Income Criteria for BSCC Loan Approval: Check BSCC Loan Eligibility Criteria

Income Criteria for BSCC Loan Approval: The criteria for income for BSCC loan is put forward by the government to help the students who are unable to pursue higher education because of financial hardship. The Bihar Student Credit Card Scheme was launched in 2016 to provide financial assistance to students so that they can continue their higher education in Bihar or other states of India. Specific family income criteria for BSCC have been put forward by the educational department to help students get the benefit of the scheme. A loan of up to INR 4 lakh will be provided to the beneficiary, which they can use to continue their higher education.

The application for the BSCC Loan can be filled out online through the official website of MNSSBY. Guidelines are also published on the official website in PDF format, which include information about the Income Criteria for BSCC Loan Approval. Given below, we have shared important information regarding the income criteria for the BSCC Loan along with the detailed BSCC loan approval process.

Family Income Criteria for BSCC Loan Approval

Since the Bihar Student Credit Card Scheme was mainly launched for the students who are unable to pursue higher education due to economic constraints, there are specific family income criteria for BSCC to be followed when applying for the scheme. Check out the BSCC income limit to be followed by the students applying for the loan here:

• The annual family BSCC income limit of the students is INR 6 lacs. The family income must not exceed INR 6 lacs annually.
• To prove the income of the families, the applicants are required to submit their income proof for the last two years while applying for the loan.

BSCC Loan Eligibility Criteria

Along with the BSCC Income Limit, students are also required to follow the other eligibility criteria put forward. Check out the Bihar Government education loan eligibility from the pointers given below before filling out the application:

• Only the permanent residents of Bihar who have completed the Senior Secondary curriculum in Bihar or neighboring states can apply for the scheme to pursue higher education.
• Students must have taken admission in a recognized institution approved by the Bihar State Education Finance Corporation (BSEFCL) to apply for the loan.
• The loan covers general degree courses, vocational courses, and technical courses.
• Students must be not more than 25 years old for UG courses.
• The maximum age for Bihar government education loan eligibility for PG courses is 30 years.
• A student cannot apply for the scheme for the same level of education they have already completed (e.g., if someone already has a Bachelor’s in Science, they cannot apply for another Bachelor’s degree in a different subject).
• The scheme is not applicable for technical or managerial courses pursued after obtaining a degree in Science, Commerce, or Arts. However, Science, Arts, or Commerce graduates can apply for an MBA, MCA, or similar courses.
• If a student drops out, the remaining loan amount will not be provided.

BSCC Loan Approval Process

After following the family income criteria for BSCC and the other eligibility criteria, you can fill out the application form successfully from the official website of MNSSBY. Make sure to read through the Bihar Government education loan eligibility in the guidelines published online. After the application form is submitted, the following BSCC loan approval process will be taken into consideration:

• After the candidates fill out the application, the manager of the respective DRCC will schedule an appointment with the applicant. The information regarding the same will be communicated through email and SMS to the candidate.
• The applicant is then required to visit DRCC on the allocated date with all the documents and will be given a token at the gate.
• After a successful verification report by TPA within 15 days, AM will forward the application to a nominated officer from the Education Department.
• The nominated officer from the Education Department will forward the application to the concerned bank.
• The banks will then confirm the loan and communicate the same to the applicant and DRCC.
• An SMS and email will also be sent to the applicant by DRCC informing the date on which the applicant needs to visit DRCC to collect the Student Credit Card and sanction letter of the loan.
• The students must then visit the bank to complete the documentation facilities.
• The loan will be finally given to the students through the bank, and the same will be informed to DRCC by the bank.

Following the BSCC income limit is crucial because this scheme is mainly targeted at the students going through economic problems. After checking out the Family income criteria for BSCC, you must also look at the other Bihar government education loan eligibility criteria. The loan will be provided after your details are verified by DRCC and the bank.

Are you feeling lost and unsure about what career path to take after completing 12th standard?

Say goodbye to confusion and hello to a bright future!

Take The Free Test Now

Was this article helpful?

0 Upvotes

0 Downvotes