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Education Loan in West Bengal: WBSCC, Interest & How to Apply

Raghuvamshi Kanukruthi
Updated On:
Apr 3, 2025

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West Bengal, a state known for its intellectual brilliance, is home to several famous educational institutions. Together, these have always promoted aspirants and students to pursue higher education in premier institutes. However, the rising cost of expenses related to education recently has encouraged many students to seek support in an education loan in West Bengal.

Key Points of this Blog:

  • The interest rate of WBSCCS can be as low as 4%. Read on to know about other interest rates.
  • The 3 types of loans available in West Bengal are the Loans by Banks, NBFCs, Government Schemes and the West Bengal Credit Card Scheme. Know all about these, the features and how to apply.

What is the West Bengal Student Credit Card (WBSCC) Scheme?

The West Bengal Student Credit Card (WBSCC) Scheme is a government initiative that offers financial assistance to students for pursuing higher education in India and abroad. It provides easy access to loans to cover academic expenses, ensuring students can focus on their studies without financial stress. 

Below are the key details of the West Bengal Student Credit Card (WBSCC) Scheme, including the loan amount, interest rate, and other essential benefits:

Key Features of the WBSCC Scheme:

1. Loan Amount

Students can avail of loans up to ₹10 lakhs under this scheme.

2. Interest Rate

A simple interest rate of 4% per annum applies after interest subvention.

3. Interest Subvention

The government provides an interest subsidy, ensuring students pay only 4% interest.

4. Interest Calculation

The applicable rate is based on State Bank of India’s 3-year MCLR plus 1%, fixed at the time of loan approval.

5. Repayment Tenure

The loan can be repaid over 15 years, including a moratorium period.

6. Eligibility Criteria

  • Must be a student residing in West Bengal for over 10 years.
  • Applicable for students from Class 10 onwards, pursuing education at recognized institutions.

7. Applicable Institutions

Covers schools, colleges, universities, madrasahs, and premier institutes like IITs, IIMs, IISc, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, BITS, SPA, NID, IIFTs, and ICFAI Business School.

8. Application Process

Students can apply through the official portal: wbscc.wb.gov.in.

9. Launch Date

The scheme was introduced on 30th June 2021.

This initiative ensures that students from West Bengal have access to affordable financing options, making higher education more accessible and stress-free.

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Types of Education Loan in West Bengal

Students in West Bengal can access various education loans to finance their studies. The primary options include:.

1. Bank Education Loans

Banks provide education loans covering tuition fees, accommodation, books, and other study expenses.

Loan Amount

Up to ₹7.5 lakh without collateral; higher amounts (₹10 lakh–₹1.5 crore) may require security.

Interest Rate

Competitive rates, typically ranging from 8% to 12%, with concessions for female students.

Repayment

Up to 15 years, with a moratorium covering the course duration plus one year.

2. Government-Sponsored Education Loans

a) West Bengal Student Credit Card Scheme (WBSCC)

Loan Amount

Up to ₹10 lakh at 4% interest.

• Eligibility

West Bengal residents (up to 40 years old) pursuing higher education in India or abroad.

Repayment

Up to 15 years.

b) Central Sector Interest Subsidy (CSIS) Scheme

• Eligibility

Family income below ₹4.5 lakh, applicable for professional and technical courses.

Benefit

Interest-free moratorium period (course duration + 1 year).

3. Education Loans for Economically Weaker Sections

Government-backed loans with subsidized interest rates and flexible repayment for students from low-income families.

4. Minority and Special Category Loans

Special loan schemes for minority communities and disadvantaged students, offering concessional interest rates and relaxed eligibility criteria.

5. Skill Development and Vocational Education Loans

Loans for vocational training and certification courses with shorter repayment periods, generally up to 7 years.

6. NBFC and Private Lender Education Loans

Private lenders provide quick approval loans with flexible repayment options for higher loan amounts, typically up to ₹50 lakh or more.

West Bengal offers various education loan options, including government schemes with low-interest rates for eligible students, as well as structured financing from banks and private lenders based on academic needs. Additionally, NBFCs like Propelld provide fast and flexible funding options without collateral. Choosing the right loan depends on financial requirements and repayment capacity.

For students planning to pursue an MBA, our guide on Funding Your MBA Course provides insights into loan options and repayment benefits.

