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The Jharkhand Government's Guruji Student Credit Card Scheme helps students fund their higher education by providing education Read More... loans up to ₹15 Lakhs at a subsidized 4% interest rate. Read less

Details

Navigating the path to higher education can be challenging, especially when finances are a concern. Recognizing this, the Jharkhand Government has introduced the Guruji Student Credit Card (GSCC) Scheme. This initiative aims to empower students from the state by offering them access to much-needed financial support for their academic pursuits.

What Is This Scheme?

The Guruji Student Credit Card (GSCC) Scheme, rolled out by the Department of Higher and Technical Education, Jharkhand, is designed to remove financial hurdles for students aiming for higher studies. It functions as an education loan facility, allowing eligible students to borrow funds for their college and university education.

Who Can Benefit From This Scheme?

This scheme is for students residing in Jharkhand who have completed their schooling in the state and have secured admission into recognized higher education institutions. It caters to those who might otherwise find it difficult to afford tuition fees, hostel expenses, and other related costs for their chosen courses.

Why This Scheme Is Important

Education is a key to a brighter future, and this scheme ensures that financial limitations do not stop deserving students from achieving their academic goals. By providing a substantial loan amount at a very low-interest rate, the GSCC Scheme promotes educational equity and supports the state's drive to enhance its educated workforce.

Objective

The Jharkhand Government's Guruji Student Credit Card Scheme helps students fund their higher education by providing education loans up to ₹15 Lakhs at a subsidized 4% interest rate.

Benefits

Full reimbursement of employer’s contribution:100% of the employer’s statutory EPF contribution will be reimbursed for eligible new employees.
Financial ceiling per employee:The reimbursement amount is limited to 12% of the employee’s basic salary plus Dearness Allowance (DA) and retaining allowance, or ₹1800/- per month, whichever is lower.
Long-term support:The reimbursement is available for a period of up to 10 years from the date of commencement of commercial production.

Sources and references

Guidelines

Eligibility Criteria

You must be a student looking to pursue higher education.
You need to be an Indian national.
You should have completed 10th grade for diploma courses, or 10th and 12th grades for undergraduate or higher courses from a recognized school in Jharkhand.
You must have secured admission in institutions like IITs, IIMs, IIESTs, ISIs, NLUs, AIIMSs, NITs, XLRI, IISCs, BITS, SPA, NID, IIFTs, ICFAI Business School etc., which are ranked within India's top 200 overall or top 100 in their specific category as per NIRF rankings. Institutions accredited with 'A' grade or above by NAAC are also eligible.
You should not be older than 40 years at the time of applying for the loan.
You must not have received benefits from this scheme before.
You should not have already taken an education loan from any cooperative banks, public sector banks, or private sector banks for the course you are applying for under this GSCC Scheme.

How To Apply

Visit the official Guruji Student Credit Card (GSCC) web portal.
Register yourself on the portal.
Complete the application form with accurate details.
Upload all the required documents as specified.
Submit your application.

Official Link: http://gscc.jharkhand.gov.in/

Documents Required

Aadhaar Card
Recent Colour Passport-size Photograph
Admission Document or Letter from the institution
Ration Card
Resident Certificate (Proof of Residence)
Income Certificate
Caste Certificate (if applicable)
Bank Passbook
Birth Certificate

FAQ’s

What's the main purpose of the Guruji Student Credit Card Scheme?

This scheme is designed to help students from Jharkhand pursue higher education by providing education loans up to ₹15,00,000/- at a low 4% interest rate.

Who can apply for this student credit card scheme?

Students who have completed their 10th and 12th grades in Jharkhand and have gained admission into recognized institutions for diploma, undergraduate, or higher studies are eligible to apply.

Is there an age limit for applicants under the GSCC Scheme?

Yes, applicants must be 40 years old or younger when they apply for the loan under this scheme.

What kind of courses are supported by this loan?

The loan covers courses in prestigious institutions like IITs, IIMs, AIIMS, and others for fields such as engineering, medicine, law, and research.

What is the highest loan amount I can get through this scheme?

Eligible students can receive an education loan of up to ₹15,00,000/-.

How is the interest on the loan calculated?

The loan comes with a 4% simple interest rate. Additionally, female students can get a further reduction of 0.5%.

Do I need to provide collateral or a guarantee for the loan?

No collateral is required. However, a co-obligation from parents or legal guardians is necessary.

What is the procedure to apply for the Guruji Student Credit Card Scheme?

You need to register on the GSCC web portal, fill out the application form, and then submit documents such as your admission letter and fee details.

Can I choose any bank I prefer for the loan?

You need to select a Member Lending Institution (MLI) from the list of banks that have partnered with the scheme and are available on the portal.

What types of expenses does the education loan cover?

The loan can be used for institutional fees, hostel charges, and a part of it can also cover non-institutional expenses like travel, rent, and study materials.

What is the maximum portion of the loan that can be used for non-institutional costs?

Up to 30% of the total loan amount can be used for non-institutional expenses.

What happens if I don't use the entire amount allocated for non-institutional expenses?

Any amount that remains unused can be carried forward to the next semester.

Is there a period after my course ends before I have to start repaying the loan?

Yes, there is a moratorium period of one year after you complete your course or find employment, whichever happens first, before you need to start repaying.

What are the consequences if loan repayment is delayed?

If the loan is not repaid on time, the Public Demand Recovery Act may be invoked after informing the student.

How are the loan funds disbursed to educational institutions?

Tuition fees will be directly transferred to the bank account of the educational institution according to the payment schedule.

Are there any charges for processing the loan under this scheme?

No, the lending bank does not charge any processing fees for loan sanctioning or disbursement.

What documents are generally needed to apply for this loan?

You will need documents like your admission letter, academic records, Aadhaar card, and a co-obligation from your parent or legal guardian.

Is it mandatory to have insurance for this loan?

Yes, students are required to have life insurance coverage equivalent to the loan amount. The insurance premiums will be debited from the loan account.

How can I check the status of my loan application and repayment?

You can track your application status, disbursement details, and repayment progress through your personal dashboard on the GSCC web portal.

Who should I contact if I need help or have questions about the scheme?

For any queries related to the scheme or technical issues with the portal, you can reach out to the dedicated helpline provided by the Web Portal Development Agency.