This scheme is designed to support the students to pursue secondary, higher secondary, madrasah, undergraduate and post graduate studies including professional degree and other equivalent courses in any School, Madrasah, College, University and other affiliated institutes within and outside India. Students studying in various coaching institutions for appearing in different competitive examinations like Engineering, Medical, Law, IAS, IPS, WBCS etc, can also avail the loan under this scheme.
Benefits of the Scheme
- Loan Amount: Maximum loan of ₹10,00,000 at 4% simple interest per annum.
- Interest Rate: SBI’s 3-year MCLR + 1%, fixed at the time of sanction.
- Repayment Period: 15 years after completion of studies.
- Flexible Loan Use: Covers tuition fees, hostel fees, books, study materials, coaching expenses, etc.
- No Collateral Required: Only co-borrower (parent/guardian) obligation is needed.
- Insurance Cover: Life insurance equal to the loan amount (premium deducted from the loan).
- Loan Availability: Students can avail the loan at any time during their course of study.
- Loan Agreement: Formalized between the student, co-borrower (parent/guardian), and the bank.
Eligibility Criteria
- Citizenship: Must be an Indian citizen and resident of West Bengal for at least 10 years (self-declaration required).
- Age Limit: Maximum 40 years at the time of application.
- Eligible Courses:
- Secondary, Higher Secondary, Madrasah, Undergraduate, Postgraduate, and Professional Degree Courses.
- Coaching for Competitive Exams: Engineering, Medical, Law, IAS, IPS, WBCS, etc.
- Recognized Institutions: IITs, IIMs, IISc, AIIMS, NITs, ISIs, BITS, NLUs, XLRI, IIFTs, etc.
- Mandatory Progress Report: Students must upload their academic progress reports every semester/year.
Application Process
Online Application
- Visit the official website and click on “Student Credit Card”.
- Click on “Student Registration”. Choose:
- For Institutions in India
- For Institutions Outside India
- Fill out the registration form with the required details and click Submit.
- A unique ID will be generated after successful registration.
- Login using the generated credentials.
- Complete the Applicant Dashboard details:
- Personal Information
- Co-Borrower & Present Address Details
- Permanent Address, Course & Income Details
- Bank Details of Student & Co-Borrower
- Upload required documents and submit the application.
Documents Required
- Photographs (Student & Co-borrower, JPEG format, 50 KB – 20 KB)
- Signatures (Student & Guardian, JPEG format, 50 KB – 10 KB)
- Aadhaar Card (PDF, 400 KB – 50 KB)
- Age Proof (PDF, 400 KB – 50 KB)
- Address Proof of Co-Borrower (PDF, 400 KB – 50 KB)
- Admission Receipt (PDF, 400 KB – 50 KB)
- Student’s & Guardian’s PAN Card (or Undertaking if not available) (PDF, 400 KB – 50 KB)
- Prospectus/Certificate from Institution (mentioning tuition, hostel, and other fees)
- Marksheet/Certificate of Last Qualifying Exam (PDF, 400 KB – 50 KB)
Frequently Asked Questions (FAQs)
- Q: What is the main benefit of this scheme?
A: It provides financial support up to ₹10,00,000 at low-interest rates (4%) for higher education in India and abroad. - Q: Where will the loan amount be received?
A: The institutional payments will be transferred directly to the educational institution, and non-institutional expenses will be credited to the student’s bank account. - Q: Is there any age limit for applying?
A: Yes, the maximum age is 40 years at the time of application. - Q: Can students pursuing integrated courses apply?
A: Yes, students enrolled in recognized integrated courses are eligible. - Q: Can students doing research or postdoctoral studies apply?
A: No, research scholars/postdoctoral students are not eligible. - Q: Can students apply for this loan at any point during their course?
A: Yes, students can apply at any time during their course. - Q: Is black & white photography acceptable for application?
A: No, only colored photographs are allowed. - Q: Is this loan applicable only for Indian institutes?
A: No, students studying in foreign institutions are also eligible.