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`PNB BIHAR STUDENT CREDIT CARD SCHEME` Education Loan Scheme For Pursuing Higher Education For Students Of Bihar

Objective

The PNB Bihar Student Credit Card Scheme outlined below aims at providing financial support from the banking system to those students who have passed their Intermediate/ 12th class from institutions recognized by the Govt of Bihar, and are unable to pursue higher education due to financial constraints.The students belonging to Bihar can pursue higher education in or outside Bihar under Technical or Non-technical courses. The main emphasis is that students are provided with an opportunity to pursue higher education with the financial support from the banking system with reasonable and affordable terms and conditions.

Purpose

  • Fee payable to college++/ school/ hostel*
  • Examination/ Library/ Laboratory fee
  • Insurance premium for student borrower
  • Caution deposit, Building fund / refundable deposit supported by Institution bills/receipts. **
  • Purchase of books/ equipment / instruments / uniforms**
  • Purchase of computer at reasonable cost, if required for completion of the course**
  • Any other expense required to complete the course - like study tours, project work, thesis, etc.**
  • While computing the loan required, scholarships, fee waiver etc., if any available to the student borrower may be taken into account. If the scholarship component is included in the loan assessment, it may be ensured that the scholarship amount gets credited to the loan account when received from the Government.

Notes: ++ For courses under Management quota seats considered under the scheme, fees as approved by the State Government/Government approved regulatory body for payment seats will be taken, subject to viability of repayment.

* In case hostel facility is not available, on production of certificate to the effect by the institute, living expenses (expenses incurred by student borrower towards lodging and boarding) will be reimbursed as per category of the city provided in Annexure II and Standard rates for different category of cities provided in Annexure III.

** These expenses could be considered subject to the condition that the amount does not exceed 20% of the total tuition fees for the entire course

Student eligibility:

  • Should be an Indian national.
  • Should be resident of Bihar with Maximum age of 25 Years.
  • Intermediate exam passed student from Institutions recognized from Bihar School Exam Committee, 12th passed student from Institution recognised by Central Board of Secondary Education or Equivalent boards, Sub-Shastri passed students from Institutions recognized by Bihar State Sanskrit Education Board and Moulvi passed student from recognized Institute by Bihar State Madarsa Board will also be facilitated under this scheme. These Educational Institutes must compulsorily be located /situated in Bihar.
  • If applicant is a degree holder of one level he will not be covered for degree of the same level under this scheme. This will not be applicable to technical and management courses. For instance, under this scheme, the loan shall not be provided to science graduate degree holder for pursuing graduate level courses for studying again in any other Faculty of Arts, Science or Commerce. But will be eligible for pursuing higher education under courses like MBA or MCA.
  • CIBIL score of the student shall be more than or equal to 700. In case CIBIL score is lower than 700 it will be sanctioned by next higher authority.
  • Student should have been enrolled or selected for enrolment for pursuing higher education in the educational institutions recognized by concerned regulatory boards/ agencies of Bihar Govt. or other state Govts. or Central Govt.
  • Loan application will be received only if student have UID or Aadhar Card Number.
  • Loan will be disbursed only for students having valid Permanent Account Number (PAN Card)Institutes Eligible for Studies:
  • Educational institutions recognized by concerned regulatory boards/ agencies of Bihar Govt. or other State Govts. or Central Govt.

Courses Eligible for Studies:

General Courses (non-technical), Financial Courses and Technical Courses e.g. B.A., B.Sc., B.Com, Engineering, Management, Medical, Law etc.

Quantum Of Finance

Need based finance to meet the expenses mentioned above will be considered taking into account margin subject to the following ceiling: Maximum up to Rs. 4 lakhs #

# For loan above Rs. 4 lakhs student can apply for loan under our PNB Saraswati, PNB Pratibha and PNB Udaan Schemes.

Security

Parents/ legal guardians to be joint borrower(s). No collateral security. No third party guarantee.

The loan documents should be executed by the student and the parent/ guardian as joint-borrower.

All the loans will be covered under the financial assistance scheme of Bihar Government.

Repayment

Repayment of loan will be in Equated Monthly Installments of (EMI) for a period of 15 years.

बिहार स्‍टूडेंट क्रेडिट कार्ड योजना की संशोधित मार्गदर्शिका लागू करने के संबंध में I बिहार स्टूडेंट क्रेडिट कार्ड योजना