Student Credit Card Scheme: A Complete Guide

Last Updated on March 19, 2025 by Sudhir Singh

The Student Credit Card Scheme, introduced by the Government of West Bengal, is an innovative program aimed at offering financial assistance to students seeking higher education.

This scheme is designed to help students who have been residents of West Bengal for a minimum of 10 years. It supports individuals starting from Class 10 through those enrolled in undergraduate, postgraduate, professional, or research courses in India or overseas.

Additionally, it includes funding for coaching fees for competitive examinations such as IAS, IPS, and WBCS. Students are eligible for loans of up to ₹10 lakh at a simple interest rate of 4%, without the need for collateral. The funds can be utilized for tuition fees, housing, educational materials, technology, and daily living expenses.

Up to 30% of the loan can be allocated for expenses not directly related to institutional fees, while 20% is designated for living costs. This initiative promotes accessible education financing with manageable repayment options through cooperative and public/private sector banks.

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Overview of Student Credit Card Scheme

Feature	Details
Maximum Loan Amount	₹10 lakh
Interest Rate	4% simple interest per annum
Repayment Period	Up to 15 years, with a one-year moratorium after course completion or employment
Eligibility	Students residing in West Bengal for at least 10 years
Applicable Courses	Class 10 onwards, including UG, PG, professional, diploma, and research programs in India and abroad
Loan Usage	Tuition fees, accommodation, books, gadgets, living expenses, and coaching fees for competitive exams
Collateral Requirement	No collateral required
Interest Concession	1% discount if interest is serviced during the study period

Step-by-Step Application Process

1. Register Online

Follow these steps to begin your application:

Visit the Official Website: Go to www.wb.gov.in.
Select the Registration Option: Click on the “Student Credit Card” tab and choose “Registration.”
Provide Basic Details: Enter the student’s name, mobile number, email, gender, and other necessary details.

Student Credit Card Scheme 2025 : A Complete Guide

2. Gather Required Documents

Before registering, ensure you have these documents ready:

Passport-size Photos: Both student and co-borrower (in .jpeg format).
Signatures: Digital signatures of the student and co-borrower (in .jpeg format).
Aadhaar Card: A copy of the student’s Aadhaar card.
Class 10th Certificate: Required if the Aadhaar card is unavailable.
Admission Receipt: Proof of enrolment in a recognised educational institution.
PAN Card: PAN details of the student and co-borrower (or an undertaking if unavailable).
Address Proof: Guardian’s address verification document.

3. Complete the Application Form

After registering, log in using the unique ID and password. Fill in details under these sections:

Personal Information: Student and guardian details.
Co-borrower Information: Details about the co-borrower’s identity and address.
Course Information: Name of the program and its fee structure.
Income Details: Financial background and income sources.

4. Upload Documents

Submit all necessary documents in the specified format, including:

Photographs and signatures of the student and co-borrower.
Aadhaar card, PAN card, or an alternative document.
Admission receipt and other course-related papers.

5. Submit and Make Payment

Finalise Application: Click “Save and Continue” after filling out the form.
Process Payment: Choose a payment method (Net Banking or Payment Gateway) to complete the transaction.

6. Verification and Loan Approval

Once submitted, your application will undergo verification by the concerned authorities. Upon approval, the loan will be sanctioned, and you will receive your Student Credit Card.

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Key Features of the Student Credit Card Scheme

Maximum Loan Amount: Students can avail of loans up to ₹10 lakh.
Low-Interest Rate: The loan is offered at a nominal interest rate of 4% per annum.
Flexible Repayment Terms: The repayment period extends up to 15 years, with a one-year moratorium after course completion or employment.
No Collateral Required: The loan does not require any security or collateral.
Wide Coverage: Available for students from Class 10 onwards, including undergraduate, postgraduate, and professional courses in India and abroad.
Comprehensive Expense Coverage: Loan covers tuition fees, accommodation, living expenses, study materials, and coaching fees for competitive exams like IAS, IPS, WBCS, SSC, etc.

Eligibility Criteria

Residency Requirement: The student or their guardian must have been a resident of West Bengal for at least 10 years.
Age Limit: The applicant should not be older than 40 years at the time of application.
Eligible Institutions: Students enrolled in schools, madrasahs, colleges, universities, or professional institutes such as IITs, IIMs, ISI, AIIMS, and NITs.

Loan Repayment and Interest Benefits

Simple Interest Calculation: The loan is sanctioned at the prevailing SBI MCLR + 1% but capped at 4% per annum.
Interest Concession: A 1% concession is granted if the interest is serviced during the study period.
Moratorium Period: Repayment starts one year after course completion or employment, whichever is earlier.

Monitoring and Grievance Redressal

State and District Monitoring Committees: Ensuring smooth implementation of the scheme.
Public Grievance Cell: Students can reach out via the toll-free number 1800 102 8014 or email support-wbscc@bangla.gov.in.

Conclusion

The Student Credit Card Scheme is a transformative initiative that makes higher education accessible to everyone, regardless of their financial background.

By providing easy loans with low interest rates and flexible repayment options, this program allows students to concentrate on their education without financial stress.

Through this initiative, the West Bengal government is creating opportunities for a brighter future for students throughout the state.