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.

1. 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:

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