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Tata Capital > Blog > West Bengal Student Credit Card (WBSCC) Scheme: All you need to know

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West Bengal Student Credit Card (WBSCC) Scheme: All you need to know

West Bengal Student Credit Card (WBSCC) Scheme: All you need to know

We all have come across bright students who have missed their higher education because of a lack of financial means. So time and again, central and state governments announce student credit cards for India or a specific state dedicated to helping deserving students fulfill their dream of completing their higher education.

On 30th June 2021, West Bengal’s Chief Minister, Mamata Banerjee, unveiled the West Bengal Student Credit Card (WBSCC) scheme and tagged it as the most significant global project of this kind. The primary aim of this scheme is to make higher education more accessible by providing inexpensive loans to deserving candidates.

The student credit card in West Bengal was promised by Mamata Banerjee in her election manifesto and pledged to provide students with a soft loan at a reduced interest rate. Read on to learn the basics of the West Bengal Student Credit Card scheme.

WBSCC full form and overview

“I am delighted to announce that GoWB has launched the #StudentCreditCard today.

To make the youth of Bengal self-reliant, the scheme shall provide a loan of up to ₹10 Lakh with an annual simple interest. (1/2)”

  • Mamata Banerjee via @MamataOfficial, June 30, 2021

Student credit cards are for those who do not have a source of income to support their studies. They enable beneficiaries to borrow up to a specified limit.

The West Bengal student credit card (WBSCC) scheme is a similar scheme for students studying within or outside India. It aims to enable them to pursue higher education without any monetary restrictions.

Purpose and objectives of the West Bengal student credit card

The Higher Education Department of the West Bengal government rolled out the WBSCC scheme to help students pursue higher education without getting drowned in the heavy interest burden that usually accompanies personal loans. It is a security-free forwarding to help deserving students access quality education.

The WBSCC supports students to continue their education, be it secondary, higher secondary, undergraduate, post-graduate, or madrasah, and includes professional degrees and other equivalent courses in any specified institute within the country or outside.

The scheme even covers those who are appearing for competitive exams, such as medical, law, engineering, IPS, IAS, and more.

Student credit card West Bengal eligibility criteria

Here are the eligibility requirements to benefit from the student credit card in West Bengal:

  • The applicant must be between 15 and 40 years of age.
  • They must be an Indian National and a West Bengal resident for the last ten years or more on the card application date.
  • The applicant must have completed their Class IX education from any recognized board in the state.
  • They must be enrolled in higher studies within the country or abroad.

WBSCC student credit card repayment terms

Here are the repayment terms attached to the WBSCCS:

  • The repayment period would be 15 years, including a moratorium/repayment holiday, for any loan availed under this scheme.
  • Students can avail of a 1% interest concession if they can pay the interest entirely during the study period.
  • The student or their legal guardian/parent can repay the loan before its stipulated due date without bearing any prepayment penalty or any other charges of any kind.

Student credit card: West Bengal documents required

Given that it is a collateral-free loan, there is extensive documentation involved while applying for a loan under the West Bengal student credit card scheme. Here is what an applicant will need:

  • A color photograph in JPEG/JPG format and size no greater than 50 KB and no less than 20 KB
  • In case there is a co-borrower, their color photograph in JPEG/JPG format and size between 20 KB and 50 KB
  • Signature of the applicant in JPEG/JPG format and size between 10 KB and 50 KB
  • Signature of the co-borrower in JPEG/JPG format and size between 10 KB and 50 KB
  • A photocopy of the student’s Aadhaar Card in PDF format and size no greater than 400 KB and no less than 50 KB. In the absence of an Aadhaar Card, the student’s class X Board Registration Certificate of a size between 50 KB and 400 KB
  • Address proof of the guardian in PDF format and size between 50 KB and 400 KB
  • PAN Card of the student/undertaking form, if they do not have a PAN Card, in PDF format between 50 KB and 400 KB
  • PAN Card of the co-borrower/undertaking form, if they do not have a PAN Card, in PDF format and size between 50 KB and 400 KB
  • Relevant document containing the course fee/tuition fee in PDF format and size between 50 KB and 400 KB
  • Admission receipt for the course they are pursuing
  • ITR of co-borrower for the last two years, if filed. If they do not have their ITR copies, they need an income certificate approved by their local BDO/SDO

WBSCC student credit card coverage & benefits

The West Bengal student credit card is proposed to cover the following expenses:

  • Fees charged by the school/college/university/professional institutes and competitive coaching institutes, or for entrance examinations
  • Fees to be paid for accommodation in a hostel or as a PG (paying guest)
  • Cost to be borne for buying books, digital devices, equipment, and more for educational purposes
  • Any deposit is to be made to the institution, library, and laboratory
  • Any other course-related expenses, such as project work, thesis submission, or study tours

The applicant can spend a maximum of 30% of the amount forwarded towards non-institutional purposes, such as buying books, study tours, and equipment purchases.

WBSCC student credit card interest rate and charges

The WBSCC student credit card offers education loans to help students pay for tuition, books, hostel fees, and laptops. The loan amount ranges between Rs. 4 lakh and Rs. 10 lakh. The WBSCC interest rate is low (4% simple annual interest), making it more affordable than many traditional bank loans. Additionally, this scheme does not have any costly additional charges or fees.

Students need to start repaying the loan after completing their studies, and can enjoy a long repayment period of up to 15 years. There is also a one-year moratorium after course completion. However, if a student repays the entire interest amount while studying, they are eligible for an extra 1% discount on interest. This discount makes the loan even more affordable.

Benefits of the WBSCC student credit card for West Bengal students

  • High loan amount: Students can get an education loan of up to Rs. 10 lakh for higher studies.
  • Low interest rate: The interest rate is only 4% per year, which is much lower than standard education loans.
  • Interest subsidy: Students who pay interest regularly while studying get an extra 1% interest discount.
  • Long repayment time: Repayment can be done over a long period of up to 15 years. This helps reduce the financial burden on students.
  • Covers many expenses: The loan can be used for tuition fees, books, hostel charges, a laptop, and other study costs.
  • Government support: The scheme is supported by the West Bengal Government, making it safe and reliable.
  • Financial support for all students: It supports students from all backgrounds to continue higher education without financial stress.

Key points to remember before applying for WBSCC

It’s important to keep the following points in mind before applying for the WBSCC student credit card.

  • The applicant must be a permanent resident of West Bengal.
  • They should be enrolled in a recognized school, college, or university.
  • The loan amount can go up to a maximum of Rs. 10 lakh based on course needs.
  • The interest rate is low at 4% per year.
  • The loan covers various expenses such as tuition, books, hostel, and laptop costs.
  • The repayment period starts after the completion of studies and lasts for up to 15 years.
  • Students can avail of a 1% interest concession by repaying the interest component while studying.
  • Students must apply with proper documents like an Aadhaar card, academic marksheets, and admission proof to avail the service.
  • No collateral is required, but a co-borrower, such as a parent or guardian, is required for eligibility.
  • Students should apply carefully with the correct details to avoid delays.
  • The scheme covers recognized institutions in India and abroad.

WBSCC for study abroad: Rules & eligibility

The WBSCC scheme also helps West Bengal students get an education loan of up to Rs. 10 lakh to study abroad. The student credit card eligibility in West Bengal is as follows:

  • You must be an Indian citizen and have lived in West Bengal for at least 10 years.
  • You must be under 40 years at the time of applying.
  • You must be enrolled in Class 10 or above in a recognized school, college, coaching center, university, or foreign institution, and have relevant documents as admission proof.
  • The loan can be used to pay for tuition, living costs, travel, and accommodation expenses.
  • A parent or guardian must be listed as a co-borrower.
  • The repayment starts after a one-year moratorium following course completion and can go up to 15 years.

How to apply for the WBSCC student credit card online?

To apply for the West Bengal student credit card, the applicant can follow these steps:

The applicant can also visit the West Bengal student credit card website (https://wbscc.wb.gov.in) and tap on the Registration of Student option to proceed.

  • Click on the Register option to generate a unique User ID and password. It will be sent to the mobile number and used for submission of the application and all future purposes.
  • Enter the essential details, such as name, date of birth, Aadhaar number, and gender. If the applicant doesn’t have the Aadhaar number, additional information on Class X passing out is required.
  • Fill in the co-borrower’s details, such as PAN and occupation, and address details in the next section.
  • Enter permanent address, course, and income details in the next section, including assembly, annual income, and course name with year of completion.
  • Fill in the bank details of the student and the co-borrower, including the name of the bank, branch name, and account number.

How to track your WBSCC application status?

Here are the easy steps to help track student credit card details online:

  • Visit the official website of the West Bengal student credit card scheme and log in to the account using the Student login option.
  • Click on the “Track application” option. It will preview the current status of the student credit scheme application.

WBSCC helpline & contact information

For assistance or in case of any problem, the WBSCC officials can be contacted via their helpline number or email. Here are the details:

Conclusion

The West Bengal student credit card scheme is a welcome move by the state government in the wake of the rising costs of higher education. Until 2021, over 120,000 applications were submitted, and 50,000 were sent to the banks for approval. While some were rejected or returned to the district administrations, 6,000 had been accepted. It propelled H K Dwivedi, Chief Secretary, to set up a committee in each district to understand the reasons behind such denial.

This article attempts to give a fair idea about the West Bengal student credit card scheme (WBSCCS).

If a loan approval under the WBSCC scheme isn’t getting cleared, a great alternative is the Education Loan via Tata Capital. The loan application process is entirely online, and loans up to Rs. 30 lakh are offered for domestic and international cases.

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FAQs

What documents are required for the WBSCC student credit card application?

The documents required to apply for the WBSCC student credit card include:

  • Aadhaar card
  • Proof of residence in West Bengal
  • Age proof
  • Recent photograph
  • Admission letter
  • Course fee structure
  • Previous academic marksheets
  • Co-borrower details like Aadhaar and income proof

How do I track the status of my WBSCC application?

You can track your WBSCC application by logging into the official WBSCC portal using your registered mobile number and application ID. The portal shows real-time updates on verification and approval status.

Who is eligible for a student credit card in West Bengal?

Applicants must be between 15 and 40 years old, Indian nationals, and West Bengal residents for at least ten years. They must have completed class 10th and be enrolled in higher studies within India or abroad.

Which bank is better for a student credit card?

Several banks offer competitive student credit cards with low fees, spending rewards, and easy applications. Choose based on your needs and the benefits each bank provides. Compare features such as interest rates, fees, and rewards.

What is the student credit card scheme in West Bengal?

The West Bengal student credit card scheme offers collateral-free loans up to Rs. 10 lakh for higher education. The loan has a low interest rate and a 15-year repayment period, helping students manage educational expenses.

What is the interest rate of the WBSCC loan?

The WBSCC interest rate is 4%. This low rate helps students afford higher education without financial strain. If you're ineligible for this loan, you can apply for an education loan with Tata Capital at an attractive interest rate.

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