Bihar government expands Student Credit Card Scheme options

The Bihar government has addressed reports regarding changes to the Student Credit Card Scheme, stating that claims of a reduction in available education loans are ‘factually incorrect’. The state clarified that the scheme is being expanded through increased budgetary allocations and more diverse financial assistance options.

Under the updated structure, the Bihar State Education Finance Corporation will provide education loans of up to Rs 2 lakh. For amounts ranging from Rs 2 lakh to Rs 4 lakh, students can access funding through scheduled commercial banks. Additionally, the scheme is being integrated with the PM VidyaLakshmi Portal and the Pradhan Mantri Uchchatar Shiksha Protsahan Yojana, which allows students to access loans of up to Rs 10 lakh.

The government has approved an expenditure of Rs 950 crore for the current 2026-27 financial year, an increase of Rs 64 crore compared to the previous year. The scheme, originally launched in 2016, has been extended through the 2030-31 period. The changes are intended to provide institutional financial assistance to a larger number of students pursuing higher education.