To increase the Gross Enrolment Ratio (GER) of Bihar, the concerned state government launched Bihar Student Credit Card Yojana. This scholarship scheme aims to encourage students to pursue higher education with this credit facility.
Nonetheless, to understand how it helps students, they should learn about the associated terms and conditions of usage. To begin with, the scholarship programme under MNSSBY proves advantages in several ways. For instance, it extends substantial credit of up to Rs.4 lakh as credit. Further, girls, transgender, and physically challenged students are entitled to avail the same at a more affordable rate of interest. Beneficiaries can use the loan value to meet expenses like paying tuition fees, purchasing academic books, enrolling into programmes designed to enhance soft-skills, etc. Likewise, the entire repayment process set by this scheme is simple. It directs students to repay the loan availed once they secure a stable job. Regardless, to avail such benefits, one must meet the eligibility criteria set under this scholarship scheme. For example, a resident of Bihar who is below the age of 25 years and has completed their 12th standard examination from a state or central recognised institute is eligible for this scheme. Likewise, those studying in graduation courses should not be above the age of 30 years to be deemed eligible. Additionally, they should furnish the required set of documents for eligibility. However, in case one fails to meet the eligibility criteria, they may opt for an alternative financing option. For example, they may opt for a feature-rich credit card like the Bajaj Finserv RBL Bank SuperCard to finance their requirements accordingly. Successively, they should keep in mind that no matter which financing option they choose, they must be aware of the steps involved. It will help streamline the process more proficiently and improve their scope to secure approval.
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |