The West Bengal Student Credit Card Loan Scheme

Eligibility Criteria:

• Nationality: Indian nationals or residents of West Bengal for the past 10 years.
• Age: Applicants must be under 40 years old at the time of loan application.
• Courses: Open to students pursuing education from Class 10 onwards or enrolled in coaching institutes for competitive exams (e.g., Engineering, Medical, Law, IAS, IPS, WBCS, SSC, UPSC, etc.) or studying undergraduate, postgraduate, diploma, doctoral, or postdoctoral courses at recognized institutions such as IITs, IIMs, NITs, AIIMS, etc., within or outside India.

Benefits:

• Loan Amount: Up to ₹10,00,000 with an interest rate of 4% per annum after interest subvention.
• Interest Calculation: The interest rate is based on the prevailing 3-year Marginal Cost of Funds Based Lending Rate (MCLR) of the State Bank of India, plus 1%, and is fixed for the entire loan term.
• Margin Requirement:
  • No margin for loans up to ₹4,00,000.
  • A 5% margin for loans exceeding ₹4,00,000.
  • Scholarships or assistance received must be included in the margin calculation.

Eligible Expenses:

• Course fees for schools, madrasahs, colleges, universities, or professional institutes.
• Accommodation fees (hostels, rent, PG accommodations, etc.).
• Caution deposits, refundable deposits, examination fees, library and laboratory fees, etc.
• Costs for books, computers, laptops, tablets, and equipment.
• Project work or thesis expenses.
• Up to 30% of the total loan amount can be used for non-institutional expenses, and up to 20% can be used for living expenses.
• Loan Repayment and Moratorium:
• Moratorium/Repayment Holiday: A one-year repayment holiday is available, starting either after course completion or one year after employment, whichever is earlier.
• Repayment Period: 15 years, including the moratorium period.
• Prepayment: Borrowers can prepay the loan at any time without penalties.
• Interest Concession: A 1% interest concession for borrowers who fully service interest during the study period.

Documents Required:

• Colored photograph (20 KB to 50 KB, JPG format).
• Colored photograph of co-applicant.
• Student's and Guardian's signatures (10 KB to 50 KB, white background).
• Aadhaar card of the student (50 KB to 400 KB, PDF format).
• Age proof of the student (50 KB to 400 KB, PDF format).
• Address proof of the co-applicant.
• Admission receipt (50 KB to 400 KB, PDF format).
• PAN card of the student and guardian (50 KB to 400 KB, PDF format).
• Marksheet of the last qualifying examination (50 KB to 400 KB, PDF format).

Important Notes:

• Loan Availability: The loan can be availed at any time during the course.
• No Collateral: No collateral or third-party guarantee is required beyond the co-obligation of the parents or legal guardians.
• Life Insurance: A life cover equivalent to the sanctioned loan amount will be provided for the student, with the insurance premium debited from the loan account.

How to Apply:

1. Eligibility Check: Ensure you meet the age and residency requirements.
2. Prepare Documents: Gather all necessary documents in the prescribed format.
3. Apply Online: Submit your application through the designated portal.
4. Co-Applicant Agreement: The student and their parent/legal guardian must co-sign the loan agreement.