Are you a student from Bihar who wants to pursue higher education in India or abroad? Do you need financial assistance to fulfill your academic dreams? If yes, then you should know about BSEFCL, a student loan scheme for higher education in Bihar.
What is BSEFCL?
BSEFCL stands for Bihar State Education Finance Corporation Limited, a government-owned company that provides student loans for higher education in Bihar. BSEFCL was established in 2016 under the Bihar Student Credit Card Scheme (BSCCS), a flagship program of the Bihar government to promote education and skill development among the youth of Bihar.
What is the objective of BSEFCL?
The objective of BSEFCL is to provide easy and affordable student loans to the eligible students of Bihar who want to pursue higher education in India or abroad. BSEFCL aims to empower the students of Bihar with quality education and skill development, and to reduce the dropout rate and enhance the employability of the students.
What are the features of BSEFCL?
BSEFCL offers some attractive features and benefits to the students who avail its student loans. Here are some of them:
- BSEFCL offers student loans up to Rs. 4 lakh for higher education in India and up to Rs. 10 lakh for higher education abroad.
- BSEFCL charges no interest on the student loans. The interest is borne by the Bihar government as a subsidy.
- BSEFCL does not require any collateral or guarantor for the student loans. The student is the sole borrower and the loan is secured by the Bihar government.
- BSEFCL provides a moratorium period of 4 years or the duration of the course, whichever is longer, during which the student does not have to repay the loan.
- BSEFCL allows a repayment period of 15 years after the moratorium period, during which the student has to repay the loan in equal monthly installments.
- BSEFCL provides online application and approval of the student loans through its student portal.
What are the eligibility criteria for BSEFCL?
To be eligible for BSEFCL student loans, the student must fulfill the following criteria:
- The student must be a resident of Bihar and have a valid Aadhaar card and PAN card.
- The student must have passed the 12th standard examination from a recognized board or equivalent.
- The student must have secured admission in a recognized institution or university in India or abroad for a regular degree or diploma course of at least 2 years duration.
- The student must not have availed any other student loan from any other source.
What are the documents required for BSEFCL?
To apply for BSEFCL student loans, the student must submit the following documents:
- Aadhaar card and PAN card of the student.
- 10th and 12th mark sheets and certificates of the student.
- Admission letter and fee structure of the institution or university where the student has secured admission.
- Bank account details of the student.
- Passport size photograph of the student.
- Any other document as required by BSEFCL.
How to apply for BSEFCL?
To apply for BSEFCL student loans, the student must follow the following steps:
- Visit the BSEFCL student portal and register with your Aadhaar number and mobile number.
- Fill the online application form with your personal, academic, and bank details.
- Upload the scanned copies of the required documents and submit the application.
- Wait for the verification and approval of your application by BSEFCL and the District Registration and Counseling Center (DRCC).
- Receive the sanction letter and loan agreement from BSEFCL and sign it.
- Receive the loan amount in your bank account from BSEFCL.
What are the responsibilities of the student?
The student who avails BSEFCL student loans must abide by the following responsibilities:
- The student must use the loan amount only for the purpose of education and not for any other purpose.
- The student must inform BSEFCL about any change in the course, institution, address, or contact details.
- The student must submit the progress report and mark sheet of each semester or year to BSEFCL.
- The student must repay the loan amount in time as per the repayment schedule and terms and conditions of BSEFCL.
- The student must cooperate with BSEFCL and the Bihar government in the monitoring and evaluation of the student loan scheme.
Conclusion
BSEFCL is a student loan scheme for higher education in Bihar that offers easy and affordable student loans to the eligible students of Bihar who want to pursue higher education in India or abroad. BSEFCL provides interest-free, collateral-free, and guarantor-free student loans up to Rs. 4 lakh for higher education in India and up to Rs. 10 lakh for higher education abroad. BSEFCL also provides online application and approval of the student loans through its student portal.