MNSSBY Bihar Student Credit Card

August 18, 2023


MNSSBY (Mukhyamantri Nischay Swayam Sahayata Bhatta Yojana) Bihar Student Credit Card is a scheme introduced by the Government of Bihar in India. It aims to provide financial assistance to students pursuing higher education in recognized institutions. The program seeks to enable students to pursue their education without facing financial constraints.

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.

Coverage of Various Courses

The MNSSBY Bihar Student Credit Card scheme covers a wide range of courses, including undergraduate, postgraduate, diploma, and vocational programs. Students pursuing courses in government and private institutions can apply for a credit card.

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.

Simplified Application Process

The scheme aims to simplify the application process for students. The application can be submitted online, and the required documents can be uploaded digitally.

Empowering Students

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

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 5 Student Credit Cards in India in 2023

Given below is the list of top student credit cards in India in 2023:

Credit Cards Type of the Card Fee (Annually) (INR) Major Features
SBI Student Plus Advantage Credit Card Credit Card Against Education Loan Rs. 500 Utilise points to settle an outstanding credit card payment; 1 reward point = Rs. 100
ICICI Bank Student Forex Prepaid Card* Prepaid Card Rs. 199 20% off of DHL courier service and 40% off of excess baggage  
Paisabazaar Step UP Credit Card Secured Credit Card Nil 100% of the fixed deposit amount may be borrowed.
Kotak 811 #DreamDifferent Credit Card Secured Credit Card Nil Credit limit up to 90% of the amount of your fixed deposit
ICICI Coral Contactless Credit Card Secured Credit Card Rs. 500 2 reward points = Rs. 100 spent
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How to get a student credit card in Bihar?

One needs to register and apply for a student credit card on the MNSSBBY’s official website.

What is the amount of student credit cards in Bihar?

The MNSSBY Bihar student credit card provides a credit of up to Rs. 4 Lakhs.

Can we apply online for a Bihar student credit card?

Yes, you can apply for a Bihar student credit card online.

What is the limit on student credit cards?

The limit on student credit cards is up to INR 10 Lakhs.

Can I buy a laptop with a student credit card?

Yes, one can buy a laptop with a student credit card.

What is the age limit for student credit?

The minimum age limit for acquiring a student credit card is 18 years.

An author in the making who loves psychological thrillers and worships Marquez, Coelho, Donne, and Atwood. Mansi dabbled with different topics before she finally discovered her finance expertise. She quenches her thirst for the same by writing expert pieces on Urban Money. Her sarcasm is a bit too much, but her lame jokes compensate for everything. An entrepreneur and a writer who loves to binge-eat choco-truffle cake.

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