The Student Credit Card Scheme outlined herein aims at providing financial support/assistance by the State Government at a nominal interest rate (with suitable guarantees to the bank) to the students residing in West Bengal for at least 10 years and pursuing education from class 10 onwards, or studying in various coaching institutes for appearing in different competitive examinations like Engineering/ Medical/ Law, IAS, IPS,WBCS, SSC etc., UPSC, PSC, SSC etc., and pursuing Undergraduate, Postgraduate courses including professional degree, Diploma courses and research at doctoral/ post-doctoral level or other similar courses in schools, Madrasahs, colleges, Universities and other institutes like IITs, IIMs, IIESTs ISIs, NLUs, AIIMSs, NITs, XLRI, BITS, SPA, NID, IISc, IIFTs, ICFAI Business School etc., within or outside the country, who are unable topursue higher education due to financial constraints. The main emphasis is that students are provided with anopportunity to pursue higher education, with the financial support from the banking system with reasonable andaffordable terms and conditions. Under this Scheme the aspiring students may upon fulfilling the terms and condi-tions detailed herein, obtain maximum loan of Rs. 10.00 lakhs at the rate of 4% simple interest from State Co-operative Banks and its affiliated Central Cooperative Banks and District Central Cooperative Banks and PublicSector/ Private Sector Banks operating in the State of West Bengal.
1. Under this scheme the Credit Card may be used to avail loan to meet up the following expenses: –(a) Course fees payable to the School/ Madrasah/ College/ University / Professional Institutes like IITs,IIMs, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, IISCs, BITS, SPA, NID, IIFTs, ICFAI Business School etc. various competitive coaching institutes meant for different competitive examinations like Engineering/Medical/Law, IAS, IPS, WBCS, SSC etc.
(b) Fees required for accommodation in School/ Madrasah/ College/ University/ Institution hostel or rent/license fees payable for living outside the hostel or fees required for living as a Paying Guest.
(c) Fees payable for caution deposit/ building fund / refundable deposit/ examination/ library/ laboratory fees to be supported by Institution’s bills/ receipts.
(d) Cost of purchasing of books/ Computer/ Lap-top/ Tablet/ equipments etc.
(e) Any other expense required to complete the course such as study tours, project works, thesis, etc.
(f) The student can incur expenditure up to 30% of the total loan sanctioned for non-institutional expenses for the whole course of study.
(g) Up to 20% of the total loan sanctioned can be used as living expenses for the duration of the course.
2. Expenses incurred in any of the above purposes shall have to be reported to the bank and the Department viaonline Portal with proper receipts/ bills/ documents by the concerned student. Student Eligibility and the process: –
(a) The student seeking loan under the scheme should be an Indian national and resident of West Bengal for thelast 10 years. Self-declaration by the student as appended in the application form will be accepted. A copy ofapplication format is annexed at Annexure-I.
(b) Student must have got himself enrolled for higher studies including courses as stated in para 3 of this scheme, either within or outside the country, in the School, Madrasahs, colleges, Universities and other institutes like IITs, IIMs, IISc, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, BITS, SPA, NID, IIFTs, ICFAI Business School etc. or studying in various coaching institutes for appearing in different competitive examinations likeEngineering/ Medical/ Law, , IAS, IPS, WBCS, SSC etc.
(c) Aspiring Student will apply online as per the format given at Annexure-I, through a web-based portal to bemaintained by the Higher Education Department through the respective School/ Madrasah/ College/ Univer-sity/ Institute in which he has got enrolled. The portal will have dashboard for each such student which shallbe accessible to the Institutes concerned, the Department and the Bank.
(d) The interested students should not be aged more than 40 (forty) years at the time of applying for loan.
(e) The student applied for the credit card will link preferably their AADHAR Card or the Class X registrationnumber with the concerned portal while applying to the Higher Education Department through their respec-tive Institution.
(f) The Higher Education Department will forward the applications after due examination to the Bank for sanc-tion and issuance of Credit Card.
(g) The concerned Bank will sanction the applications after due examination and issue the credit card in physicalform based on the recommendation given by the Department and upon complying necessary formalities by the student/ guardian/ parent as required under RBI guidelines.
(h) There shall be a Nodal officer for maintaining the web-based portal at the Department, Institution and theBank level who shall have permission to access the student’s dashboard availing loan under this scheme.
(i) The student concerned needs to upload his progress report card/ statement on completion of each semester/year examinations.
(a) Up to Rs. 4.00 Lakhs: NIL(b) Above Rs. 4.00 Lakhs: 5%(c) Scholarship/ Assistance ship to be included in Margin.(d) Margin will be brought in one year to year basis as and when disbursements are made on a pro-rata basis inapplicable cases.
(a) While sanctioning the loan, the Bank should not put any unnecessary restrictions or conditions regardingcollateral security etc.(b) The Banks will not insist on any security /collateral security in tangible/ intangible form other than co-obligation of the parents/ Legal guardians. The State Government will enter into an agreement with the banksseparately in this regard.9. Insurance: – There will be a life cover in the name of the student up to the loan amount sanctioned. The insurancepremium is to be borne by the student and the same may be debited from his Loan account.
Note : These informations are directly copied from government site provided by West Bengal government.Articles