North India Statesman
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News India Live, Digital Desk: After the release of intermediate and matriculation results by Bihar School Examination Board (BSEB), now lakhs of students are facing a big question of fees for higher education. To ensure that no meritorious student’s studies stop due to financial constraints, Chief Minister Nitish Kumar’s government has made ‘Bihar State Student Credit Card Scheme’ (MNSSBY) more accessible. Under this scheme, education loan up to Rs 4 lakh is being given to the students of the state for higher education on very easy terms.
What is ‘Student Credit Card’ scheme and who will get the benefit?
This scheme is a part of the ‘Saat Nishchay’ program of the Bihar government. Its aim is to help those students who want to do engineering, medical, management or other professional courses other than BA, B.Sc., B.Com after passing 12th, but they do not have enough money. To avail the benefits of this scheme, it is mandatory for the student to be a native of Bihar. Also, he must have passed 12th examination from Bihar Board or any board recognized by the State Government.
Huge discount in interest rate: Special gift for daughters and disabled people
The biggest feature of this scheme of Nitish government is its interest rate. While banks charge huge interest on education loans, under this scheme students have to pay only 4% simple interest. The government has made it even more liberal for women, disabled and transgender students—they will have to pay only 1% interest. The most reassuring thing is that the loan repayment starts one year after completion of studies and getting a job. If due to some reason the student does not get a job, he also gets the facility to extend the installments by applying.
Application Process: Keep these documents ready
If you also want to take advantage of this scheme, then you can apply online on the official website of ‘Saat Nishchay’. You will need the following documents to apply:
Mark sheets and certificates of 10th and 12th.
‘Admission letter’ and ‘fee structure’ of the college in which you have taken admission.
Aadhar Card, PAN Card and Residence Certificate.
Photo of student and parent.
Photocopy of bank passbook. After the application, one has to go to the District Registration and Counseling Center (DRCC) and get the documents verified.
Revolution in the field of education: Bihar becomes the model of the country
Experts believe that the Student Credit Card Scheme has played a big role in increasing the Gross Enrollment Ratio (GER) of higher education in Bihar. Earlier, students who used to leave studies due to lack of money are now making their place in the prestigious institutions of the country. This initiative of Nitish government is not only making students self-reliant but also ensuring participation of educated youth in the development of the state.