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West Bengal Education Loan Interest Rate

The Mamata Banerjee student loan initiative under the West Bengal government education loan scheme offers financial aid at a 4% simple interest rate. Male students who pay interest during the study period receive a 1% concession. The government provides various student loan schemes to reduce financial burdens.

Before selecting an education loan, it’s essential to compare interest rates and benefits across banks and government schemes. Here’s a breakdown:

1. Bank Education Loans

Interest rates range from 8.30% - 14%, with lower rates for secured loans. Female students and early payers get 0.5% - 2% concessions.

2. West Bengal Student Credit Card Scheme

Offers loans at a 4% interest rate, with a 1% concession for male students who pay interest during their studies.

3. Government Loan Schemes

Programs like CSIS and Vidya Lakshmi provide 0% interest during the moratorium, with post-study rates of 8% - 10.5%.

Banks Interest Rates on Education Loan in West Bengal

Bank Name

Interest Rate for Studies in India

Interest Rate for Studies Abroad

Interest Rate Concession

State Bank of India

Starts from 8.30%

Starts from 10.90%

0.60% Business strategy discount

0.50% - for female students

0.50% - Rinn Raksha

Axis Bank

Starts from 11.5%

Starts from 11.5%

0.5%-2%

ICICI Bank

Starts from 10.5% to 11%

Starts from 10.5%

0.5%-2%

Bank of Baroda

Starts from 8.85%

Starts from 10.60%

0.5%

Karur Vysya Bank

Starts from 10%

Starts from 10%

0.5%-2%

Union Bank of India

Starts from 11.15%

Starts from 11.15%

0.5% for female students

1% if the SI is paid in full

IDFC First Bank

Starts from 8.5% to 10%

Starts from 8.5%

0.5%-2%

Interest Rates for Other Types of Education Loans

In addition to standard education loans, banks offer varying interest rates based on the type of loan. The table below provides details:

Type of Education Loan

Interest Rate Range

Secured Education Loans (With Collateral)

8% - 10.5%

Unsecured Education Loans (Without Collateral)

10.5% - 14%

Public Sector Bank Loans 

8% - 10.5%

Private Banks & NBFC Loans

10.5% - 14%

Loans for Studying in India

8% - 11.5%

Loans for Studying Abroad

9% - 14%

Central Government Interest Subsidy Scheme (CSIS)

0% during moratorium, then standard rates

Vidya Lakshmi Portal Loans

8% - 10%

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Features of Education Loan in West Bengal

Students in West Bengal can finance their education through bank loans, the West Bengal Student Credit Card (WBSCC), and the West Bengal Government Education Loan Scheme. Each option offers unique benefits in terms of loan amount, interest rates, and repayment flexibility.

Below are their key features.

Features of Bank Education Loans in West Bengal 

Banks in West Bengal, including public, private, and cooperative banks, provide education loans for studies in India and abroad. Loan amounts and interest rates vary based on the applicant’s profile and lender policies.

Below are the key features of bank loans for students.

Feature

Details

Loan Amount

Varies by bank; higher amounts may need collateral

Interest Rate

Depends on lender and applicant profile

Repayment Tenure

10-15 years, depending on the bank

Moratorium Period

Course duration + 6 to 12 months

Collateral

Required for higher loan amounts

Eligible Expenses

Tuition, hostel, books, travel, and other academic costs

Special Benefits

Interest subsidies for specific categories

West Bengal Student Credit Card (WBSCC) Features

The WBSCC Scheme offers a collateral-free loan to students pursuing education in India or abroad, providing financial ease with flexible repayment. Here are its main features.

Feature

Details

Loan Amount

Up to ₹10 lakh

Interest Rate

4% p.a. (1% concession for timely repayment)

Repayment Tenure

Up to 15 years (including moratorium)

Moratorium Period

1 year after course completion

Collateral

Not required

Eligible Expenses

Tuition, hostel, study materials, and more

Special Benefits

Life insurance coverage

West Bengal Government Education Loan Scheme

The West Bengal Government Education Loan Scheme provides financial support for students pursuing higher education in India and abroad, with lower interest rates for female students. Check the details below.

