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Student Credit card with reference to Bihar

Student Credit card with reference to Bihar

Education is the most powerful weapon which you can use to change the world.” — Nelson Mandela

Without education, the growth and development of a nation are not possible. In countries where people are educated, the growth of the nation is quite high as compared to others because the level of education is linked with the economic status of the country. The standard of living of a country’s people is determined by its level of education. In simple terms, it is said that “the higher the level of education, the higher the level of living standards,” and “the higher the standard of living, the higher the growth of the nation”.

According to the Education Ranking by Countries 2023, “India stands at the 32nd rank among the world in respect of education.” This is so because it seems that the universities educations are in great demand over the next year. India has seen an unpredictable growth in the opening of colleges and universities over the last decade, and this is only possible due to the privatisation of education in the nation. Along with this, it also seems that the demand for vocational courses like management, accounting, medicine, etc. is pronounced, and this gives rise to the privatisation of colleges and universities.

Privatisation of colleges and universities increases the fees of higher education, which gives rise to the concept of education loans. There are many institutions that provide education loans to the students for pursuing their higher education, but due to certain drawbacks and a lack of coverage for each student, the government of Bihar also introduced a student credit card.


Bihar student credit card

The scenario of education loans in respect to Bihar is that the Bihar student credit card scheme (MNSSBY) is an initiative towards “education for all” funded by the state government of Bihar.

Under this scheme, the Government of Bihar has started to give up a loan of Rs. 4 lakhs for doing further education (higher education) in Bihar at an interest rate of 4 percent per annum, and for females, transgenders, and the disabled, it is 1 percent.

This program’s major goal is to provide student loans to those who want to study fields other than engineering, such as management, law, medicine, agriculture, etc., LGBTQ people, as well as Bihar-based girls and students with disabilities who are prepared to pursue higher education.

In order to hasten the implementation of the student credit card programme, Chief Minister Nitish Kumar launched the State Education Finance Corporation. According to the idea, the students would only be required to pay interest at a rate of 4% on the student loans they have taken out. Students who have successfully completed the 12th grade or intermediate level of their education at a school that is administered by the state government of Bihar are eligible to get this benefit under this programme.

Students are eligible for a loan of up to Rs. 4 lakhs under this programme, and they may use that money towards the cost of attending schools or universities to complete whatever kind of academic programme they want, whether it be a general, a technical, or a polytechnic one.

In addition to this, the kids are able to use the funds towards the purchase of educational materials such as books, stationery, laptop computers, and other such items.

The main goal of this programme is to give students a flexible way to pay back their loans, which they can do both after they finish their studies and after they get a job.


Name: Mr. Gautam Saurabh.

Designation: Assistant Professor

Department: Department of Commerce,