Guruji Student Credit Card Loan Scheme, Jharkhand
Scholarship Amount
About This Scholarship
The Guruji Student Credit Card Loan Scheme by the Jharkhand government aims to provide crucial financial assistance to students pursuing higher education. This initiative offers a substantial education loan at a highly subsidized interest rate, making quality education accessible to deserving students domiciled in Jharkhand.
Key features and benefits of this comprehensive scheme include:
• Maximum Loan Amount: Eligible students can receive an education loan of up to ₹15,00,000. This amount is designed to cover a wide range of educational and living expenses.
• Subsidized Interest Rate: The loan is provided at a remarkably low simple interest rate of 4% per annum. The Directorate of Higher & Technical Education (DHTE) shoulders a significant portion of the interest costs, ensuring affordability for students.
• Flexible Repayment Options: The scheme offers a total repayment period of 15 years, which thoughtfully includes both the period of study and any moratorium/repayment holiday availed.
• Moratorium/Repayment Holiday: Students benefit from a one-year moratorium or repayment holiday. This period commences upon the completion of their course or when they secure employment, whichever occurs first, providing financial relief during transition.
• No Collateral Requirement: A significant advantage is that loans up to ₹4,00,000 are provided without any collateral security. For loans exceeding ₹4,00,000, a 5% margin money is applicable, with any scholarships or assistantships received by the student being included in this margin amount.
• Comprehensive Expense Coverage: The loan can be utilized to cover various essential expenses, including:
• Tuition, hostel/mess, food, lab, library, and examination fees.
• Caution deposits, building funds, and refundable deposits.
• Purchases of necessary materials such as books, computers, and other equipment.
• Living, food, and medical expenses.
• Costs associated with attending conferences, seminars, competitions, and travel.
• Life Cover: A life cover equal to the sanctioned loan amount is provided in the student's name. The insurance premium for this cover is debited directly from the student's loan account.
• Option for Early Repayment: Students or their legal guardians have the flexibility to repay the entire loan amount at any time before the stipulated repayment period ends. Importantly, no penalty or processing cost will be charged for early repayment by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI).
• Interest Discount for In-Study Payments: Students who opt to begin paying the interest on their loans while they are still pursuing their studies will receive a 1% discount on their interest rate for the entire duration of the loan. This measure significantly reduces the overall interest burden for proactive students.
• Joint Responsibility: Both the student and any co-borrower are equally responsible for ensuring the timely repayment of the loan amount.
Upon submission of a loan application, the MLI undertakes a thorough review to approve or reject the application, determine the loan amount, and set the disbursement timeline. Following approval, the MLI issues a sanction letter detailing the specific terms, including the amount, interest rate, moratorium period/repayment holiday, and the full repayment period. The scheme's portal automatically manages the interest subvention, ensuring that the disbursed loan attracts only the subsidized 4% simple interest rate.
Eligibility Criteria
To be considered eligible for the Guruji Student Credit Card Loan Scheme, applicants must fulfill the following specific criteria:
• Citizenship and Domicile: Applicants must be Indian nationals and possess domicile in Jharkhand.
• Age Requirement: The applicant's age must be less than 40 years at the time of submitting the application.
• Academic Qualifications:
• Candidates must have successfully passed Class 10 and Class 12 examinations from a school or institution recognized by the relevant educational boards.
• Applicants must currently be pursuing a diploma, undergraduate, postgraduate, Ph.D., or any higher-level course. This course must be undertaken at a recognized school, institution, or university located either within Jharkhand or anywhere else within India.
• Institutional Accreditation or Ranking: Admission must have been secured in one of the following categories of institutions:
• Institutions ranked up to 200 in the overall NIRF (National Institutional Ranking Framework) Rankings list.
• Institutions ranked up to 100 in their respective individual category in the NIRF Rankings.
• Institutions that have been accredited with a grade of "A" or above by NAAC (National Assessment and Accreditation Council).
