Jharkhand Student Credit Card
The State Government’s main objective of the Jharkhand Guruji Credit Card scheme is to ensure that all students, regardless of their financial situation, have the opportunity to enroll in the best universities in the nation. This includes providing free, fully guaranteed education loans up to Rs 15 lakh. This pledge attempts to remove any obstacles that might keep students from continuing their education because of financial limitations.
Offering financial aid from the State Government to students who have successfully finished their Class 10 education at an accredited Jharkhand school is the aim of this program. Nominal interest rates and suitable bank guarantees are part of this support. The goal of the assistance is to make it easier for these students to pursue diploma programs.
Students who have finished their Class 10 and Class 12 education at accredited state institutions are also eligible for this funding, which is meant to help them pursue undergraduate and advanced coursework.
Main Objective of this scheme:
In addition to the 63 constituent colleges already in place, the State Government has established four new universities since 2016, nineteen private universities since 2007, and nineteen new Government Colleges (Women’s College, Model College, and Degree College) in aspirational districts, educationally underdeveloped districts, and remote areas with the goal of increasing the GER and students’ access to higher education.
In the state of Jharkhand, over 4 lakh students pass the Class 10th and over 3 lakh students pass the Class 12th exams each year, allowing them to continue their studies.
Making sure that no student’s financial situation prevents them from pursuing higher education is one of the State Government’s main goals. In order to accomplish this goal and make it easier for deserving students from economically disadvantaged backgrounds to pursue higher education, the State Government plans to assist the students by offering an education loan with a maximum limit of Rs. 15 lakhs (Rupees 15 lakhs) that is available at a 4% simple interest rate per year. This will allow the students to access the money they need for their education as needed.
Check the Some Important Links :
Click on the Download Button for Download the Guruji Student Credit Card Application Form
See the brochure for more details on the Jharkhand (Guruji) Student Credit Card. Click the Download Button to Get the Brochure.
What is the process of Guruji Credit Card Jharkhand?
Verify Your Eligibility
- Applicants must check the eligibility requirements before applying for this scheme.
Apply the Application Form
- Candidates may apply for this program both offline and online.
- Information and supporting documentation must be submitted by applicants.
- The necessary data will be completed using modern technologies that collect the applicants’ data.
Obtain Permission
- Obtain the selected bank’s digital approval.
- After completing the course, repay the loan.
- Take control of the management of your debt.
Jharkhand Students Credit Card Eligibility Criteria
The candidate must be a student.
The student must be an Indian citizen.
If the student wants to pursue a diploma, they should have finished class 10; if they want to pursue undergraduate or advanced studies, they should have finished classes 10 and 12.
The student must have gained admission to universities both inside and outside of the state (in India), such as IITs, IIMs, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, IISCs, BITS, SPA, NID, IIFTs, and ICFAI Business School, among others, that are ranked up to 200 in the overall list or ranked up to 100 in their respective individual categories of the NIRF Rankings, or that have received a AAAC accreditation.
The student should not be older than 40 (forty) when they apply for a loan.
The student shouldn’t have previously benefited from the program.
The student must not have previously taken out an education loan from any State Co-operative Bank, Central Co-operative Bank, District Central Co-operative Bank, or Public or Private sector bank for the course for which they are applying for a loan under the Scheme.
How to apply for Jharkhand Student Credit Card?
Steps for Registration:
An interested applicant goes to GSCCS’s official website:
Jharkhand Student Credit Card Scheme After selecting “Registration,” provide your name, email address, captcha, and OTP. You receive a registration number via SMS following verification.
Logging in:
Enter your password, user ID, and captcha. After selecting “Login,” provide your address and other essential information in the application form. Add a signature and a profile picture. After selecting “Submit,” your application ID will be shown.
Loan Process:
Selection of Student MLI (Member Lending Institution): For loan processing, the student chooses an MLI from the onboarded list.
MLI’s approval of the loan: After reviewing and approving or rejecting the loan application, MLI specifies the loan amount and the date of disbursement.
Submission of Loan Details by MLI: Along with the sanction letter, MLI uploads the loan data, such as the amount, length, and repayment schedule.
Corpus Bank’s Interest Subvention Block: Based on the loan that has been disbursed, Corpus Bank limits the necessary interest subvention amount.
