State PCS - Bihar (BPSC)

• 07 Aug 2025

Bihar Student Credit Card Scheme

Why in News?

To empower the youth with higher education, the Bihar government has sanctioned a third installment of Rs 300 crore, bringing the total allocation under the Bihar Student Credit Card Scheme (BSCCY) to ₹900 crore.

• This installment, allocated to the Bihar State Education Finance Corporation Limited (BSEFC), Patna, aims to ensure timely and accessible educational loans for students aspiring to pursue higher studies.

Bihar Student Credit Card Scheme (BSCCY)

• Key Features of the Scheme:
  • Eligible students can avail education loans up to ₹4 lakh at a low interest rate of 4% per annum.
  • For female, disabled, and transgender students, the interest rate is just 1%.
  • Loan repayment starts one year after course completion or six months after securing a job—whichever comes first.
  • Loans up to ₹2 lakh can be repaid in a maximum of 60 installments, while loans above ₹2 lakh are to be repaid in up to 84 installments.
  • An additional interest rebate of 0.25% is provided on early repayments.
  • Applications can be made online through the official portal: Mukhyamantri Nishchay Swayam Sahayata Bhata Yojana (MNSSBY) portal.
• Application and Eligibility:
  • Applicants must be permanent residents of Bihar and have passed Class 12 or its equivalent.
  • The applicant's age should not exceed 25 years (relaxation available in special cases).
  • The scheme covers a wide range of courses including engineering, medicine, management, nursing, polytechnic, BA, BSc, BCom, and more.
  • The loan can be used for course fees, purchasing laptops, or other essential study-related expenses.
  • Only students admitted to government-recognized institutions are eligible.
  • The required documents to avail of the benefits of the schemes include Aadhaar card, residence certificate, educational certificates, admission proof, passport-size photos, bank passbook, and more.

Bihar State Education Finance Corporation Limited (BSEFC)

• It was incorporated in March 2018 under the Companies Act, 2013, as a Public Limited Company and is 100% owned by the Government of Bihar.
• The main objectives of the Corporation are to implement the "Bihar Student Credit Card Scheme" with the following goals:
• Increase the Gross Enrolment Ratio of students in higher education
• Enable students to access employment opportunities
• Act as the implementing agency/facilitator for the scheme