• Examples of eligible institutions typically include, but are not limited to, those highly regarded institutions across India such as:
• IIT (Indian Institutes of Technology)
• IIM (Indian Institutes of Management)
• IIEST (Indian Institutes of Engineering Science and Technology)
• ISI (Indian Statistical Institute)
• NLU (National Law Universities)
• AIIMS (All India Institute of Medical Sciences)
• NIT (National Institutes of Technology)
• XLRI (Xavier School of Management)
• IISc (Indian Institute of Science)
• BITS (Birla Institute of Technology and Science)
• SPA (Schools of Planning and Architecture)
• NID (National Institute of Design)
• IIFT (Indian Institute of Foreign Trade)
• ICFAI Business School
Important Notes Regarding Eligibility:
• Exclusion for Prior Beneficiaries: Students who have previously been beneficiaries of this specific scheme are not eligible to apply again.
• No Duplicate Loans for the Same Course: Applicants who have already obtained an education loan for the same course from any cooperative bank (including co-operative, central co-operative, or district central co-operative banks) or from any public or private sector bank are ineligible for the Guruji Student Credit Card Loan Scheme.
Required Documents
To complete your application for the Guruji Student Credit Card Loan Scheme, you will need to prepare and upload a set of required documents. It is crucial to ensure that all documents meet the specified format and file size guidelines for successful submission.
• Photographs:
• A recent colour photograph of the applicant.
• A recent colour photograph of the co-applicant/co-borrower.
• Format: JPEG/JPG
• File Size: Each photograph must be between 20 KB and 50 KB.
• Signatures:
• A clear image of the signature of the student.
• A clear image of the signature of the co-borrower/guardian.
• Format: JPEG/JPG
• File Size: Each signature image must be between 20 KB and 50 KB.
• Identity and Address Proofs:
• Aadhaar card: Required for both identity and address verification of the applicant.
• PAN card: If applicable, for the applicant's financial identification.
• Address proof of co-applicant/co-borrower: To verify their residential address. Acceptable proofs may include Aadhaar card, voter ID, driving license, etc.
• Format: JPEG/JPG
• File Size: Each of these identity and address proofs must be between 50 KB and 400 KB.
• Academic and Admission-Related Documents:
• Admission receipt of student: Official proof demonstrating secured admission to an eligible course and institution.
• Class 10 certificate: To verify successful completion of secondary education.
• Class 12 certificate: To verify successful completion of higher secondary education.
• Prospectus/certificate from the institution: This document must be issued by a competent authority of the educational institution. It should clearly outline details such as admission fees, examination fees, hostel charges, and other relevant costs, providing a comprehensive breakdown of the financial requirements for the chosen course.
• Format: JPEG/JPG
• File Size: Each of these academic and admission-related documents must be between 50 KB and 400 KB.
Please ensure all uploaded documents are legible, correctly oriented, and clearly visible to facilitate a smooth application processing experience.
How to Apply
Eligible candidates interested in availing the Guruji Student Credit Card Loan Scheme can apply by following these comprehensive steps:
1. Visit the Official Scheme Website: Navigate to the official website dedicated to the Guruji Student Credit Card Loan Scheme.
2. Initiate Registration:
• On the scheme's dashboard, locate and click the 'Register' button, typically found on the right-hand side or at the top of the page.
• Fill in all the mandatory details requested in the registration form to create your account for the credit card scheme.
• Note: If you have already registered previously, you can simply log in using your registered email ID and password.
3. Verify Your Account:
• Upon successful submission of your registration details, you will receive a one-time verification code (OTP). This OTP will be sent to your registered email address or phone number.
• Enter the received OTP into the designated field on the website to verify your registration.
4. Log In to Your Account:
• After successful verification, proceed to log in to the portal using your newly created or existing valid credentials (registered email ID and password).
5. Complete the Application Form:
• Once logged in, you will access the detailed application form. Carefully fill in all the required personal, academic, course, and co-applicant information.
• Upload your signature and a recent colour photograph as specified in the document requirements, ensuring they meet the given format and file size.
6. Submit Your Application:
• Before final submission, thoroughly review all the details entered and the documents uploaded to ensure accuracy and completeness.
• Click on the 'Submit' button to finalize and send your application.
7. Download Digital Credit Card:
• Upon successful submission of your application, you will be presented with an option to download a digital representation of your Guruji Student Credit Card.
After your application is submitted, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) will conduct a careful review. Following approval, the MLI will issue a sanction letter that clearly outlines the sanctioned loan amount, the applicable interest rate, the moratorium period/repayment holiday, and the total repayment period for your loan.