Feature

Details

Loan Amount

Up to ₹10 lakh (India), ₹20 lakh (Abroad)

Interest Rate

4% for male students, 3.5% for female students

Repayment Tenure

5 years after the moratorium period

Moratorium Period

Course duration + 6 months

Collateral

Not required

Eligible Expenses

Tuition, study-related expenses

Special Benefits

Lower interest for female students

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Best Banks for Education Loan in West Bengal

From private banks to government loans, students from West Bengal have numerous options when it comes to taking an education loan. All these banks, institutes, and lenders offer their own sets of benefits and follow specific criteria. However, the question of 'which bank is best for education loan in West Bengal?' can only be answered based on their features and benefits.

Best Bank for Education Loan in West Bengal for Studies in India

Bank Name

Scheme Name

Loan amount - Collateral Required

Processing fee

State Bank of India

SBI Global Ed-Vantage Scheme for India

Up to 1.5 Cr

₹10,000 + GST

Axis Bank

Axis Bank education loan for India

No upper limit for secured

Up to ₹40 lacs unsecured

1-2% of loan amount

ICICI Bank

ICICI Bank education loan for India

No upper limit for secured

Up to ₹50 lacs unsecured

2% of the loan amount

Bank of Baroda

Baroda Scholars for India

Up to ₹1.5 Cr

₹10,000 + GST

Karur Vysya Bank

KVB education loan for India

Up to ₹1.5 Cr

1-2% of loan amount

Union Bank of India

Special education loan scheme for India

Up to ₹2 Cr

1-2% of loan amount

IDFC First Bank

IDFC First Bank education loan for India

Need-based with collateral

Up to ₹50 lacs unsecured

1-2% of the loan amount

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Best Bank for Education Loan in West Bengal for Studies in Abroad

Bank Name

Scheme Name

Loan amount - Collateral Required

Processing fee

State Bank of India

SBI Global Ed-Vantage Scheme for abroad

Up to ₹1.5 Cr

₹10,000 + GST

Axis Bank

Axis Bank education loan for abroad

No upper limit for secured

Up to ₹40 lacs unsecured

1-2% of loan amount

ICICI Bank

ICICI Bank education loan for abroad

No upper limit for secured

Up to ₹50 lacs unsecured

2% of the loan amount

Bank of Baroda

Baroda Scholars for abroad

Up to ₹1.5 Cr

₹10,000 + GST

Karur Vysya Bank

KVB education loan for abroad

Up to ₹1.5 Cr

1-2% of loan amount

Union Bank of India

Special education loan scheme for abroad

Up to ₹2 Cr

1-2% of loan amount

IDFC First Bank

IDFC First Bank education loan for abroad

Need-based with collateral

Up to ₹50 lacs unsecured

1-2% of the loan amount

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Eligibility Criteria for Education Loan in West Bengal

In West Bengal, students seeking educational loans are obligated to fulfill predetermined academic criteria that financial institutions and banks have established, which include:

1. Nationality & Residency

Indian citizen and a resident of West Bengal for at least 10 years (self-declaration required). Some lenders may offer preferential terms to West Bengal residents.

2. Age Limit

General Education Loans

Age limit: 18 to 60 years.

• West Bengal Student Credit Card

Age limit: Up to 40 years at the time of application.

3. Academic Qualifications

Domestic Loans

Minimum 70% marks in the last qualifying exam.

• Overseas Loans

Minimum 75% marks in the last qualifying exam.

4. Admission Requirement

Applicants must have secured admission to a recognized institution in India or abroad offering full-time courses approved by the appropriate authorities.

5. Income & Credit Score

Lenders may require a reliable source of income and a good credit score. Requirements may vary based on the loan amount and lender policies.

6. Eligible Institutions

  • Schools, madrasahs, colleges, universities
  • IITs, IIMs, IISc, IIESTs, ISIs, NLUs, AIIMS, NITs, XLRI, BITS, SPA, NID, IIFT, ICFAI Business School
  • Coaching institutes for Engineering, Medical, Law, IAS, IPS, WBCS, SSC, etc.

7. Income Criteria

  • Urban: Family income up to ₹1,20,000.
  • Rural: Family income up to ₹98,000.

Approval Based on Your 12th Marks. No Co Applicant Required. Check Your Eligibility.

