Best Student Credit Cards in India: These cards are designed expressly to meet the monetary requirements of college students and include all the normal characteristics of a bank card, such as an interest-free period, and the capacity to accumulate scores and savings. Popular card providers including SBI, ICICI, and Kotak offer credit cards to students. The West Bengal Student Credit Card and the Bihar Student Credit Card are two examples of student credit cards that are available from several state governments. Continue reading to learn more.
For youngsters to learn about budgeting and credit development, a child’s bank card could be a great educational resource. Without having to present proof of their financial position, students who are at least 18 years old can apply for student credit cards. State governments are providing comparable student loan initiatives; two examples are the West Bengal Student Credit Card Scheme and the Bihar Student Credit Card Scheme. These programmes allow students to pursue higher education without financial constraints. State governments now offer similar schemes for students, in addition to the starter or secured credit cards that are offered by many card issuers. The following topics have been covered on this page:
Requirements for a Student Credit Card-
Student bank cards don’t need evidence of earnings because a large proportion of students are jobless. From bank to bank, eligibility requirements may vary.
It’s crucial to remember that India offers very few options for “student credit cards.” Student loans, secured credit cards, and student currency cards are all forms of financial assistance that banks provide. To utilise these services, you must meet the conditions.
Necessary Documents-
- PAN or another type of official picture ID document.
- Aadhaar or some other official proof proving where you live.
- Birth certificate, college ID, or other evidence of enrollment.
- Passport-sized images.
Note: When applying for a student credit card, add-on card, or secured credit card, income proofs are not necessary. If you are a salary earner (with stable job) and a student, some banks might be willing to issue you a traditional credit card. You must submit your income documentation, including your pay stub, ITR, bank statement, etc., for this.
Application Procedures for Student Credit Cards-
Depending on the sort of credit card you want, the application procedure for a student card varies. The specifics are listed below.
- Credit card against Student Loan: If your bank offers credit cards for loans, you can apply for a student credit card there. The SBI Student Plus Advantage Credit Card is a well-known illustration of this.
Credit Cards with Bonus Offers for Students-
In addition to an add-on card, a secondary credit card is also issued. Only the principal user’s close relatives are eligible to use add-on cards. The primary cardholder and the add-on cardholder both have access to the same credit limit.
Advantages of Student Add-On Credit Cards
- Credit Limit: Your credit limit will be the same as your parents. This might be a lot more than the average bank will lend you.
- Features & advantages: The majority of credit card companies offer practically all advantages to add-on cardholders. This includes savings, cinema passes, eating advantages, and occasionally even premium advantages like lounge access.
- Security: Rest assured that your money will be reimbursed if you are charged for an incorrect transaction.
Best Student Credit Cards in India
Bihar Student Credit Card- Low-Interest Rate Credit Card
With the help of the Bihar student card, students in the state of Bihar can receive financial aid for their higher education. This programme is acceptable for students who have completed their intermediate or 12th-grade coursework at Bihar Government-run educational institutions but are unable to continue their studies.
Students can borrow up to Rs. 4 lakh under this programme at a low 4% interest rate. Female, transgender, and disabled borrowers pay an even lower interest rate of just 1%. The loan money can be used to pay for technical, polytechnic, or general education courses. You can also use the loan money to pay tuition or to buy study aids like books, stationery, and laptop computers.
West Bengal Student Credit Card-
A financing programme called the West Bengal Student Credit Card provides students in West Bengal with collateral-free security loans of up to Rs. 10 lakhs at a fair interest rate of 4%. Students may enrol in secondary through higher education, or madrasah, undergraduate and postgraduate programmes through this programme in schools, colleges, Madrasah, Universities, and other affiliated educational institutions both inside and outside of India. Students who are taking or preparing for competitive exams in many disciplines might also profit from this programme. 15 years is the time period for obligation completion.
Please be aware that students may apply for the loan, with a maximum age of 40 at the time of application. The following additional qualifying and documentation criteria apply:
| Eligibility Parameters | ● Class IX graduates from any of West Bengal’s officially recognised, operational Boards.
● The student must be registered for either Class X, 10+2, or higher education. ● Prior to applying, the student or his family must have lived in West Bengal for at least 10 years. |
| Documents Required | ● A coloured photo of the borrower/co-borrower/applicant.
● signature in.jpeg or.jpg file from the student, co-applicant, or guardian. ● Student’s AADHAR card, age verification, and PAN card or undertaking if PAN is not required. ● Address documentation, a co-borrower PAN card, and more ● Entrance receipt ● Student’s Card Prospectus/Institutional Certificate Marksheet/Application’s Last Qualifying Exam Certificate |
Which credit card is the most suitable for students?
Students in India have access to student credit cards from reputable card issuers including SBI, ICICI, and Kotak. The SBI Student Plus Advantage Credit Card and the ICICI Bank Student Forex Credit Card are two popular student credit cards. You can also get secured credit cards like the ICICI Coral Contactless Credit Card, the Kotak 811 #DreamDifferent Credit Card, and the Paisabazaar Step-Up Credit Card. Apply online for a credit card at Paisabazaar.
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