Top Banks Providing Student Credit Cards under MNSSBY Scheme
Updated On January 13, 2023 | by Joseph Williams
Instituted on 2nd October 2016, the Bihar Student Credit Card Yojana offers financial assistance to students who have passed the 12th standard. This scheme aims to encourage such students to pursue further education. This government-backed scheme has been introduced to bridge the gap between the Gross Enrolment Ratio (GER) in Bihar and other parts of India. Thus, students from Bihar can finance their higher education courses by applying for a Bihar student credit card online.
Nonetheless, to select the best credit card in India for students, individuals can check out the top financial institution offering it.
Top 3 Financial Institutions Offering Student Credit Cards
Here is the list of reputed financial institutions offering the best credit card in India for students to fund their education:
SBI Student Plus Advantage Credit Card
Widely known as one of the largest financial institutions in India, SBI offers the most sought-after student credit cards under the MNSSBY scheme. This card allows students to pay their purchases in EMIs. Moreover, it allows them to charge up to 2.5% of the fuel surcharge on the card. Another benefit of this card is the reward program that offers 1 point for every Rs. 100 spent. Such reward points are beneficial when students need to pay off their credit balance. However, such a card comes with an interest rate of 2.25 per month.
ICICI Bank Student Travel Card
This is another card that facilitates students studying abroad. This card allows students to pay their fees as well as meet daily expenses. Furthermore, since this card is associated with a Mastercard, it is convenient for them to pay using the same at various stores that accept Master cards. Moreover, such cards allow students to enjoy the benefit of foreign exchange rates.
Parents of such students can conveniently expand this card from India. Furthermore, students can enjoy the benefit of travel insurance and international student identity card membership.
HDFC Multicurrency Platinum Forex Plus Chip Card
Another best credit card in India for students is the HDFC Multicurrency Platinum Forex Plus Chip Card. This card offered by HDFC allows students from Bihar and across the country to spend comfortably while studying abroad. This card allows students to avail funds in more than 22 distinct currencies. One of the most significant benefits of this card is that it offers insurance amounts of up to Rs. 5 Lakhs against fraud and accidents.
Features and Benefits of Student Credit Card
Here are some of the features of student credit cards online under the MNSSBY scheme:
- Eligible applicants can apply for a substantial loan amount of up to Rs. 4 Lakhs
- One can avail of loans for polytechnic, technical and general courses.
- For paying fees, purchasing a laptop or books, financial assistance can be taken
- Beneficiaries need to start paying the loan once they complete their courses successfully and secure a job
- In the case of transgender, girl students, divyang, the interest rate will be as low as 1%
- The loan recovery process is not very stringent as it is a government-backed scheme. In some cases, the outstanding balance may be waived by the government
Eligibility Criteria and Documentation of Student Credit Card
Since such student credit cards in India offer an education loan of up to Rs. 4 Lakhs with a validity of 5+ years, applicants need to meet certain parameters to enjoy the benefits. Here are the parameters:
- The applicant’s age must be 18 years and above
- Must be enrolled in a reputed university or college
- Must be an Indian resident
Apart from these, students need to submit the following documents to ensure hassle-free fund approval:
- KYC documents
- Address proof
- Passport-size photograph
- Age proof
How to Apply for Students’ Credit Card?
Like every other credit card application, you can apply for the best credit card in India for students both online and offline. However, some financial institution only approves online applications. Therefore, it is wise to discuss this with the respective financial institution’s representative before beginning the application process.
To apply for the best credit card in India for students, you need to follow the simple steps mentioned below:
Step 1: First, visit the concerned financial institution’s website
Step 2: Meet the eligibility parameters and click on the ‘apply now’ option
Step 3: Now, you need to submit certain documents to start the application process
Step 4: After submitting the necessary documents successfully, click on ‘submit’
It is recommended to make a note of acknowledgment that will be provided through email.
Student credit cards are the newest participant in the credit card market, providing adequate monetary assistance to college students. Also, 12 passed students can pursue further studies with the help of the best credit card in India under the MNSSBY Government scheme.