Documents to Apply for an Education Loan in West Bengal

To apply for and avail an education loan in West Bengal, you must submit the following details and documents:

Category

Documents Required

Application Form & Photograph

- Duly completed application form

- Recent passport-sized photograph

Identity Proof

- PAN card

- Applicant’s passport

- Aadhaar card

Residence Proof

- Telephone bill

- Aadhaar card

- Electricity bill

- Voter ID card

- Ration card

- Bank passbook statement

Documents of Co-applicant

- Bank statement (latest 6 months) if salaried

- Business transactions (last 1 year) if self-employed

Academic Documents

- 10th marksheet

- 12th marksheet

- Graduation certificate

- Entrance exam scorecard

- Proof of admission

- College fees breakdown

Co-applicant’s Income Proof

For Salaried:

- Form 16

- Office ID card

- Income tax returns

- 3 months’ salary slips

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How to Apply for Student Loan in West Bengal? 

Here are the steps for the Application:

Step 1: Student Registration

  • Visit wbscc.wb.gov.in and click ‘Student Registration’.
  • Enter your details (name, DOB, institution, mobile, email) and set a password.
  • Verify via OTP to receive a unique ID for future use.

Step 2: Loan Application

  • Log in and click ‘Apply Now’.
  • Fill in personal, co-borrower, and course details.
  • If lacking PAN/Aadhaar, submit an Undertaking Document.
  • Enter bank details, upload documents, and submit the application.

The Higher Education Department reviews and forwards your application to the bank, which issues the credit card per RBI guidelines.

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How to Track West Bengal Student Credit Card Application Status

You can check the status of your West Bengal Student Credit Card application by following these steps:

1. Visit the official website at wbscc.wb.gov.in.

2. Log in using your registration number and password.

3. Enter the captcha code shown on the screen.

4. Your loan application status will be displayed on the dashboard.

If there are any issues with your application, the bank may return it for corrections. You can review and make the necessary changes by selecting the ‘Edit Loan Application’ option before resubmitting.

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There are many more benefits to getting an education loan with Propelld. Take a look at them! 

Benefits of Propelld Education Loan:

Loan Parameter

Details

Max Loan Amount

50 Lakhs

Collateral

Not Required

Moratorium

Available

TAT

10 Times More than Banks

Disbursal Time

7 Days

Approval Rate

Higher than Banks

Special USP

Marks Based Approval

% Financed

100% of Fees

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FAQs on Education Loan in West Bengal

How do I get an education loan in West Bengal?

Students can apply for education loans through different schemes that West Bengal offers. The most popular and accessible is the West Bengal Student Credit Card scheme, which offers collateral-free loans of up to ₹10 lakhs.

Is collateral required for getting the education loan in Kolkata?

No. Unsecured loans in West Bengal are collateral and security-free. This allows you to pursue your dreams without financial worries.

What is the maximum term of education loans in Kolkata?

Education loans in West Bengal availed through numerous schemes offer a maximum tenure of 15 years after the moratorium period ends.

Which lenders in West Bengal offer education loans?

SBI, Axis, and ICICI Bank are a few of the biggest lenders in West Bengal that offer student loans. Other lenders include the Bank of Baroda, Union Bank of India, Karur Vysya Bank, and IDFC First Bank.

Who is eligible for a West Bengal education loan?

To be eligible for the Student Credit Card Scheme, you must be an Indian national who has lived in West Bengal for at least 10 years. You must also be forty years of age or younger and have enrolled in postsecondary education courses at reputable universities in India or abroad.

What is the maximum loan amount I can avail for an education loan in West Bengal? 

Loan amounts for education in West Bengal vary from ₹10 lakhs to ₹2 crores, while those for studying overseas might reach ₹30 lakhs or more.

Can I apply for an education loan without a co-applicant or guarantor? 

Some lenders may enable you to apply for an education loan without a co-applicant or guarantor as long as you match their income and credit standards.

What is the typical repayment tenure for education loans in West Bengal? 

In general, it varies from 5 to 15 years, with a moratorium period (a time during which you are not required to return the principal amount) that commonly lasts until the course is completed and a small period following.

What is the West Bengal Student Credit Card Scheme? 

