MNSSBY Bihar Student Credit Card

The MNSSBY Bihar student credit card was launched under the Mukhyamantri Nishchay Swayam Sahayata Bhata Yojana (MNSSBY) to support the students of Bihar who are seeking a higher education and need financial assistance. Introduced on Gandhi Jayanti in 2016, a student in Bihar can avail of up to Rs 4 lakh under this scheme with a nominal interest rate of 4% per annum, with an even lower interest rate of only 1% per annum for female, transgender, and disabled students. To lessen the financial burden on the students in Bihar, this scheme requires no guarantor, and the amount has to be repaid only when the student completes their education and secures a job. The program is available to residents of Bihar who have completed their 12th grade and are enrolled in recognised institutions, thus making higher education more accessible to financially disadvantaged students​.

MNSSBY Bihar Student Credit Card Scheme Highlights

The MNSSBY (Mukhyamantri Nischay Swayam Sahayata Bhatta Yojana) Bihar Student Credit Card scheme has several highlights that make it an important initiative for students in Bihar. Here are the key highlights of the scheme:

Financial Assistance

The scheme provides financial assistance to students pursuing higher education in recognised institutions. It aims to support students in meeting their educational expenses, including tuition fees, examination fees, books, study materials, and other related costs.

Credit Card Facility

Under the scheme, eligible students are issued a credit card that serves as a financial instrument to access funds for educational purposes. The credit card functions as a revolving credit facility, allowing students to use the funds as and when required.

Wide Range of Courses Covered

The Bihar Student Credit Card can be used for various educational purposes, such as undergraduate, postgraduate, diploma, and vocational programs. This flexibility allows students to pursue various fields of study according to their interests and career aspirations, making higher education more inclusive and diversified​.

Loan Amount

The credit card provides a loan amount based on the course duration and fee structure. The loan amount can vary depending on the course and institution. This enables students to have access to the necessary funds to pursue their education without financial constraints.

Interest Subsidy

The Bihar government offers an interest subsidy on credit card loans. This subsidy helps reduce the interest burden on students and makes education financing more affordable. The government determines the specific details of the interest subsidy, which may be subject to change.

Repayment Flexibility

Students have the flexibility to repay the credit card loan after completing their course. The repayment period typically begins after a moratorium period, allowing students to focus on their studies before starting the loan repayment process.

Straightforward Application Process

The student can apply for this Yojana using the online application method, making it convenient and accessible. First, the student must register on the official MNSSBY website and fill in the required information. This process reduces the need for paperwork and speeds up the application process.

Empowering Students

The MNSSBY Bihar Student Credit Card scheme empowers students by providing them with the means to pursue higher education without financial constraints.

Extensive List of Approved Institutions

The MNSSBY scheme covers 200 recognised institutions in Bihar. This extensive list ensures that students have ample options and opportunities that fit them the best before they pursue their higher education

The process to Apply for the Bihar Student Credit Card Online

The following describes the step-by-step process for applying online for the MNSSBY Student Credit Card:

Step 1: Open the MNSSBY’s official website

Step 2: Click on the ‘New Application Registration’ option on the home page.

Step 3: Now, enter all your details like name, email ID, mobile number, and aadhaar number.

Step 4: Select the option of ‘Send OTP’

Step 5: Fill in the OTP you received on your registered mobile number.

Step 6: Once you have applied all the steps given above, your registration process will be completed, and you will get your ID and password on your personal email ID or registered phone number.

Step 7: Now, you need to log in to your account with the received login ID and Password.

Step 8: Once logged in, you need to change your password.

Step 9: You will now be redirected to a new page wherein you need to fill in all of your personal information. After filling in all the information, select the ‘Submit’ option.

Step 10: You will now see a tab of ‘Select Scheme’; hover your mouse over that, and you will see the option of ‘Crediit Cared’, Select that option.

Step 11: Now you need to fill in the details of applicant’s and the co-applicant’s.

Step 12: After filling in all of the financial details, you need to select the option of ‘Submit’.

Step 13: You will now receive the acknowledgment and confirmation on your registered email ID.

Eligibility Criteria for MNSSBY Bihar Student Credit Card Yojana

The following is a list of the requirements for eligibility for the Bihar Student Credit Card:

• One must reside in Bihar.
• One must be older than 25, at least.
• One must have completed the 12th grade.
• One must enroll in a course at a recognized institution.
• The entire program must be finished.

Benefits and Features of the MNSSBY Bihar Student Credit Card Yojana

The MNSSBY Bihar Student Credit Card Yojana’s primary advantages and characteristics are listed below:

• A maximum loan amount of Rs. 4 lahks can be obtained.
• You may apply for a loan for technical, polytechnic, and general education courses.
• You can get financial aid if you need it to pay for fees, laptops, or books.
• Only when you have finished the course and found a job will you be required to begin making payments on the loan.
• The interest rate might be as low as 1% for students who identify as transgender, divyang, or female.
• Since the government owns the loan, the recovery procedures are not particularly severe. The government may, in some circumstances, abrogate the balance.

Documents Required to Apply for MNSSBY Bihar Student Credit Card Yojana

The following is a list of the documents that must be provided to apply for the Bihar Student Credit Card:

• Filled out the properly standard application form
• The applicant’s and the co-applicant’s PAN cards
• Copies of the scholarship letters
• Approved course design
• Fee structure
• Income tax return from the prior year/Form 16
• The most recent six-month bank statement
• Tax invoice
• Co-applicant and applicant’s Aadhaar cards
• Applicant’s 10th and 12th-grade transcripts
• Admission evidence
• Photos of the student, parents, and/or guarantor: two
• Latest two years’ worth of income tax returns
• Proof of address

Top 10 Student Credit Cards in India 2024

The table below mentions the top 10 student credit cards in India as of 2024:

FAQs