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.
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.
Fast-Tracked Education Loans with Propelld – Funding your Future in Just 7 Days!
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.
Not Just Tuition Fees, But Other Expenses Are Also Covered. Simplified Processing, Dedicated Support
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
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:
Get upto 100% Education Fees Financed with Propelld. Simplified Processing Dedicated Support.
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.
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.
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.
Looking for the lowest interest rate on education loans? Check out this guide to find the best options.
Minimal Documentation. Higher Chances of Approval. Easy Online Processes. Check Your Eligibility.
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
Propel your Education Dreams to Reality with Fast, Flexible Loans from Propelld.
Best Bank for Education Loan in West Bengal for Studies in Abroad
Get your Loan Disbursed 10 times Faster than Banks. Apply Now.
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:
Get upto 100% Education Fees Financed with Propelld. Simplified Processing Dedicated Support.
Are you parent of a JEE/NEET aspirant?
Need guidance on funding your MBA College Fees?
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.
Not with Propelld! Yes, You Don't Need a Collateral for an Education Loan with Propelld. Check Out Now!
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.
Why Propelld?
Propelld provides education loans for students. With easy paperwork, flexible eligibility criteria, and convenient repayment schedules, Propelld helps students worldwide achieve their dreams quickly!
There are many more benefits to getting an education loan with Propelld. Take a look at them!
Benefits of Propelld Education Loan:
Get an education loan with Propelld today and pursue a degree that you dream of!