Bihar Student Credit Card Scheme – Education Loan Scheme for Students

Published Date - 06 September 2017 05:17:23 Updated Date - 25 October 2017 10:53:12

Bihar Government has announced the launch of the ambitious scheme for students on the eve of independence day. Cited as “Student Credit Card Scheme”, the objective of the scheme is to provide education loan to students for pursuing higher studies and build their careers.

Student Credit Card Scheme

The student credit card scheme launch announcement was made by the Bihar CM Nitish Kumar during his speech on the 70th Independence Day of the nation. Under the student credit card scheme, the state government would provide interest free loan of upto Rs. 4 Lakh to students for pursuing higher education.

UPDATE: The scheme has been launched on 2nd October 2016 by the state Government.

Objective of Student Credit Card Scheme

The main objective of the student credit card scheme is to encourage students to pursue higher education. The education loan of upto Rs. 4 Lakh under the scheme will be provided without any interest. The loan can be availed by the eligible students to pay the institutional fee, buy books, purchase computers, equipment and so forth.

The loan amount which can be provided to the students will depend upon the reimbursing capability of the students/parents.

Eligibility of Students

The students in the state pursuing/willing to pursue higher studies in professional courses, computer certificate courses from reputed institutions will be eligible for loan. Courses like CA, CFA, ICWA & so on and courses from IIM, IISC and IIT’s will come under the scheme.

Quick Details about Student Credit Card Scheme

Name of Scheme

Student Credit Card Scheme


To provide interest free education loan to students willing to pursue higher studies in technical or professional streams.

Eligible Students

12th Pass students getting admission in any professional, technical education course or any recognized course through enterance or other admission process in any of the reputed organization across the country.

Eligible Courses

Any course in higher studies, professional or technical course from reputed institution. Engineering, CA, CFA, Management, Medical, Education, & other courses.

Interest Rate on Loan

Nill for a loan of up to Rs. 4 Lakh. 10% for the loan above Rs. 4 lakh, upto maximum 7.5 Lakh.

Nature of Loan

Loan can be availed to pay course fee, buy books, computers, educational equipment and so forth.

Security for Loan

Co-commitment by the student and guardian(s) including third party guarantee and colateral security. State government would provide security for 25% of the loan amount, rest by the student/guardian.

Upfront charges

0.5% of the loan amount


The students will need start the repayment of the loan amount after a period of 4 years.


The state government targets to provide Student Credit Cards to 5 Lakh students in Bihar in the first phase of the scheme.

Launch Date

2nd October 2016

Student Credit Card Scheme is not launched yet, the information above is tentative. The detailed information about the scheme will be available once it is launched.



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