How to pay back BSCC loan? You can repay your student credit card loan using valid methods such as a cheque, demand draft (DD), electronic clearing service, or national automatic clearing house (NACH). You may request the next loan disbursement through the MNSSBY Portal by logging in as a BSCC applicant and submitting the relevant documents for approval. The repayment terms vary amongst categories with different interest rates applicable: while general students pay an interest rate of 4%, that of girls, transgender people, and divyang (disabled) students is only 1% per annum. To apply for the card, you must use your Aadhaar number (if available), PAN number, and bank and account details with their branch name. The Bihar Student Credit Card Scheme was introduced by the Bihar government to support students who completed 10+2 but cannot pursue further studies due to financial difficulties. Students need to complete the online application on the official website for applying under the Student Credit Card Bihar. This guide is to help you understand how to pay BSCC loan EMI easily, bank details and more.
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| Bihar Student Credit Card Status |
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How to Pay Back BSCC Loan?
Repaying your Bihar Student Credit Card (BSCC) loan online is a simple and easy process. The government of Bihar provides different digital payment options so that all borrowers can clear their EMIs hassle-free. By using electronic methods such as ECS, NACH, and UPI, or by making payments through net banking and debit cards, you can easily pay your dues in a safe environment without visiting any bank branch. Also, follow a few simple steps for BSCC loan EMI payment process.
- Access the online portal for your bank linked to your BSCC loan.
- Choose the loan repayment option under bill payments or loan services.
- Select your payment method from ECS, NACH, UPI, net banking, or debit card.
- Enter the EMI amount according to your repayment schedule.
- Confirm and process the transaction for successful payment.
- Take care to save the payment receipt for future reference.
BSCC Loan Repayment Structure and EMI Details
The BSCC loan repayment period will be based on the amount borrowed:
- Loans up to INR 2 lakh will have repayments done in 60 installments in 5 years
- Loans above INR 2 lakh will have repayments done in 84 installments in 7 years
- EMIs for the students start just after the students get a job
| Bihar Student Credit Card Course List | |
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| Loan Amount & Repayment Terms for BSCC | BSCC Loan Waiver & Government Support |
BSCC Loan Repayment Interest Rates
The Bihar Student Credit Card or BSCC has different interest rates for general and marginalized students, such as girl, transgender, and divyang (disabled) students. This structure should further facilitate making the loan affordable, especially for the marginalized sections, towards enabling them to access higher education.
- General students have the interest rate of the loan set as 4%.
- Girls, transgender individuals, and students with disabilities pay only 1% as an interest rate.
- Reduced loan interest for some communities makes it easier for them to pay back the loan. The scheme that helps realize higher education is lent out in manageable repayment terms.
Also Read:
| How to Get Your Domicile Certificate for BSCC | Common Document Mistakes for BSCC & How to Fix Them |
How to Request Next Loan Payment on MNSSBY Portal BSCC?
In case you have received an initial loan disbursement already under the BSCC scheme, and now require another installment, you can apply through the MNSSBY Portal online. The online BSCC loan repayment options are easy and assures timely disbursement of funds for your educational needs. It will thus guarantee the uninterrupted supply of money for your studies, and give you an easy chance to concentrate on your studies without worrying about finances through these few steps. To receive the next loan installment,
- You must log in as a BSCC applicant on the MNSSBY Portal and enter a request for the next loan disbursement.
- Upload the required documents supporting your request
- Wait for the AMS and DPO (Education) for approval, after which the funds will be disbursed into the student account for educational expenditures.
BSCC Moratorium Period and Repayment Timeline
The moratorium period allows financial relief for education, which should start within one year from the date of course completion or within five years from the date of loan disbursement, whichever is earlier.
- If after the moratorium period the student is still unemployed, The candidate should file an affidavit with the District Resident Cum Counselling Office (DRCC) during each of June and December, so that further repayment is slowed down.
- If, however, he remains unemployed for a long time, the repayment will be deferred, and as such, regular documentation will be required to prove those claims.
BSCC Loan Repayment Bank Details
While making any payments, please always verify with the lending institution if the BSCC loan repayment bank details required are correct. Typically, the required details would be:
- Loan account number
- IFSC code of the bank branch
- Registered borrower details
- EMI amount as per schedule
It is easy and flexible as to how to pay back BSCC loan through various online payment options. Keeping track of the loan's interest rates, moratorium period, and repayment timelines will help you make your payments on time. If you need any further help, request the next loan's installment via the MNSSBY Portal, thus securing a steady flow of funds toward your education. Pay on time with all features of the scheme to make the way to financial independence easier.
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FAQs
Yes, you can change your BSCC repayment method at any time during the loan tenure. If you wish to switch to a different payment method such as ECS, NACH, UPI, net banking, or debit card, you can do so by coordinating with your bank or financial institution. Ensure that you update your preferred repayment option with the bank to avoid any missed payments.
You can start paying BSCC loan EMIs after you secure a job following the completion of your course. The repayment period starts once you have a stable source of income, ensuring that you can comfortably make the required monthly payments. If you are unemployed, your loan repayments can be paused until you find a job, as per the moratorium and deferral guidelines.
If you fail to repay my BSCC loan, it can lead to serious consequences. If you do not make repayments as per the schedule, the bank or financial institution may initiate recovery procedures in line with the guidelines set by the BSCC scheme. These procedures can include penalties, legal action, or other recovery measures. It’s important to stay on top of your repayments to avoid these issues.
Yes, prepayment of the BSCC loan is allowed. You can repay the loan amount in full before the end of the tenure. However, it is recommended to check with your bank or financial institution for any specific terms, conditions, or prepayment penalties that might apply. Some banks may offer prepayment flexibility, while others might have certain restrictions or charges.
If you have taken a BSCC loan and don’t get a job after completing your course, you can request a pause in your loan repayment. To do this, you need to submit an affidavit to the District Resident Cum Counselling Office (DRCC) every June and December, acknowledging your unemployment and lack of a source of income. This will allow your loan repayment to be deferred until you secure employment. However, you must continue submitting the required documentation to ensure the deferral is maintained.
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