Patna: The Bihar government has changed the loan process under the Bihar Student Credit Card Scheme, introducing a new system for students seeking financial assistance for higher education.
Under the revised arrangement, students can obtain an education loan of up to 2 lakh through the Bihar State Education Finance Corporation. Those requiring more than 2 lakh will have to apply for the additional amount through the PM-VidyaLakshmi portal.
The new system will remain applicable from the 2026-27 financial year to 2030-31.
Who can benefit from the scheme?
The Bihar Student Credit Card Scheme is aimed at helping eligible students pursuing higher education who require financial support to continue their studies.
The state scheme also provides assistance to eligible students who are not covered by applicable central government education loan schemes.
How to apply for a loan of up to 2 lakh
Students seeking a loan of up to ₹2 lakh must apply through the online system of the Bihar State Education Finance Corporation.
After submitting the application, students will have to get their documents verified at the District Registration and Counselling Centre (DRCC).
The application and documents will be checked at the DRCC before the loan approval process moves forward. Students can also obtain information and assistance related to the application process at the centre.
What if students need more than 2 lakh?
Students requiring more than 2 lakh for higher education will need to apply for the additional loan through the PM-VidyaLakshmi portal.
The DRCC will provide students with a facility to submit applications through the portal free of cost. This is intended to help eligible students access both state and central government education loan schemes according to their requirements.
The Bihar Student Credit Card Scheme has also been linked with the Pradhan Mantri Uchchatar Shiksha Protsahan Yojana and the Pradhan Mantri VidyaLakshmi Central Scheme.
Loan process: What students need to do
Stage 1: Online application
Students must first submit an online application under the Bihar Student Credit Card Scheme. For loans up to 2 lakh, they must follow the procedure prescribed by the Bihar State Education Finance Corporation.
Stage 2: Document verification
After applying, students must visit the DRCC with the required documents for verification.
Stage 3: Application verification
Officials will verify the application and supporting documents before processing the loan request.
Stage 4: Loan approval and disbursement
Once the application is approved, the loan will proceed towards disbursement as per the applicable scheme and institutional requirements.
For students requiring funding beyond 2 lakh, the additional application will be processed through the PM-VidyaLakshmi portal.
What the revised system means for students
The revised mechanism gives students a clearer route depending on the amount of financial assistance they require. Students needing up to 2 lakh can use the state-level process, while those requiring higher funding can seek additional assistance through the central portal.
The provision of free application assistance at DRCCs is also intended to make the process easier for students who may otherwise face difficulties navigating multiple loan schemes and portals.