Payment of Course Fees by MLI: In accordance with the student’s payment plan, MLI credits the institution’s account with the cost of attendance.
Payment to MLI for Interest Subvention: At the predetermined interval, the portal automatically pays the MLI the interest subvention amount.
Provide of Repayment Schedule via MLI: MLI submits an interest subvention request to DHTE and uploads the repayment plan.
Verification of Loan Status via Portal: The site displays interest payment updates and automatically verifies the loan status for all parties involved.
Corpus Bank’s Interest Disbursement: A request for the payment of interest subvention to the MLI is sent by DHTE to Corpus Bank.
Required Documents
- Applicant’s and the co-applicant color photo (JPEG/JPG format, file size: 20–50 KB)
- Guardian’s and the student’s signatures (in JPEG or JPG format, with a file size of 20 to 50 KB)
- Aadhaar card (file size: 50–400 KB, format: JPEG/JPG)
- PAN card (if appropriate; file size: 50–400 KB; format: JPEG/JPG)
- The student’s admission receipt
- Class 10th and 12th Certificate (JPEG/JPG format, file size: 50–400 KB)
- Address proof of Co- applicants (JPEG/JPG format, file size: 50–400 KB)
- Prospectus/certificate issued by the institution’s competent body that includes admission, exam, and hostel fees, among other things (Format: JPEG/JPG, File Size: between 50 and 400 KB)
Guruji Credit Card Scheme Benefits
- Higher Amount: Education loans with a 4% interest rate subsidy up to ₹15,000,000.
- Long payback Term: Up to 15 years is the maximum payback period.
- No Processing Fees: There aren’t any extra costs associated with processing, approving, or distributing loans.
Loan Repayment Process
Banks will be in responsible for recovering student loans. After providing the guarantee cover amount to the banks under the terms of this scheme, the State Government will take the required steps for loan recovery under the Bihar and Orissa Public Demand Recovery (Jharkhand Amendment) Act, 2016 (Jharkhand Act 23, 2017) if the loan cannot be recovered despite the banks’ best efforts in accordance with banking standards.
After completing the course for which the loan is being obtained, students will have the option to begin repaying the debt; this is known as the moratorium period, which will last for one year.
The following is the loan rate that the banks will charge:
Rate of interest @ EBLR of State Bank of India Plus 1% p.a. for girls/others; the preferred EBLR of State Bank of India Plus 1.5% p.a. for boys.
Important Points About This Scheme
In order to give financial aid to students who have completed their tenth or twelfth grade in the state but are prevented from pursuing higher education for financial reasons, the Jharkhand government has implemented the Guruji Student Credit Card Scheme. This would make it easier for state students to attend universities in fields like engineering, medicine, law, research, IITs, IIMs, and more. The goal of this program is to connect banks with interested and qualified students who have completed their tenth or twelfth grade in order to provide them school loans.
Margin money:
a. Up to 4 lakh rupees: NIL
b. 5% of the entire approved loan amount beyond Rs. 4 lakhs.
c. The Departmental Resolution Memorandum-3 / Yojna 1-02/2022 (U.S.) 220 / Budget, dated 14.11.2022, already has a provision about Margin Money. The following provision is being added to the comprehensive guidelines:
Scholarships and assistance will be added to Margin.
The bank will not charge processing fees on student loans.
A bank known as Corpus Bank will be chosen in order to provide the interest subvention amount to the banks under the Guruji Student Credit Card Scheme by the Nodal Department, to receive the guarantee fee amount from the banks (Member Lending Institutions), and to provide the loan amount to the banks (Member Lending Institutions) under the government’s guarantee cover of the Non Performing Asset loan accounts. A deal with Corpus Bank will be established for this.
A number of banks (Member Lending Institutions) will provide the loan. For this, a deal will be reached with a number of banks (Member Lending Institutions).
The bank will offer the 1% Interest Concession to students who pay back all of their interest during the study time. Students are not required to use this provision. Interest Subsidy for Guruji Student Credit Cards The comprehensive guide has made reference to the arrangements pertaining to this.
Conclusion
Please contact THE CAREER COUNSELLOR if you have any questions or concerns about this program. Our staff will assist you at every stage of this scheme and offer you the best college to fulfill the dream of getting admitted into an accredited college.