How to Get an Education Loan through MNSSBY?

In a recent official declaration, the Government of Bihar has indicated that the Gross Enrolment Ratio or GER for higher studies is around 14.3% in the state, whereas the overall GER of India stands at 24%. This means that a large portion of the students’ community in Bihar is looking forward to pursuing higher education. 

In order to encourage these students to opt for higher education, the Government of Bihar introduced the Mukhyamantri Nischay Swayam Sahayata Bhata Yojana or MNSSBY on 2nd October 2016. 

What is MNSSBY?

MNSSBY or the Bihar Student Credit Card Yojana is a government initiative that provides an education scheme that aids pupils who have passed their 12th standard examination but are unable to pursue higher education due to lack of financial strength. The objective of this education policy is to enhance the GER of Bihar to 30% within the next 5 years. 

The benefits of availing a Bihar student credit card include –

  1. Substantial education loan amount of up to Rs.4 lakh.
  2. This loan applies to not only technical courses but general and polytechnic courses as well.
  3. This education scheme offers financing at nominal interest rates as low as 1% for a girl, transgender, disabled students, etc.
  4. Repayment of this loan begins after their higher education course is complete or once students get employed. 

How to obtain an education loan through MNSBBY?

Before applying for a Bihar Student Credit Card, you need to meet the demands of the eligibility criteria set by the State Government, which are –

  • You are required to be a resident of Bihar.
  • Financial institutions will not provide an education loan through the Bihar Student Credit Card if you have not passed the 12th standard examination. 
  • Students need to provide necessary documents such as ID proof, address proof, 10th and 12th standard mark sheets, proof of admission, family income certificate, etc. 
  • Students below the age of 25 are eligible for this credit card.
  • You will not be able to avail a Bihar Student Credit Card if you are unable to seek admission for higher studies in an authorised institute. 
  • Students are required to complete the whole course of their higher education.

Failing to meet the demands of the eligibility criteria is among the main reasons why you have been declined a credit card. After learning about the several eligibility criteria for availing a Bihar student credit card, you can apply for education loan through MNSSBY, online by following these steps –

  1. Visit the official website of MNNSBY and navigate to the ‘New Applicant Registration’ option. 
  2. Click on this option after which you are required to provide necessary information regarding the Bihar Student Credit Card Yojana.
  3. Fill in the details and click on the ‘Send OTP’ option. Enter the OTP and click on the ‘Submit’ option.
  4. Head back to the home page and log in with the new credentials obtained through SMS or email.
  5. Now, you need to set a new password and login again with same. Provide personal details wherever necessary and click on the ‘Submit’ option.
  6. From the ‘Select Scheme’ drop-down menu, choose ‘Bihar Student Credit Card’ option and enter all the details as required. On completion, click on ‘Submit’ and download the confirmation certificate received via email for future reference.

In case of an ordinary credit card with a revolving credit and billing cycle, you need to know how to use a credit card wisely. The Bihar Student credit card is not similar to a conventional credit card since its objective is to offer financial assistance for education purposes only. 

Hence, it may be more rewarding for an individual to avail a regular credit card such as the Bajaj Finserv RBL Bank SuperCard. 

This NBFC also brings pre-approved offers that make availing financing quick by simplifying the process. These pre-approved offers are applicable to numerous other financial products such as home loans, personal loans, business loans, etc. Check your pre-approved offer by providing your name and phone number.

Hence, students of Bihar who are looking forward to pursue higher education after completing their 12th standard can avail financial assistance with the help of the education loan through MNSSBY. Individuals availing this credit card must make sure to repay their debt in time.