The West Bengal Student Credit Card Scheme is a state government effort to give interest-free loans to students from economically disadvantaged backgrounds. This plan offers students a loan of up to ₹10 lakhs for further education in India or abroad.

What is the interest rate for the West Bengal Student Credit Card Scheme?

The scheme offers loans at a simple interest rate of 4% per annum.

Is there any concession on the interest rate for timely interest payments?

Yes, borrowers who pay the interest in full during the study period are entitled to a 1% interest concession.

What is the repayment tenure for loans under the West Bengal Student Credit Card Scheme?

The repayment period is 15 years, including a moratorium/repayment holiday of one year.

Are there any processing fees or penalties for pre-payment under this scheme?

No, there are no processing charges or penalties for pre-payment.

Can the loan be used to purchase electronic devices like laptops?

Yes, students can utilize their credit limit to purchase electronic devices such as laptops.

Is life insurance coverage included with the loan?

Yes, a life insurance policy will be issued in the student's name up to the loan amount. The student is responsible for paying the insurance premium, which may be deducted from their loan account.

What documents are required to apply for the West Bengal Student Credit Card?

Required documents include colored photographs of the applicant and co-applicant, Aadhaar card, Class 10th registration number, income certificate, PAN cards of the applicant and co-applicant, bank details, address proof of the co-applicant, fee details, and course details.

How can I apply for the West Bengal Student Credit Card?

Students can apply online by visiting the official website and completing the registration and application process as outlined.

How can I track the status of my West Bengal Student Credit Card application?

Applicants can track their application status by logging into their account on the official website.

Are students enrolled in coaching institutes eligible for the Student Credit Card Scheme?

Yes, students enrolled in coaching institutes for competitive examinations like IAS, medicine, engineering, SSC, IPS, etc., are eligible.

Is there any age limit to apply for the West Bengal Student Credit Card?

Yes, applicants must be aged 40 years or below.

Do I need to provide collateral security to avail of the loan?

No, the West Bengal Student Credit Card Scheme offers collateral-free loans.

Can I apply for the loan if I am studying abroad?

Yes, the scheme supports students pursuing education abroad, provided they meet the eligibility criteria.

What happens if there is a discrepancy in my loan application?

If there is any discrepancy, the bank will return the loan application. Applicants can verify and resubmit their application by clicking on the 'Edit Loan Application' option.

Who can I contact for queries related to the West Bengal Student Credit Card?

For assistance, you can call the toll-free number 1800-102-8014 or send an email to contactwbscc@gmail.com or support-wbscc@bangla.gov.in.

Is there a specific time frame to apply for the West Bengal Student Credit Card?

No, applications can be submitted throughout the year.

What is the maximum loan amount for students studying abroad under the West Bengal Minorities' Development and Finance Corporation (WBMDFC) Education Loan?

The maximum loan amount is ₹6 lakhs per year and ₹30 lakhs for the entire course.

Are there any income criteria for availing of the WBMDFC Education Loan?

Yes, annual family income should be up to ₹1,20,000 for urban areas and ₹98,000 for rural areas.

What is the interest rate for WBMDFC Education Loans for male students with family income between ₹98,001 to ₹6,00,000?

The interest rate is 8% per annum.

What is the repayment procedure for the WBMDFC Education Loan?

A total of 22 Post Dated Cheques (PDCs) are taken from the candidate for repayment purposes. Repayment starts after six months of course completion or upon gaining employment, whichever is earlier.

How long does it take for a Student Credit Card loan to be sanctioned in West Bengal?

The Student Credit Card loan sanction time in West Bengal varies based on verification and approval. Generally, it takes around 15 to 30 days for loan disbursal after application approval.

What is the full form of WBSCC?

The WBSCC full form is West Bengal Student Credit Card, a government initiative to provide financial assistance to students pursuing higher education.

What is the rate of interest (ROI) for male students under the West Bengal Student Credit Card Education Loan?

The ROI for male students under the WBSCC education loan is 4% per annum. However, those who pay interest during their study period can avail of a 1% concession, reducing the effective rate to 3%.

What is Mamata Banerjee Student Loan Scheme?

The Mamata Banerjee Student Loan scheme refers to the West Bengal Student Credit Card initiative, which provides up to ₹10 lakhs in collateral-free loans at a low-interest rate to students pursuing higher education in India and abroad.

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