• Source:JND
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The Bihar government is set to disburse education loans to 1.27 lakh students under its Student Credit Card Scheme for the financial year 2025–26. The Finance Department has sanctioned a fund of Rs 1,013.23 crore following the Education Department's proposal. Officials have been directed to initiate the implementation process accordingly.

A proposal to increase the maximum loan limit from Rs 4 lakh to Rs 10 lakh—especially to support students pursuing studies abroad—is currently under consideration at the Chief Minister's level. The proposal has been pending for nearly two years.

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In the previous fiscal year 2024–25, loans worth Rs 1,715.23 crore were disbursed to 80,236 students, achieving 94.35 per cent of the 85,000 target. Patna district recorded the highest number of beneficiaries, with 6,618 students availing loans.

Launched on October 2, 2016, the Student Credit Card Scheme enables students to avail loans of up to Rs 4 lakh for higher education in general, technical, and vocational courses. The latest data reveals that 63 per cent of the loans were sanctioned for technical education, 20 per cent for general courses, and 17 per cent for vocational training. Notably, 91.99 per cent of the beneficiaries came from rural areas.

In terms of social distribution, the beneficiaries included 20 per cent male and 9 per cent female students from the general category; 42.20 per cent male and 17.10 per cent female students from backward classes, among others.

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Loans under this scheme are repayable in 60 to 84 monthly instalments. A 0.25 per cent interest rebate is offered for early repayment. The repayment is deferred if the student remains unemployed. The scheme offers an annual interest rate of 4 per cent for general students and 1 per cent for disabled, female, and transgender beneficiaries.

To be eligible, students must be residents of Bihar, have passed Class 12 from a recognised institution, be under 25 years of age (or 30 for postgraduates), belong to a family with an annual income below Rs 6 lakh, and be enrolled in a recognised higher education institution.