MNSSBY in a Nutshell

Mukhyamantri Nishchay Swayam Sahayata Bhaata Yojana or MNSSBY is an initiative under the state government of Bihar. It was launched in 2016 to increase the Gross Enrolment Ratio of the state in general by providing substantial funding in the form of education loan to underprivileged students.

The scheme extends substantial credit up to Rs.4 lakh at affordable rate of interest. Additionally, girls, transgender and physically-challenged students would avail such facility at a lower interest rate. However, to understand how such benefits can be claimed one has to learn about the scheme in details.

To begin with, they need to learn about their eligibility criteria. For example, the scheme requires applicants to be a resident of Bihar below the age of 25 years. However, the age limit goes up to 30 years for those enrolled in graduate courses. Additionally, individuals should have completed their class 12 examinations (or class 10 in case of polytechnic) from an institute recognised under the central or state government.

Nevertheless, if individuals do not meet such criteria, they may opt for an alternative funding option like a student credit card or a regular credit card. Subsequently, they need to offer essential documents to prove their eligibility.

Likewise, both MNSSBY applicants and regular card applicants must find out the required set of documents beforehand. Typically, such documents of comprise proof of identity, proof of age and proof of residence, among others. Note that additional documents for income proof as required for feature-rich cards such as the Bajaj Finserv RBL Bank SuperCard are not required to avail this student credit card.

Lastly, to conclude the process, applicants should learn about the documents required to streamline the process efficiently. This being said, they should visit the official website of MNSSBY and follow the instructions provided step by step.

Also, keeping the required documents and registered mobile number would prove helpful in completing the same smoothly. However, it must be noted the final decision relating to the approval rests on the financial institution.