What is MNSSBY and How It Provides Funding to Students?

Mukhyamantri Nishchay Swayam Sahayata Bhaata Yojana or MNSSBY is an initiative taken by the state government of Bihar to improve its Gross Enrolment Ratio or GER. It was launched in 2016 as a scholarship scheme that extends substantial financial assistance to students in the form of education loan. The Bihar Student Credit Card through MNSSBY helps underprivileged students pursue quality higher education without being succumbing to financial restrictions.

As a means to ensure the same, eligible applicants would receive up to Rs.4 lakh as financial assistance at reasonable interest rates. Further, girls, transgender and physically-challenged students are entitled to avail such support at a lower rate of interest. Regardless, to understand the process more effectively and also to avail benefits extended under it, one needs to learn about the scheme in details. 

Eligibility Criteria

The first step to availing the benefits extended under this credit card is by meeting the eligibility criteria. The following highlights the same –

  • Applicants should be residing in Bihar.
  •  Should be below 25 years of age. 
  • However, in the case of graduation-oriented courses applicants are required to be below the age of 30 years.
  • In the case of the polytechnic, applicants should have completed their class 10 examination. 
  • In general, applicants should have completed their class 12 examination.
  • The institute in question should be recognised either under state government or central government.

Nonetheless, if one does not match the criteria set by the student credit card, they can always look for other financial assistance. For instance, they may either opt for student credit cards in general or opt for a regular credit card to fund their educational requirements effortlessly. 

While the first has been tailor-made keeping in mind the needs and requirements of students, the later helps meet an n number of requirements easily. However, before selecting any specific card, one must learn how to choose the right credit card for them. 

Documents required

Next, to back their eligibility, applicants must submit an accurate set of documents that serves as a proof of age, family income and identity. For instance –

  1. Aadhaar card, PAN card, Voter ID, passport, driving license, etc.
  2. A resident certificate.
  3. Passport-size photographs.
  4. Mark sheet of class 10th of class 12th examination, whichever is applicable.
  5. Their selection certification authorised under a reputed institute of higher education.
  6. A document showing fee structure and its break up accurately. 
  7. Copies of the self-attested application form.
  8. Family’s income proof including form 16, latest income tax returns, parents’ bank statement and income certificate.  

Successively, MNSSBY credit card applicants should make it a point to submit accurate documents. Since submitting an inaccurate set of documents is often one of the major reasons why a credit card application is rejected, applicants should be careful. 

Likewise, regular credit card applicants should find out which documents have to be submitted beforehand to eliminate chaos during the application process. 

For instance, credit cards like the Bajaj Finserv RBL Bank SuperCard extended by Bajaj Finserv come with a simple documentation process. However, the set of documents they direct their customers to submit may vary from what other NBFCs usually ask for. 

They further offer their customers attractive pre-approved offers on financial products like business loans, home loans, loan against the property; personal loans, etc. This, in turn, simplifies the process and makes it hassle-free. You can check your pre-approved offers by providing simple details like name and contact number.

Application process

Lastly, by following these steps applicants are one step closer to avail funding under this scheme –

  1. Go to the official website of MNSSBY.
  2. Register into the online portal.
  3. Provide basic information.
  4. Generate an OTP on the registered email-ID or phone number.
  5. Enter OTP to login into the portal and set a new password.
  6. Enter personal details and click ‘Submit’.
  7. Go to ‘Select Scheme’ menu and choose ‘Bihar Student Credit Card’.
  8. Provide the required information and click ‘Submit’.
  9. Generate a unique ID number on your registered mobile number.
  10. Avail a PDF copy of the duly-filed application form.

Usually, the verification process takes up to 15 days and details are shared with the respective financial institutions. Such institutions then decide whether to approve the education loan or not. In both cases, applicants are notified via SMS on their registered number. However, one may figure out other ways to check their credit card application status in case of both student credit card and a regular card.

Lastly, it can be said that to understand how MNSSBY extends funding to students, applicants need to learn how to apply for it and its requirements. For instance, the conditions that have to be fulfilled to avail the financial assistance and steps involved to avail them.

Aryan Singh

Aryan Singh is an experienced Financial Consultant and Tech Reviewer who has 6+ years of experience in the field of finance, business, and technology. He is very passionate to write about Finance, Business, Technology, Gadgets, Digital Marketing, Guest Posting, Fashion, Lifestyle, etc.