Student Credit Card Scheme: A student credit card is a credit card offered to students at the college level. Any student above the age of 18 years is eligible to apply for the credit card as there is no income eligibility limit. These credit cards have low-interest rates and a validity period of five years.
In Hindi: स्टूडेंट क्रेडिट कार्ड कॉलेज स्तर पर छात्रों को दिया जाने वाला क्रेडिट कार्ड है। 18 वर्ष से अधिक आयु का कोई भी छात्र क्रेडिट कार्ड के लिए आवेदन करने का पात्र है क्योंकि आय की कोई पात्रता सीमा नहीं है। इन क्रेडिट कार्डों पर कम ब्याज दर और पांच साल की वैधता अवधि होती है।
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How can anyone get a student credit card in India?
- Against Fixed Deposit: A student can avail student credit card against the fixed deposit that may be standing in his/her name. However, banks have a minimum fixed deposit amount against which a credit card can be applied for.
- Through add-on card: Another way of getting a student credit card is by requesting any member of the family who has a credit card to apply for an add-on in the name of the student. However, for that, the member who is requesting the add-on card should have a good credit history.
- Strong Savings Account: A person can also avail of a student credit card if he/she has a strong savings history from which they wish to apply. However, this facility is provided by only a few banks to customers.
Eligibility and Documents Required to Apply for a Student Credit Card
| Eligibility | Above 18 years of age Must be a college-going student |
| Documents Required | Birth certificate Identity card issued by the college/university Proof of residential address Recent passport-size photograph PAN Card (Permanent Account Number) |
Benefits of the Bihar Student Credit Card Scheme
- Loans are provided to the students of Bihar to pursue general as well as polytechnic courses.
- A 1% lower interest rate will be charged on loans given to girls, differently-abled and transgender students.
- Also, this amount can be used for depositing fees and buying books and laptops.
- The students are required to repay the loan amount after securing a job after the completion of the programme.
Features of Student Credit Cards
| Credit Limits | Student credit cards have a lower credit limit compared to other credit cards offered by banks. On average, a student credit card has a credit limit of Rs. 15, 000. This is done to ensure that the cardholders do not incur debts as a result of unrestricted spending. |
| Card Validity | Student credit cards are generally valid for a period of five years from the issue date, as compared to regular credit cards which have a three years validity period |
| Duplicate card free of cost | If the student credit card holder misplaces their card or it is stolen, a duplicate card would be issued free of cost or at a very nominal charge |
| Waiver of fees | Student credit cards often do not have a joining fee and have very low annual charges, making it easier for students to maintain the cards |
| Documentation | Students’ credit cards do not require exhaustive documentation, unlike most other credit cards. The bare minimum of documentation is required when applying for a card |
| Special deals and rewards | The student cards come bundled with rewards and loyalty programs that offer cashback or cash points when a certain amount is spent using the card. The cards also have special offers and discounts on services as well as purchases worldwide. If the cardholder wishes to, the student credit card can be upgraded to a regular credit card anytime during the card’s validity. |
Suggested Link:- National Scholarship Portal
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