Loan Amount & Repayment Terms for BSCC are set up by the state government, in collaboration with the banks that are participating in the scheme. The Bihar Student Credit Card (BSCC) is a part of the Mukhyamantri Nishchay Swayam Sahayata Bhata Yojana (MNSSBY) and supports students from economically weaker backgrounds. Under this scheme, students can get an education loan of up to INR 4 lakhs to cover tuition fees, books, hostel charges, and other academic expenses. Students have to repay the loan amount after 1 year of course completion or 5 years from the date of loan disbursement, whichever comes first. If a student gets a job after post-course completion, the EMIs will start immediately.
The scheme provides flexible repayment options, including a moratorium period. The repayment can be done via Cheque, DD, NACH, ECS or any other approved method. Here is more about the Loan Amount & Repayment Terms for BSCC including the BSCC loan repayment period, BSCC loan EMI structure etc.
Highlights of Loan Amount & Repayment Terms for BSCC
Candidates can check the important details regarding the Bihar student credit card loan amount and repayment terms below:
Particulars | Details |
|---|---|
Name of the Scheme | Bihar Student Credit Card (BSCC) |
Offered By | Bihar Government |
Application Mode | Online and Offline |
Maximum loan under BSCC scheme | up to INR 4 Lakh |
Interest Rate | 1% simple interest p.a. for female, transgender, disabled; 4% for male |
Moratorium Period | 1 year post-course completion or 5 years post-disbursement, whichever earlier |
BSCC Loan Repayment Period | 5-7 years after moratorium period |
How to repay BSCC loan? | Cheque, DD, NACH, ECS etc. |
Is there a BSCC loan EMI structure | Yes |
Collateral | Not required |
Also Read: Bihar Student Credit Card Eligibility
All About Bihar Student Credit Card Loan Amount
The following are the important details relating to Loan amount & repayment terms for BSCC which students must keep in mind before applying for the BSCC scheme.
What is Bihar Student Credit Card Loan Amount
The maximum loan under BSCC scheme is INR 4 Lakh which can be used to pay tuition fees, purchase books, buy a laptop, or cover accommodation expenses. The Bihar Credit Card Loan is directly transferred to the educational institution to ensure proper usage.
Students applying for this loan must be permanent residents of Bihar and must have passed their 12th standard. They should be enrolled in a recognized educational institution. The minimum age to apply for the Bihar Student Credit Card (BSCC) scheme is 25 years.
BSCC Interest Rate Structure
The scheme offers affordable interest rates to make loan repayment easier. Male students pay an interest rate of 4% per annum. However, female students, transgender individuals, and differently-abled students get a lower interest rate of 1% per annum.
Also Read:
Income Criteria for BSCC Loan Approval
Repayment Terms for BSCC
BSCC Loan Repayment Period
Students start repaying the loan after completing their course and securing a job. The scheme includes a moratorium period to give students time to find employment. The repayment period begins either one year after completing the course or 5 years after receiving the loan, whichever comes first.
For example, if a student finishes a three-year course but does not get a job immediately, they must start repayment one year after course completion. If a student takes longer to complete their studies or does not secure a job, repayment begins five years after the loan is disbursed.
BSCC Moratorium Period & BSCC Loan EMI Structure
The moratorium period lasts for one year after course completion or five years from the date of loan disbursement, whichever comes first. After this period, the repayment duration depends on the loan amount. If the loan amount is up to INR 2 lakh, students must repay it within five years through 60 monthly instalments. If the loan exceeds INR 2 lakh, they must repay it within seven years through 84 monthly instalments.
BSCC Collateral-Free Loan
One of the biggest advantages of the BSCC scheme is that students do not need to provide any collateral. Families do not have to pledge any property or assets as security, making the loan accessible to students from financially weaker backgrounds.
BSCC Loan Disbursement Process
The Bihar government has established an Education Finance Corporation to handle loan disbursement. The loan amount goes directly to the educational institution to ensure that students use the funds only for academic purposes. This process prevents misuse and maximizes the scheme’s benefits for students.
Also Read:
Bihar Student Credit Card College List
How to Repay BSCC Loan?
Students can repay the BSCC loan through various methods, including cheques, Demand Draft (DD), Electronic Clearing System (ECS), National Automated Clearing House (NACH), or any other approved payment method.
With a moratorium period and a repayment tenure of up to 15 years including the moratorium period, students can focus on their education without worrying about immediate financial stress. The scheme also has a definite BSCC loan EMI structure that helps reduce the financial burden. This scheme plays an important role in providing access to higher education and providing more career opportunities for students in Bihar.
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FAQs
Students can repay the loan using different methods, such as cheque, Demand Draft (DD), Electronic Clearing System (ECS), or National Automated Clearing House (NACH). These options make it convenient to manage loan payments.
No, students do not need to provide any collateral to get the loan. This makes the scheme accessible to students from economically weaker backgrounds who may not have assets to pledge.
After the moratorium period ends, students get 5 to 7 years to repay the loan. This flexible repayment structure allows them to manage their finances based on their earnings after securing a job.
Repayment starts after the student completes their course and gets a job. However, there is a moratorium period of 1 year after course completion or 5 years after loan disbursement, whichever comes first. This gives students time to settle before they start paying back the loan.
Male students have to pay an interest rate of 4% per annum. Female students, transgender individuals, and differently-abled students get a lower interest rate of 1% per annum. The interest is simple interest, making repayment easier.
A student can get up to INR 4 lakh under the BSCC scheme. This loan can be used for tuition fees, books, laptops, and accommodation expenses. The amount is directly transferred to the educational institution to ensure proper use.
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