Guruji Student Credit Card Loan Scheme, Jharkhand

Name:-Guruji Student Credit Card Loan Scheme, Jharkhand

Nationality: Open to Indian nationals domiciled in Jharkhand.
Age: Applicants must be less than 40 years old at the time of application.
Educational Qualifications:Must have passed Class 10 and 12 from a recognized school/institution.
Must be pursuing a diploma, undergraduate, postgraduate, Ph.D., or higher-level course from a recognized institution or university within or outside Jharkhand.

Institution Requirements:
- Applicants must have secured admission to institutions ranked up to 200 in the overall NIRF Rankings list, up to 100 in their respective individual category, or accredited with a grade of "A" or above by NAAC. Eligible institutions include:
  - IITs (Indian Institutes of Technology)
  - IIMs (Indian Institutes of Management)
  - IIESTs (Indian Institutes of Engineering Science and Technology)
  - ISIs (Indian Statistical Institute)
  - NLUs (National Law Universities)
  - AIIMS (All India Institute of Medical Sciences)
  - NITs (National Institutes of Technology)
  - XLRI (Xavier School of Management)
  - IISc (Indian Institute of Science)
  - BITS (Birla Institute of Technology and Science)
  - SPAs (Schools of Planning and Architecture)
  - NIDs (National Institute of Design)
  - IIFT (Indian Institute of Foreign Trade)
  - ICFAI Business School

Ineligibility:

Prior beneficiaries of this scheme.
Students who have availed of an education loan from a cooperative bank or public/private banks for the same course.

Benefits:

Loan Amount: Maximum loan of ?15,00,000 at a subsidized interest rate of 4% per annum.
Moratorium/Repayment Holiday: One-year moratorium or repayment holiday upon course completion or securing employment.
Loan Coverage: Tuition, hostel/mess fees, food, lab, library, and examination fees, caution deposit, building fund, refundable deposit, material purchases (books, computer, equipment), living, medical, conference, seminars, competitions, and travel expenses.

Key Notes:

Collateral Security: No collateral security is required.
Margin Money: For loans above ?4,00,000, a margin money of 5% of the total loan amount will be applicable. Scholarship/Assistantship will be included in the margin amount.
Repayment Period: Total repayment period is 15 years, including the moratorium/repayment holiday and the period of study.
Life Cover: A life cover in the student's name up to the loan amount sanctioned; the insurance premium is borne by the student and debited from their loan account.
Early Repayment: No penalty or processing cost for early repayment.
Interest Concession: A 1% discount on the interest rate for students who choose to pay the interest on their loans while still in school.
Co-borrower Responsibility: The student and any co-borrower are equally responsible for timely repayment of the loan.
Interest Subsidy: DHTE covers some interest costs, ensuring students only pay 4% annual simple interest on the loan.

Application Process:

Step 1: Click the ‘Apply Now’ button on the scheme's official page.
Step 2: Register by filling in the required details. If already registered, log in using your registered email ID.
Step 3: Verify your registration using the OTP sent via email or phone.
Step 4: Log in with your credentials and fill in the required details.
Step 5: Upload the necessary documents, including a signature and photograph, and submit your application.

Required Documents:

Passport-size photograph of the applicant and co-applicant/co-borrower.
Signature of the student and co-borrower/guardian.
Aadhaar card.
PAN card (if applicable).
Admission receipt.
Class 10 and 12 certificates.
Address proof of the co-applicant/co-borrower.
Prospectus/certificate from the institution showing admission fees, examination fees, hostel charges, etc.

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