Student Credit Card New Rules: If you need a large education loan, you will no longer be able to get it through a student credit card. Credit cards will now only allow loans up to ₹2 lakh. Learn about the new rules.

Changed rules for the student credit card scheme

Student Credit Card Loan News: There has been a major change in the Student Credit Card rules in Bihar. The maximum loan amount under this scheme has been reduced from Rs 4 lakh to Rs 2 lakh. Importantly, applications for education loans up to Rs 2 lakh can now be made online through the Bihar State Education Finance Corporation.

According to the notification issued by the Higher Education Department, if anyone needs more than Rs 2 lakh, then now if needed, students will have to apply for a loan from the bank through the Pradhan Mantri Vidya Lakshmi Portal.

It should be noted that the Bihar government has extended this scheme, which provides financial assistance to students for higher education, for the next five years, meaning it will remain in effect until 2031. Students will have access to the district registration and counseling centers to apply through the portal for free.

What is Bihar Student Credit Card Scheme?

The Bihar Student Credit Card Scheme was launched by the Bihar government. Under this scheme, students who have passed the 12th grade are provided with educational loans to pursue higher education without any guarantee or collateral. Under the scheme, general students receive loans at a 4% interest rate. However, women, differently-abled, and transgender students receive loans at a mere 1% interest rate.

Under the scheme, the loan amount covers college fees, tuition fees, hostel expenses, books, stationery, and laptop purchases. It's important to note that the student begins repaying the loan in easy installments one year after completing the course or after securing a job.

What documents are required to take a loan?

• Aadhaar card
• PAN card
• 10th and 12th mark sheets
• Admission Letter
• Fee Structure Slip
• Domicile Certificate
• bank passbook
• cancelled cheque
• and passport-size photo