Guruji Student Credit Card Loan Scheme, Jharkhand
Scholarship Amount
About This Scholarship
The Guruji Student Credit Card Loan Scheme offers significant financial assistance to students domiciled in Jharkhand, enabling them to pursue higher education. This initiative provides an education loan of up to ₹15,00,000 at a highly subsidized simple interest rate of 4% per annum.
The scheme is designed to cover a comprehensive range of educational expenses. This includes tuition fees, hostel and mess charges, food, lab fees, library fees, examination fees, caution deposits, building funds, and other refundable deposits. Additionally, it helps with material purchases such as books, computers, and essential equipment. Living expenses, medical costs, and expenditures related to conferences, seminars, competitions, and travel are also covered.
A key benefit of this scheme is the one-year moratorium or repayment holiday, whichever comes first, applicable upon course completion or securing employment. The loan is provided without any collateral security, a significant relief for many students. However, for loans exceeding ₹4,00,000, a margin money of 5% of the total loan amount will be applicable, with any scholarship or assistantship counting towards this margin.
The total repayment period for loans under this scheme is 15 years, encompassing both the study period and the moratorium/repayment holiday. A life cover is provided in the student's name up to the sanctioned loan amount, with the insurance premium debited from the loan account. Students or their legal guardians have the flexibility to repay the loan amount at any time before the stipulated period without any penalty or processing cost.
Students have the option to begin repayments during their studies or utilize the moratorium period. Those who choose to pay interest on their loans while still in school receive a 1% discount on their interest rate for the entire loan period, leading to a reduced overall financial liability. The Directorate of Higher & Technical Education (DHTE) covers a portion of the interest costs, ensuring students only pay the 4% annual simple interest rate.
Once a student submits their loan application, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) reviews and approves or rejects the application, determining the loan amount and disbursement timeline. Upon approval, MLI issues a sanction letter detailing the amount, interest rate, moratorium period, and repayment schedule. The official portal automatically calculates the interest subvention for the disbursed loan and allocates funds from the corpus. Institutional expenses are directly disbursed to the institution's bank account according to the student's payment schedule, and the interest subvention is paid to MLI as per the agreed schedule between DHTE and MLI.
Eligibility Criteria
To be eligible for the Guruji Student Credit Card Loan Scheme, applicants must meet the following criteria:
• Indian nationals domiciled in Jharkhand are eligible.
• Applicants must be less than 40 years old at the time of application.
• Candidates must have successfully passed Class 10 and 12 from a recognized school or institution.
• Applicants must be pursuing a diploma, undergraduate, postgraduate, Ph.D., or higher-level course from a recognized school, institution, or university within or outside Jharkhand.
• Applicants must have secured admission to one of the following institutions:
• Institutions ranked up to 200 in the overall NIRF Rankings list.
• Institutions ranked up to 100 in their respective individual category.
• Institutions accredited with a grade of "A" or above by NAAC.
• These institutions can be located within or outside Jharkhand (within India) and include:
• 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:
• Prior beneficiaries of this scheme are not eligible.
• Students who have already availed of an education loan from a cooperative bank (co-operative, central co-operative, or district central co-operative) or public/private banks for the same course are not eligible.
Required Documents
Applicants must prepare the following documents for the Guruji Student Credit Card Loan Scheme application:
• Colour photograph of both the applicant and the co-applicant/co-borrower.
• Format: JPEG/JPG
• File Size: Between 20 and 50 KB
• Signature of the student and the co-borrower/guardian.
• Format: JPEG/JPG
• File Size: Between 20 and 50 KB
• Aadhaar card of the applicant.
• Format: JPEG/JPG
• File Size: Between 50 and 400 KB
• PAN card (if applicable).
• Format: JPEG/JPG
• File Size: Between 50 and 400 KB
• Admission receipt of the student.
• Format: JPEG/JPG
• File Size: Between 50 and 400 KB
• Class 10 and 12 certificates.
• Format: JPEG/JPG
• File Size: Between 50 and 400 KB
• Address proof of the co-applicant/co-borrower.
• Format: JPEG/JPG
• File Size: Between 50 and 400 KB
• Prospectus/certificate including details of admission fee, examination fee, hostel charges, etc., issued by a competent authority of the institution.
• Format: JPEG/JPG
• File Size: Between 50 and 400 KB
How to Apply
Eligible candidates can apply for the Guruji Student Credit Card Loan Scheme by following these steps:
1. Visit the official website for the Guruji Student Credit Card Loan Scheme (https://www.gsccjharkhand.com/).
2. Locate and click the 'Register' button on the dashboard.
3. Fill in the required details to complete the registration process. If you are already registered, log in using your registered email ID and password.
4. After successful registration, you will receive a One-Time Password (OTP) via email or phone. Enter the OTP to verify your account.
5. Once verified, log in using your valid credentials.
6. Proceed to fill in all the necessary details in the application form.
7. Upload your signature and photograph, along with all other required documents, ensuring they meet the specified format and file size requirements.
8. Submit your application. Upon successful submission, you will have the option to download a digital representation of the credit card.