Over the years, several financial schemes have been introduced to make funding convenient for the commoners. When it comes to educational support, the Government of Bihar has been one of the leading state governments and has come up with the Student Credit Card scheme, aiming to help students pursue their higher education with the availability of necessary finances.
As Bihar’s Gross Enrolment Ratio (GER) saw a remarkable dip in 2018, the introduction of this credit card scheme is seen as an initiative to revive the state’s enrolments. To help the students with necessary financial assistance, this initiative helps avail financing up to RS.4 lakh at affordable interest rates. Here’s everything you would need to know regarding this scheme.
Eligibility Criteria For A Bihar Student Credit Card
Since credit cards make expenses quite easier, when it comes to maintaining education costs, this option comes as an instant way out. Even the travel expenses get covered through credit cards if one knows how these can help in saving fuel costs. To apply for this credit card, students need to meet a few requirements as laid down by the Government.
- The students should reside in Bihar and complete 12th-grade education.
- He/she should be under 25 years of age.
- Students can go to authorized institutes only.
- Provide 10th, 12th mark sheet details, ID and address proof, Aadhaar and PAN card, admission documents, bank account statements of their parents, along with income certificate.
Documents supporting the minimum requirements are essential while applying for a Bihar Student Credit Card. Once you have applied for the card, and the financial institution goes through all these details, the card application is approved.
The Benefits Of Bihar Student Credit Card
Bihar student card scheme was announced to assist students financially so that they can pursue their choice of career without any financing hurdle. Since the educational expenses often seem like a burden, this initiative has been quite beneficial for several families.
Here are some advantages this credit card scheme brings-
- Students are permitted to avail of up to RS. 4 lakh as financing under this scheme.
- A key advantage is that not only can students opting for technical courses avail of this loan, but also students pursuing general and polytechnic courses.
- The rate of interest has been kept low for students.
- They can use the funds to cover their expenses regarding books, laptops or relevant electronic purchases, tuition fees, etc.
- A significant advantage lies in the fact that repayment begins only after the student completes his or her education and lands up a job.
With all these benefits, the credit card scheme helps students fulfill their ambitions affordably. Even the application procedure is quite simple to ensure hassle-free financing.
Application Procedure Card
The application process to avail of the card is quite simple. Follow the steps given below to apply for the student credit card –
- Visit the official website available for this financing facility.
- Students need to choose the ‘New Applicant Registration’ option to go forward.
- After filling in the necessary details, students need to submit an OTP which will be sent to their mobile number.
- After this registration process, create a new password and enter personal details as well.
- From the ‘Select Scheme’ drop-down menu, students can find the Bihar Student Credit Card Here they are required to fill in all the details as required.
- Students will receive an email once the entire process is completed.
The application process requires a few minutes, though students need to be careful while providing their details. In some cases, credit card applications can be rejected, and that is why it is always better to research well before opting for one.
The popularity of credit cards over the years can be indicated by the number of active credit card users in India. Currently, more than 52 million individuals use different kinds of credit cards, according to a 2019 report. Nevertheless, one must be aware of the important things to know while applying for one.
Several financial institutions also come up with convenient options that suit various user requirements. Top Finserv also extend different credit card schemes that offer attractive benefits as well. Especially, with the likes of Bajaj Finserv RBL Bank SuperCard, users can choose suitable options like travel, food, etc. to make the most of available advantages.
Provider of the card also brings pre-approved offers to make the process of financing smooth and less time-consuming. These offers are applicable to several financial products like personal loans, business loans, credit cards, etc. You can easily check your pre-approved offer by providing your name and contact number on the site.
As for Bihar Student Credit Card, it is a convenient and effective option for students who wish to pursue higher education but lack the necessary financing. However, to utilize all the advantages it comes with, students should be aware of the requirements beforehand, or else the application can be rejected.
Everything You Need To Know About Credit Card
The immense expansion of the education industry has opened multiple opportunities for young students to go for their choice of courses. With that, educational expenses have also increased a lot, thus making it difficult for Indian parents to meet the financing needs. Thus, to mitigate such a lack of funding, the Government has come up with several schemes, which can help students to fulfill the educational funding needs. The Bihar Student Credit Card is one such prime example of a financing option and is provided to the students of Bihar for required monetary assistance.
Especially under the student credit card scheme, students get some of the attractive benefits that also open several avenues for them in the future. They include –
- High financing value of up to Rs.4 lakh to help them manage their expenses.
- Affordable interest rates to ensure affordability.
- Students also get to fund their desired courses with the card.
- The scheme ensures easy repayment after the completion of the course.
All these key benefits make the student credit card useful for students struggling to meet the required finances to pursue higher education. The easy application procedure and minimal use of documents make it even easier for them to apply for the card and avail its benefits.
Since the credit card application process has become hassle-free with all new digital system, you can easily opt for a credit card that suits your requirements and apply for it online. However, it’s better to research properly before opting for one to find the best benefits. In the case of personal credit cards, the likes of Bajaj Finserv RBL Bank SuperCard can be the ideal options for individuals looking to meet their customized spending needs.
Holding such a student credit card can be crucial in ensuring stress-free financing throughout the course duration. Students should, nevertheless, be careful enough to use it properly and maximize the benefits from it.