration.

The student or his parent/legal guardian may pay back the loan balance at any point prior to the deadline; the bank will not impose any penalties or processing fees for early repayment.

If the interest is paid in full within the study period, the borrower will receive a 1% interest concession.

As a first charge, the student or co-borrower, as applicable, will be responsible for timely loan repayment.

Students will be able to apply for the loan at a basic interest rate of 4% per year. In order to limit the actual rate of simple interest at the borrower level to 4% annually, the State Government would offer an appropriate interest rate subvention for all borrowers for the duration of the loan.

Required Documents

The table below lists the West Bengal Student Credit Card necessary documents along with their size and format requirements.

DocumentsFormatSize Range
Applicant’s Colored PhotographJPG or JPEG Format20 KB to 50 KB
Co-applicant’s / Co-borrower’s Colored PhotographJPG or JPEG Format20 KB to 50 KB
Student’s SignatureJPG or JPEG Format10 KB to 50 KB
Co-borrower’s / Guardian’s SignatureJPG or JPEG Format10 KB to 50 KB
Student’s AADHAR CardPDF Format50 KB to 400 KB
Applicant’s Age ProofPDF Format50 KB to 400 KB
Co-applicant’s / Co-borrower’s Address ProofPDF Format50 KB to 400 KB
Admission ReceiptPDF Format50 KB to 400 KB
Student’s PAN Card / Undertaking (if no PAN)PDF Format50 KB to 400 KB
Guardian’s PAN Card / Undertaking (if no PAN)PDF Format50 KB to 400 KB
Prospectus / Certificate from Institution (Fee details)PDF Format50 KB to 400 KB
Marksheet / Certificate of Last Qualifying ExamPDF Format50 KB to 400 KB

Conclusion

Such students who want to apply for the WSCC scheme must contact Teamucsworld. Our team provides the full details about the scheme, application process, loan details, details about colleges, and courses. If you are highly interested in applying for this scheme, just contact us now.