Bihar Credit Card Loan: Check Category-Wise Interest Rates

Bihar Student Credit Card Loan Interest Rate: To support the students in Bihar, the government has launched the Bihar Student Credit Card, which provides the lowest interest loan of up to 4 lakhs for higher education like BSc, MBBS, BTech, etc. The BSCC scheme has been launched with the slogan “Arthik Hal, Yuvawon ko Bal.” implying “Economic Solution, Strength to the Youth.” The Bihar Students Credit Card loan interest rate varies in categories; male students have to pay interest of 4 percent, and female students have to pay 1 percent loan interest . Check the complete details of the Bihar Student Credit Card Loan Interest Rate in the article below.

Check Also: Bihar Student Credit Card Eligibility

Bihar Student Credit Card Loan Interest Rate: Category Wise

Students who are searching for the interest rate on the Bihar Student Credit Card (BSCC) can check the table below to know the interest rate of the student credit card in Bihar:

Note: You can refer to the graph to understand the category-wise Bihar Credit Card Loan Rates

Read Also: Bihar Student Credit Card Status

BSSC Loan Interest Rate vs Student Loan Interest Rates

In comparison with the Student Bank loan for higher studies, the BSSC loan interest rate is very low (1 % to 4%). Check the different bank interest rates as compared to student credit card loans in Bihar in the table below:

Note: To compare the different student loan rates provided by the banks, you can check the bar graph.

Bihar Student Credit Card Loan: Repayment

To repay the loan amount, the students are provided sufficient time. You can check the repayment regulations of the BSSC loan amount below:

• Students have to pay the loan amount after 1 year of completion of the course or 5 years from the date of loan disbursement.
• After the moratorium, students have 5 years to repay the loan in 60 installments for loans up to Rs. 2 lakhs and 7 years to repay the loan in 84 installments for loans beyond Rs. 2 lakhs
• If a student secures a job after completing the course, the EMIs for the loan will start immediately
• Borrowers can make repayments via cheque, DD, ECS, NACH, or any other approved method
• If, during the repayment period, the student does not secure employment, repayment will be paused until they find employment. However, students must submit an affidavit to the District Resident Cum Counselling Office (DRCC) acknowledging their unemployment and lack of a source of income every last fortnight of June and December.
• In cases where a student is unable to repay the loan, suitable recovery procedures may be initiated as per the scheme’s norms.

We have provided the complete details related to the Bihar Credit Card Loan for students, like interest rates, student loan rates, and repayment norms in the article. We hope that you will benefit from this scheme by the Bihar government. All the best for your higher education!