Bihar Student Credit Card: How It Works And Will Benefit, Nine Things You Might Not Know
A student credit card scheme for the state of Bihar has been in the works for a very long time now. The Government is expecting that this would make it easier for the students to purchase goods and services without incurring heavy interest rates.
What is a Bihar Student Credit Card?
A Bihar Student Credit Card is a type of credit card that is specifically designed for students. Student credit cards typically have lower credit limits and higher interest rates than traditional credit cards. However, they can be a good option for students who need to build their credit history or who want to have a credit card for emergencies.
There are a few things to keep in mind if you’re considering a student credit card. First, make sure you understand the terms and conditions before you apply. Some student credit cards have annual fees, so it’s important to know what you’re signing up for. Second, use your credit card responsibly by making payments on time and keeping your balance low. This will help you build a strong credit history, which can benefit you down the road.
Here are nine things you might not know about student credit cards:
1. You can use a student credit card to build your credit history.
2. Student credit cards typically have lower credit limits than traditional credit cards.
3. Student credit cards generally have higher interest rates than traditional credit cards.
Benefits of being a Bihar Student Credit Card holder
There are many benefits of being a Bihar Student Credit Card holder. Here are nine things you might not know:
1. You can use your card to pay for tuition, books, and other education-related expenses.
2. You can get a 0% interest rate on purchases made with your card.
3. You can use your card to build your credit history.
4. You can get discounts on travel and entertainment expenses.
5. You can use your card to earn rewards points that can be redeemed for cash back, merchandise, or travel.
6. You can get emergency assistance if you need it while traveling.
7. You can use your card to make online purchases securely.
8. You can use your card to pay bills online or over the phone.
9. You can get help from customer service 24/7 if you have any questions or problems with your card
Read: How to apply for Bihar Student Credit Card
How does Bihar Student Credit Card work?
The Bihar Student Credit Card is a new initiative by the state government of Bihar to provide financial assistance to students pursuing higher education. The card will be linked to the student’s bank account and will be used to pay for tuition fees, exam fees, and other educational expenses. The credit limit on the card will be based on the student’s family income and will be reviewed on an annual basis. The card can be used at any accredited college or university in Bihar and will be valid for five years.
Pros and cons of the Bihar Student Credit Card scheme
The Bihar Student Credit Card scheme has been rolled out with the aim of providing financial support to students pursuing higher education. As with any scheme, there are pros and cons to consider before availing of this facility. Here are some key points to bear in mind:
Pros:
1. The scheme offers interest-free loans of up to Rs 4 lakh for students pursuing higher education.
2. There is no need to provide collateral for availing of the loan.
3. The repayment period is flexible and can be stretched over a period of 5 years.
Cons:
1. The scheme is only available to students domiciled in Bihar.
2. Students will have to start repaying the loan immediately after completing their studies, even if they are unable to secure employment.
3. There is a possibility that the interest rate on the loan may be revised upwards in the future, which could make repayment more difficult.
FAQs about the scheme
1)What is the Bihar Student Credit Card scheme?
The Bihar Student Credit Card scheme is a new initiative by the state government of Bihar to provide financial assistance to students in the form of a credit card. The card can be use by students to pay for their tuition fees, books, and other expenses related to their studies.
2) How does the scheme work?
Students who are enrolled in any college or university in Bihar can apply for the credit card. Once approved, they will be able to use the card to pay for their educational expenses. The credit limit on the card will be based on the student’s financial need and ability to repay the loan.
3) How will this scheme benefit students?
The scheme will provide financial assistance to students who otherwise would not be able to afford their education. It will also help students manage their finances better by providing them with a credit limit that they can use for their studies.
4) What are the eligibility criteria for the scheme?
To be eligible for the scheme, students must be enrolled in a college or university in Bihar. They must also have a valid bank account and income proof.
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